Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced a significant decline in revenue and profit in the first three quarters of 2024, but sales showed a rapid recovery in October, indicating potential for future growth [1][2]. - A stock buyback plan of up to 600 million yuan is proposed, aimed at enhancing management incentives and stabilizing the core team for future development [3]. - The company's financial health remains robust, with a strong land reserve and credit advantages, despite the challenges faced in the current market [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 31.56 billion yuan, a year-on-year decrease of 33.2%, with Q3 revenue at 6.72 billion yuan, down 57.4% year-on-year [1]. - The gross profit margin for the company was 15.8%, down 1.9 percentage points year-on-year, with net profit attributable to shareholders at 1.33 billion yuan, a decline of 39.6% [1]. Sales and Market Position - The company achieved sales of 65.12 billion yuan in the first three quarters of 2024, down 37% year-on-year, but saw a significant recovery in October with sales of 11.03 billion yuan, a 99% month-on-month increase and 30% year-on-year growth [2]. - The company ranked 11th in sales among real estate companies according to CRIC data, maintaining a leading position in the industry [2]. Stock Buyback and Incentives - The company announced a stock buyback plan of 300 to 600 million yuan, with a maximum buyback price of 9.83 yuan per share, representing 1.11% to 2.22% of the total share capital [3]. - The buyback shares will be used for employee stock ownership plans or equity incentives, aimed at enhancing management vitality and stability [3]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 0.55, 0.66, and 0.83 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.9, 10.7, and 8.5 times [4]. - The company is expected to improve its performance in the future due to its solid operational foundation and ample land reserves [4].

Group 1: Share Buyback and Executive Compensation - The company plans to conduct a share buyback to enhance investor confidence and protect shareholder interests, with a commitment to use repurchased shares for employee stock ownership plans or equity incentives within 36 months [1] - Concerns were raised regarding high executive compensation despite general industry performance, with assurances that the compensation committee approved the incentives [1] Group 2: Future Development Plans - The company will focus on high-potential regions such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, implementing a deep cultivation strategy to improve investment efficiency [2] - A new product system, "Technology + Good Housing," was launched in April 2024 to enhance service quality and meet differentiated market demands [2] Group 3: Property Management Performance - The company has over 400 service projects and a service area exceeding 60 million square meters, with steady improvement in operational effectiveness [2] - In 2024, the company was ranked 13th among the "Top 100 Property Service Enterprises in China" and recognized for high customer satisfaction [2] Group 4: Financial Management and Reporting - Suggestions were made to provide a detailed list of projects with settlement losses and provisions to improve management transparency and investor understanding [2] - The project turnover cycle is generally 2-3 years, indicating the timeline for recognizing revenue from land acquired post-2022 [2]

股票代码：600325 股票简称：华发股份 公告编号：2024-064 珠海华发实业股份有限公司 关于使用闲置募集资金临时补充流动资金的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●使用闲置募集资金临时补充流动资金的金额：不超过 13.3 亿元 ●使用募集资金临时补充流动资金的期限：自公司第十届董事局第四十 六次会议审议通过之日起不超过 12 个月 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意珠海华发实业股份有限公司 向特定对象发行股票注册的批复》(证监许可〔2023〕2084 号)，公司本次向特定 对象发行股票数量 635,000,000 股，每股发行价格为人民币 8.07 元，募集资金总 额为人民币 5,124,450,000.00 元，扣除各项发行费用(不含增值税)人民币 82,077,181.99 元后，实际募集资金净额为人民币 5,042,372,818.01 元。大华会计 师事务所(特殊普通合伙)对募集资金到位情况进行了验证并出具了《珠海华发实 业股份有限公司向特定对象 ...

国金证券股份有限公司 关于珠海华发实业股份有限公司 归还募集资金并继续使用募集资金临时补充流动资金 1 募集资金管理制度等有关规定，公司已对募集资金采取了专户存储管理，并已与 保荐机构、存放募集资金的银行签署了募集资金专户存储监管协议。 （二）前次募集资金用于临时补充流动资金及归还情况 2023 年 11 月 3 日，公司召开第十届董事局第三十二次会议、第十届监事会 第十八次会议，审议通过了《关于使用闲置募集资金临时补充流动资金的议案》， 同意公司使用不超过人民币 15.8 亿元（含本数）的闲置募集资金临时补充流动 资金，用于公司主营业务相关的项目开发建设，使用期限自董事局审议批准该议 案之日起不超过 12 个月。 的核查意见 国金证券股份有限公司（以下简称"国金证券"、"保荐机构"）作为珠海华 发实业股份有限公司（以下简称"华发股份"、"公司"）2022 年向特定对象发行 股票的保荐机构，根据《中华人民共和国证券法》《证券发行上市保荐业务管理 办法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司 募集资金管理和使用的监管要求》以及《上海证券交易所上市公司自律监管指引 第 11 号—持 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 华发股份（600325）公司季报点评 2024 年 11 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 30 日收盘价（元） ] | 6.90 | | 52 周股价波动（元） | 5.06-8.55 | | 总股本 / 流通 A 股（百万股） | 2752/2571 | | 总市值 / 流通市值（百万元） | 18989/18982 | | 相关研究 | | | [Table_ReportInfo] 《销售排名逼近前十，继续压降负债水平》 | | | 2024.09.03 | | | 《现金流良好，千亿规模销售稳健增长》 | | | 2024.05.17 | | 市场表现 [Table_QuoteInfo] -33.52% -24.52% -15.52% ...

