Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.58 CNY per share, while the current price is 10.37 CNY [5]. Core Views - The acquisition of a 10% stake in Jianfa Real Estate from the controlling shareholder Jianfa Group is seen as a reasonable valuation, with a price-to-book (PB) ratio of 1.07x, which is lower than the previous acquisition's PB ratio of 1.27x [2]. - The acquisition is expected to enhance the company's share in quality assets, potentially improving profitability, as Jianfa Real Estate accounted for 82% of the company's total sales in 2023, with a sales amount of 188.9 billion CNY [2]. - The company has committed to a cash dividend payout ratio of no less than 30% for 2024-2025, with a minimum dividend of 0.7 CNY per share, which corresponds to a dividend yield of 6.75% based on the closing price on December 20 [2]. Financial Forecasts - The company is projected to achieve a net profit of 3.49 billion CNY in 2024 and 4.1 billion CNY in 2025, with a significant drop in net profit expected in 2024 due to ongoing impacts from the supply chain business [3]. - Revenue is forecasted to decline from 763.68 billion CNY in 2023 to 673.07 billion CNY in 2024, reflecting a decrease of 11.9% [4]. - The company's earnings per share (EPS) is expected to drop to 1.18 CNY in 2024, before recovering to 1.39 CNY in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The acquisition of a 10% stake in Jianfa Real Estate for RMB 3.066 billion is expected to enhance the company's profitability and shareholder returns [3]. - The acquisition will increase the company's ownership in Jianfa Real Estate from 54.654% to 64.654%, thereby improving its earnings capacity and fulfilling historical commitments from Jianfa Group [3]. - The acquisition price reflects a reasonable valuation with a 7.48% premium over the assessed net asset value, indicating the company's commitment to protecting minority shareholders' interests [3]. - The company plans to implement a shareholder return plan, committing to distribute at least 30% of the annual distributable profits in cash for 2024 and 2025, with a minimum dividend of RMB 0.7 per share, resulting in an attractive dividend yield of 6.88% based on the closing price of RMB 10.18 per share on December 17 [4]. Financial Projections - The company is expected to see a significant increase in net profit from RMB 3.219 billion in 2024 to RMB 4.702 billion in 2026, with year-on-year growth rates of -75.4%, 34.0%, and 9.1% respectively [5]. - The projected P/E ratios for 2024, 2025, and 2026 are 9.3x, 7.0x, and 6.4x, respectively, indicating potential value for investors [5]. - The company's revenue is projected to decline from RMB 679.618 billion in 2024 to RMB 750.507 billion in 2026, with growth rates of -11.01%, 8.12%, and 2.13% [9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company plans to acquire a 10% stake in Jianfa Real Estate for approximately 3.066 billion RMB, enhancing its profitability and fulfilling historical commitments from the controlling shareholder [2][3]. - The acquisition is expected to increase the company's net profit by approximately 4.5 billion RMB based on 2023 figures, representing 12.6% of the company's net profit after excluding reorganization gains [3]. - The company aims to distribute dividends of no less than 30% of its annual profit, resulting in a projected dividend yield of 6.9% for 2024-2025 [3]. Financial Summary - The company reported a revenue of 763.68 billion RMB in 2023, with a projected decline to 690.96 billion RMB in 2024, followed by a slight recovery in 2025 to 712.49 billion RMB [5][12]. - The net profit for 2023 was 13.10 billion RMB, with expectations of a significant drop to 3.18 billion RMB in 2024, before recovering to 3.98 billion RMB in 2025 [5][12]. - The earnings per share (EPS) are projected to be 1.08 RMB in 2024, increasing to 1.35 RMB in 2025 and 1.52 RMB in 2026 [5][12]. - The company’s price-to-earnings (P/E) ratio is expected to be 9.4 in 2024, decreasing to 6.7 by 2026, indicating potential value for investors [5][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][9]. Core Views - The company's revenue growth in the real estate sector and the synergy from dual business operations are highlighted as key strengths. The acquisition of a 10% stake in Jianfa Real Estate for 3.066 billion yuan is expected to enhance profitability and investor confidence due to a commitment to distribute at least 30% of the annual profit to shareholders [9][10]. - The company maintains a stable operational performance, with projected net profits for 2024-2026 being 5.05 billion, 6.43 billion, and 7.80 billion yuan respectively, and corresponding EPS of 1.68, 2.14, and 2.60 yuan [9][10]. Financial Summary - The company's total revenue for 2023 is projected at 763.68 billion yuan, a decrease of 8.3% year-on-year, with a recovery expected in 2024 with a growth of 3.4% [7]. - The net profit for 2023 is expected to be 13.10 billion yuan, a significant increase of 108.8% from the previous year, but a sharp decline of 61.5% is anticipated for 2024 [7]. - The gross margin is projected to be 4.2% in 2024, with a net margin of 0.6% [7]. - The company's P/E ratio is expected to be 6.1 in 2024, decreasing to 3.9 by 2026, indicating a potentially undervalued stock [7][9].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company plans to acquire a 10% stake in Jianfa Real Estate for 3.1 billion yuan, enhancing its asset concentration and profitability, with expectations for further acquisitions of remaining shares [4] - The company has announced a high dividend plan, committing to a minimum of 0.7 yuan per share for 2024 and 2025, resulting in an attractive dividend yield of approximately 6.9% [4] - The real estate segment continues to improve its sales ranking, focusing on first and second-tier cities, while the supply chain business shows steady contributions to performance and cash flow [4] Financial Summary - For 2024, the company expects total revenue of 691.25 billion yuan, a decrease of 9.5% year-on-year, with a projected net profit of 3.22 billion yuan, down 75.4% [5] - The company’s revenue for the first three quarters of 2024 is reported at 502.14 billion yuan, reflecting a year-on-year decline of 16.1% [5] - The company’s return on equity (ROE) is projected to be 5.6% in 2024, with a price-to-earnings (PE) ratio of 9 [5]

