在对购物中心重点投入多年之后，这项增量业务正在给华润置地的业绩带来回报。 华润置地2024年的业绩显示，去年公司综合营收2788亿元，同比增长11%；年内利润达到336.78亿元， 核心净利润254.2亿元，其中经常性业务核心净利润达到103.4亿元，贡献占比同比增长6.3个百分点，达 到40.7%，首次超过百亿规模。 在主力开发业务上，华润置地的全年签约销售额达到2611亿元，约占全国商品房销售额的2.7%，在行 业销售排名上升到第三位。 土地储备、开发项目重点放在一、二线城市 公告显示，华润置地营收仍在增长，但年内利润336.78亿元，同比下降9.7%，归母净利润为255.8亿 元，同比下降18.4%；每股收益和每股核心收益分别为3.59元和3.56元。 从营收结构来看，去年开发销售营收为2371.5亿元，同比增长11.8%；经营性不动产业务营收为233亿 元，同比增长4.8%；轻资产管理业务营收121.3亿元，同比增长14%；生态圈要素型业务营业额为62.2亿 元，同比增长0.5%；经常性业务收入合计为416.5亿元，同比增长6.6%。 开发销售仍然是核心业务，公告显示，去年实现物业签约销售额中，有已销 ...

本报记者 陈婷 赵毅 深圳报道 公告显示，2024年，华润置地以总地价775.8亿元增持了29宗土地。截至2024年年末，公司物业开发土 地储备面积为4390万平方米，权益面积为3054万平方米。其中，中西部大区土储最大，总建筑面积约 1377.56万平方米，权益建筑面积约1065.5万平方米。华润置地管理层表示，土储的规模和结构能够满足 公司持续高质量发展的需求。 报告期内，华润置地开发销售型业务收入为2371.5亿元，同比增长11.8%，实现签约额2611亿元，签约 面积1134万平方米，同比下降13.3%。分区域来看，华东大区签约额最高，约734.44亿元，占比28.1%， 其次为中西部大区，约623.02亿元，占比23.9%。2024年，华润置地开发物业结算收入2371.5亿元，同 比增长11.8%，结算面积1065万平方米，同比下降10%。 截至2024年年末，华润置地锁定已签未结算开发物业收入2319.7亿元，有待陆续结算。其中，根据施工 及交付计划，预计1934.7亿元将于2025年结算。 值得注意的是，华润置地开发销售型业务毛利率在2024年下滑至16.8%，已较2020年的29.1%大幅缩 ...

房地产/房地产开发 华润置地（01109.HK） 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 25.850 | | 一年最高最低(港元) | 33.700/18.560 | | 总市值(亿港元) | 1,843.35 | | 流通市值(亿港元) | 1,843.35 | | 总股本(亿股) | 71.31 | | 流通港股(亿股) | 71.31 | | 近 3 个月换手率(%) | 15.89 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 华润置地 恒生指数 相关研究报告 《长风万里稳行舟，多元驱动占鳌头 —港股公司首次覆盖报告》-2025.3.4 结转业绩稳健，经常性利润贡献过百亿 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kys ...

公 司 报 告 房地产 2025 年 03 月 27 日 华润置地(1109.HK) 均衡开拓，稳中精进 推荐（维持） 股价：25.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.crland.com.hk | | 大股东/持股 | 华润（集团）有限公司/59.55% | | 实际控制人 | 国务院国资委 | | 总股本(百万股) | 7130.94 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 7130.94 | | 总市值（亿元） | 1701.15 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 38.21 | | 资产负债率(%) | 64.84 | 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan.com.c ...

房地产/房地产开发 华润置地（01109.HK） 2025 年 03 月 27 日 投资评级：买入（维持） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 华润置地 恒生指数 | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 25.850 | | 一年最高最低(港元) | 33.700/18.560 | | 总市值(亿港元) | 1,843.35 | | 流通市值(亿港元) | 1,843.35 | | 总股本(亿股) | 71.31 | | 流通港股(亿股) | 71.31 | | 近 3 个月换手率(%) | 15.89 | 股价走势图 相关研究报告 《长风万里稳行舟，多元驱动占鳌头 —港股公司首次覆盖报告》-2025.3.4 结转业绩稳健，经常性利润贡献过百亿 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kys ...