股票代码：600325 股票简称：华发股份 公告编号：2024-062 珠海华发实业股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 珠海华发实业股份有限公司（以下简称"公司"）第十届董事局第四十五次会 议审议通过了《关于以集中竞价交易方式回购股份方案的议案》。具体内容详见 公司 10 月 30 日在上海证券交易所网站（www.sse.com.cn）及《上海证券报》《中 国证券报》《证券时报》《证券日报》披露的公告（公告编号：2024-058）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，现将公司董事局公告回购股份决议的前一个交易 日（即 2024 年 10 月 29 日）登记在册的前十大股东和前十大无限售条件股东的 名称及持股数量、比例情况公告如下： | 序 | 股东名称 | 持股数量（股） | 占公司总股本的 | | --- | --- | --- | --- | | 号 | | | 比例（ ...

本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 2023 年 11 月 3 日，经公司第十届董事局第三十二次会议和第十届监事会第 十八次会议审议通过，同意公司使用闲置募集资金 15.8 亿元临时补充流动资金， 用于公司主营业务相关的项目开发建设，使用期限自董事局审议批准该议案之日 起不超过 12 个月。具体内容详见公司于 2023 年 11 月 4 日在上海证券交易所网 站（www.sse.com.cn）及《上海证券报》《中国证券报》《证券时报》《证券日报》 披露的公告（公告编号：2023-063）。 股票代码：600325 股票简称：华发股份 公告编号：2024-063 珠海华发实业股份有限公司 关于归还临时补充流动资金的闲置募集资金的公告 截至 2024 年 11 月 1 日，公司已将上述用于临时补充流动资金的募集资金 15.8 亿元全部归还至募集资金专用账户，并已将上述募集资金归还情况及时通 知了公司的保荐机构及保荐代表人。 特此公告。 珠海华发实业股份有限公司 董事局 二〇二四年十一月二日 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华发股份（600325.SH） [Table_Title] 业绩承压，积极回购提振信心 ——华发股份 2024 年三季报点评 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 SFC：BUV416 请阅读最后评级说明和重要声明 华发股份（600325.SH） cjzqdt11111 2024-10-31 公司研究丨点评报告 资料来源：Wind 相关研究 [Table_Title 业绩承压，积极回购提振信心 2] ——华发股份 2024 年三季报点评 [Table_Summary2] 事件描述 公司公告，2024 年前三季度实现营业收入 315.6 亿元（-33.2%），归母净利润 13.3 亿元（- 39.6%），综合毛利率 15.8%（-1.9pct）。 事件评论 ⚫ 收入与毛利率下滑拖累业绩表现，后期仍需努力。2024 年前三季度公司营收 315.6 亿元 （-33.2 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 华发股份（600325.SH） 前三季度业绩承压，公司计划回购股份，展现管理层信心 2024 年前三季度公司营收同比-33.2%，归母净利润同比-39.6%。公司 2024 年前三季度实现营业收入 315.6 亿元（同比-33.2%，下同）；实现归母 净利润 13.31 亿元（-39.6%）；实现扣非归母净利润 12.62 亿元（-41.8%）。 业绩下滑主要因：（1）受房地产市场下行以及公司结转结构影响，当期结转规 模下降较为明显；（2）毛利率继续下滑 1.9pct 至 15.8%，影响利润规模。我 们认为随着往年低利润率项目逐步结转，2022 年以来获取的核心城市较高 IRR 及净利率的项目将逐步结转，报表利润有望逐步企稳。 1-9 月销售有所承压，我们预计公司将结合市场环境适时加力拿地。公司 2024 年 1-9 月合约销售金额为 651.2 亿元（-37.1%），相较于上半年 41.2%的跌幅 有所收窄；对比行业看，公司 1-9 月跌幅接近克而瑞百强房企平均下滑幅度。 今年以来公司销售降幅较大，主要是公司在华东大区 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in net profit for 2024-2026 adjusted to 1.7 billion, 2.03 billion, and 2.14 billion RMB respectively, reflecting year-on-year changes of -7.4%, +19.1%, and +5.6% [2]. Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 31.559 billion RMB, down 33.21% year-on-year, and net profit at 1.331 billion RMB, down 39.56% [1]. - The decrease in revenue is primarily attributed to a reduction in the scale of project completions in the real estate sector, compounded by ongoing industry challenges [1]. - Despite the sales pressure in the first nine months, October showed promising results with record-high visitor transactions [1]. - The company is focusing on first-tier cities, having expanded only two projects in Shanghai and Guangzhou during the first nine months of 2024 [1]. - The company plans to repurchase shares worth 300 to 600 million RMB to enhance its long-term incentive mechanisms [1]. Summary by Sections Performance Review - For the first nine months of 2024, the company achieved a revenue of 31.559 billion RMB, a decrease of 33.21% year-on-year, and a net profit of 1.331 billion RMB, down 39.56% [1]. - In Q3 2024, revenue was 6.716 billion RMB, reflecting a 57.42% decline year-on-year, with net profit at 66 million RMB, down 75.98% [1]. Operational Analysis - The decline in performance is linked to reduced project completions and profits, with sales down 37% to 65.12 billion RMB and sales area down 30% to 2.276 million square meters in the first nine months [1]. - The company reported a significant increase in rental income, up 39.2% year-on-year, with total rental area at 989,900 square meters, an increase of 67.2% [1]. Future Outlook - The company anticipates a recovery in performance as quality projects are completed, with adjusted net profit forecasts for 2024-2026 reflecting a gradual recovery [2]. - The stock is currently valued at a PE ratio of 11.1x for 2024, 9.3x for 2025, and 8.8x for 2026, indicating potential for growth [2].