证券研究报告 非金融公司|公司点评|建发股份（600153） 拟收购建发房产股权，规划增强股东回 报 请务必阅读报告末页的重要声明 glzqdatemark1 2024年12月18日 证券研究报告 |报告要点 2024 年 12 月 17 日，公司发布公告拟收购控股子公司建发房产 10%股权，收购价格为对应评 估值 30.66 亿元，交易完成后，公司将持有建发房产 64.654%的股权；同时拟针对 2024-2025 年指定利润分配预案：每年以现金方式分配不少于归属上市公司股东可分配利润的 30%，且每 年每股分红不低于 0.7 元人民币。若收购交易完成，能提升公司盈利能力，增厚归母净利润 和净资产，维持公司"买入"评级。 |分析师及联系人 杜昊旻 方鹏 姜好幸 刘汪 SAC：S0590524070006 SAC：S0590524100003 SAC：S0590524070008 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年12月18日 建发股份(600153) 拟收购建发房产股权，规划增强股东回报 | --- | --- | --- | |----- ...

RSM 容诚 专项审计报告 建发房地产集团有限公司 容诚专字|2024]361Z0649 号 班会计师 dis 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册资审计报告是否由具有执业许可的会计师事务所出身 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn） 进行变 目 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-4 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并所有者权益变动表 | 3 | | 5 | 母公司资产负债表 | 4 | | 6 | 母公司利润表 | 5 | | 7 | 母公司所有者权益变动表 | 6 | | 8 | 财务报表附注 | 7- 134 | 专 项 审 计 报 告 容诚专字[2024]361Z0649 号 建发房地产集团有限公司全体股东: 一、审计意见 我们审计了建发房地产集团有限公司(以下简称建发房产公司)2024年10月 31 日的合并及母公司资产负债表,2024年1月1日至 2024年 ...

RSM 容诚 审计报告 建发房地产集团有限公司 容诚审字[2024]361Z0054 号 容诚会计师 4 容诚会计师事务所 (特殊普通合伙) 中国 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.bfjf.l 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:/// 目 | 苹果 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-4 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 1.0 | 财务报表附注 | 9- 162 | ··· 8 a z in l r I r = = = 审计报告 容诚审字[2024]361Z0054 号 建发房地产集团有限公司全体股东: 一、审计意见 我们审计了建发房地产集团有限公司(以下简称建 ...

子议案 1：厦门建发股份有限公司（以下简称"建发股份"、"公司"）拟 收购控股股东厦门建发集团有限公司（以下简称"建发集团"）持有的控股 子公司建发房地产集团有限公司（以下简称"建发房产"、"标的公司"）10% 股权，收购价格为建发房产 10%股权对应评估值 30.66 亿元。本次交易完成 后，公司将持有建发房产 64.654%的股权。 子议案 2：公司董事会拟针对 2024 年度和 2025 年度制订符合如下要求 的利润分配预案：每年以现金方式分配的利润不少于当年实现的合并报表归 属于上市公司股东的可供分配利润的 30%，且每年每股分红不低于 0.7 元人 民币。 根据《上海证券交易所股票上市规则》的相关规定，本次交易构成关联 交易，但不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 至本次关联交易为止，过去 12 个月内，公司与同一关联人进行的关联交 易或与不同关联人进行的相同交易类别下标的相关的关联交易未达公司最 近一期经审计净资产绝对值 5%。为维护中小股东利益，公司董事会自愿将 1 本次关联交易提交股东大会审议。 本次交易涉及的评估报告尚需经厦门市人民政府国有资产监督管理委员 会核准。 | ...

2024 年第二次临时股东大会会议资料目录 | 序号 | 内容 | 页码 | | --- | --- | --- | | 1 | 《关于为商舟物流提供担保额度预计暨关联交易的议案》 | 1 | | 2 | 《关于为子公司和参股公司提供担保额度预计的议案》 | 3 | | 3 | 《关于提供财务资助额度预计的议案》 | 11 | | 4 | 《关于2025年度日常关联交易额度预计的议案》 | 14 | | 5 | 《关于2025年度与金融机构发生关联交易额度预计的议案》 | 17 | | 6 | 《关于开展金融衍生品交易的议案》 | 19 | | 7 | 《关于开展商品衍生品交易的议案》 | 22 | | 8 | 《关于使用自有闲置资金进行现金管理的议案》 | 25 | | 9 | 《关于收购建发房产10%股权和增强股东回报规划的议案》 | 26 | 厦门建发股份有限公司 2024 年第二次临时股东大会现场会议议程 会议时间：2024 年 12 月 27 日下午 14:15 会议地点：厦门市思明区环岛东路 1699 号建发国际大厦附楼 6 层 1 号会议室 主 持 人：董事长林茂先生 见证律师所：福建天衡联合律 ...