中金：维持华润置地跑赢行业评级 目标价32.80港元 财务盘面韧性突出：2024年公司扣预负债率/净负债率同比-1.8ppt/-0.7ppt至55.6%/31.9%，现金储备 同比增16.5%至1,332亿元;平均融资成本同比-45bps至3.11%，平均债务期限延长至6.7年。 发展趋势 夯实领先身位，发力"大资管"第二增长曲线。公司2024年末资产管理规模同比增8%至4,621亿元(其 中购物中心总资产同比增21%至2,705亿元，占比63%)，优质底层资产价值持续提升。该行认为后续业 务端，公司有望持续发力多元持有型资产运营管理能力建设;资本市场平台端，有望持续打通以公募 REITs为代表的资本循环通道，释放资产价值、提升资本配置效率、进一步提升市占率。 开发业务有望持续发挥压舱石作用。公司2025年初可售货值约5,009亿元，在此基础上其提出销售 额在2024年基础上保持增长的销售目标，着力于在兼顾利润前提下实现更优销售流速。结算方面，考虑 公司2024年末并表口径已售未结2,267亿元、其中1,935亿元计划于2025年内结算，该行认为2025年开发 业务收入有望保持相对稳定。 华润置地2024年业 ...

2025年3月26日，华润置地（01109.HK）发布2024年年度业绩报告。 增收不增利！华润置地交年度"成绩单"，降价促销 拖累毛利率 据年报，2024年，华润置地综合营业额达2787.99亿元，同比增长11%，创近五年新高。然而，股东应 占净利润却同比减少18.45%至255.77亿元，跌至五年最低水平。这一"增收不增利"的困境，或折射出房 地产行业深度调整期下龙头企业的转型阵痛。 其中，开发销售型业务的毛利率从2020年的29.1%锐减至2024年的16.8%，五年间近乎腰斩。尽管公司 经营性不动产业务（如购物中心、写字楼等）表现亮眼，毛利率攀升至70%，但其规模尚无法抵消开发 业务的利润缺口。2024年，开发销售业务贡献的净利润占比持续下降，而经营性不动产利润占比首次突 破40%，凸显业务结构转型的迫切性。 开发销售型毛利率的下滑与"以价换量"的策略不无关系。为应对市场低迷，华润置地多地项目采取降价 促销。以北京橡树湾三期为例，成交均价较指导价每平方米低5000元，直接货值损失达2.19亿元；南京 华润观云润府甚至以7.7折销售。尽管此举提升去化率，但多地项目实际售价低于预期，进一步压缩利 润空间。 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Land (01109) [2][5] Core Views - The company reported a core net profit of 256 million yuan for 2024, a decrease of 18.5% year-on-year, with regular business contributing 41% to the core net profit, which covers the dividend entirely [5] - The company has a strong financial position, remaining in the green zone of the "three red lines" policy, with a net debt ratio of only 32.4% and a cash-to-short-term debt ratio of 1.9 times [5] - The company plans to distribute a final dividend of 1.119 yuan per share, with an annual dividend of 1.319 yuan, reflecting a dividend payout ratio of 37% [5] Financial Data and Profit Forecast - Revenue for 2023 is projected at 251.137 billion yuan, with a year-on-year growth rate of 21.3% [4] - The net profit attributable to the parent company for 2024 is expected to be 25.577 billion yuan, down 18.5% year-on-year [4] - Earnings per share (EPS) for 2024 is estimated at 3.59 yuan, a decrease of 18.4% compared to the previous year [4] - The company’s gross profit margin is projected to be 21.6% for 2024, down 3.5 percentage points year-on-year [5] Sales and Land Acquisition - The company’s sales for 2024 are expected to be 261.1 billion yuan, a decrease of 15% year-on-year, with a land acquisition/sales ratio of 30% [5] - The average selling price for 2024 is projected at 23,000 yuan per square meter, down 2% year-on-year [5] - The company has accelerated land acquisitions since November 2024, with an average land acquisition/sales ratio of 104% from November 2024 to February 2025 [5] Commercial Operations - The company’s shopping mall retail sales increased by 19% year-on-year, with operational income of 23.3 billion yuan, a 5% increase [5] - The occupancy rate for the company’s office buildings is 75%, with rental income of 1.88 billion yuan, down 8.7% year-on-year [5] - The hotel segment reported revenue of 2.07 billion yuan, a decrease of 10.8% year-on-year, with an occupancy rate of 64% [5] Investment Analysis - The company is positioned to benefit from its strong financial health and market leadership in urban investment and development [5] - The report suggests that the company’s high-quality land reserves and commercial operations will provide a stable performance amid industry challenges [5] - The current share price corresponds to a PE ratio of 6.6 times for 2025, indicating potential for value appreciation [5]

Core Insights - China Resources Land reported a total revenue of 278.8 billion yuan for 2024, an increase of 11% year-on-year, but core net profit decreased by 8.5% to approximately 25.4 billion yuan, with a comprehensive gross margin of 21.6%, marking a five-year low [1][2] Group 1: Business Performance - The development and sales segment generated revenue of 237.15 billion yuan, up 11.8% year-on-year, while recurring business revenue totaled 41.65 billion yuan, a 6.6% increase, accounting for 14.9% of total revenue [1] - Recurring business core net profit grew by 8.2% to 10.3 billion yuan, surpassing the 10 billion yuan mark for the first time, with its contribution to total core net profit rising by 6.3 percentage points to 40.7% [2] - The gross margin for the development and sales business fell to 16.8%, a decline of nearly 4 percentage points year-on-year, despite a 24.3% increase in average settlement price to 22,000 yuan per square meter [2] Group 2: Market Position and Strategy - The company achieved a contracted sales amount of 261.1 billion yuan in 2024, a decrease of 15% year-on-year, but improved its industry ranking to third [3] - China Resources Land maintained strong investment activity, acquiring 29 new projects with a total land reserve area of approximately 3.93 million square meters and an equity investment of 52.6 billion yuan [3] - The company focuses on investment in first and second-tier cities, with 94% of new investments in these areas, and 72% in core cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [3] Group 3: Future Outlook - The company plans to adhere to a principle of financial prudence, ensuring cash flow safety while optimizing land reserve structure through a "three adjustments" strategy [3] - The real estate market is showing signs of recovery, with increased visitor numbers and supportive policies expected to stabilize the market [4]

Core Viewpoint - China Resources Land reported a total revenue of approximately 278.8 billion yuan for 2024, reflecting a year-on-year growth of 11% [3] Financial Performance - The revenue from development and sales business reached 237.15 billion yuan, up 11.8% year-on-year [3] - Operating property revenue was 23.3 billion yuan, increasing by 4.8% [3] - Light asset management business revenue amounted to 12.13 billion yuan, a growth of 14% [3] - The total gross profit for 2024 was 60.33 billion yuan, with a gross margin of 21.6%, down 3.6 percentage points year-on-year [4] - The net profit attributable to shareholders was 25.58 billion yuan, while the core net profit, excluding property valuation gains, was 25.42 billion yuan, down 8.5% year-on-year [4] - The board proposed a final dividend of 1.119 yuan per share, leading to a total dividend of 1.319 yuan per share for 2024 [4] Market Outlook - Management indicated that market confidence is recovering rapidly, supported by new policies, although high inventory pressure remains a challenge [5] - The company aims to maintain its leading position in the new housing market by enhancing operational efficiency and product quality [5] Investment Strategy - The company focuses on prudent financial management, emphasizing safety in capital allocation [6] - Recent investment strategies have concentrated on first- and second-tier cities, with 72% of new projects located in major cities [6] - As of the end of 2024, total borrowings were 259.78 billion yuan, with cash reserves of 133.21 billion yuan, resulting in a net gearing ratio of 31.9% [6] Operational Highlights - The shopping center segment achieved retail sales of 195.3 billion yuan, accounting for 0.4% of the national retail total, with an operating profit margin of 61% [6] - The average occupancy rate for office properties was 75%, reflecting market pressures [6] - The hotel segment generated revenue of 2.07 billion yuan, with a partnership established with Hyatt Hotels for management [6]