Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.94 yuan, unchanged from previous forecasts [4]. Core Views - In 2024, the company achieved operating revenue of 59.99 billion yuan, a year-on-year decrease of 16.8%, and a net profit attributable to shareholders of 0.95 billion yuan, down 48.2%. The decline in performance is attributed to a decrease in settlement profit margins and an increase in asset impairment losses [2][3]. - The company remains in the top tier of sales, with a sales amount of 105.4 billion yuan in 2024, ranking 10th in the industry. In the first two months of 2025, the ranking improved to 7th [3][4]. - The company is focusing on inventory reduction through the ongoing stock and idle land acquisition efforts by its major shareholder, Huafa Group, which is expected to accelerate inventory turnover [4]. Summary by Sections Financial Performance - The company reported a comprehensive gross profit margin of 14.3% in 2024, a decrease of 3.8 percentage points from the previous year. The asset impairment losses for the year amounted to 1.84 billion yuan, an increase of 15.4% year-on-year [3][15]. - The sales amount for 2024 was 105.4 billion yuan, a decline of 16.3% compared to the previous year. The land acquisition amount for 2024 was 9.47 billion yuan, with a land acquisition intensity of 9.0%, down 23 percentage points from the previous year [3][12]. Sales and Market Position - The company has reduced its land acquisition efforts and focused on core regions, acquiring six projects in major cities such as Shanghai, Guangzhou, Chengdu, and Xi'an [3][4]. - In the first two months of 2025, the company achieved a sales amount of 17.2 billion yuan, a significant increase of 58.6% year-on-year, indicating a positive trend in sales performance [3]. Financing and Cost Management - The company has maintained a "green" status under the three red lines policy, leading to a further decrease in financing costs. As of the end of 2024, the comprehensive financing cost was 5.22%, down 0.26 percentage points from the end of 2023 [4]. - The company is actively expanding its financing channels, currently promoting a convertible bond issuance of up to 5.5 billion yuan, which is expected to enhance its financial strength [4].

关于本报告 本报告是华发股份发布的第 2 份 ESG 报告暨第 17 份社会责任 报告，秉持完整性、实质性、平衡性和可比性的基本原则，披 露公司在环境、社会和治理领域作出的努力，旨在加强与利益 相关方的沟通和联系，回应关切与期望。 时间范围 本报告为年度报告，时间跨度为 2024 年 1 月 1 日至 2024 年 12 月 31 日，为增强报告可比性及前瞻性，部分内容往前后年 度适度延伸。 参考标准 《联合国 2030 可持续发展目标》（SDGs） 财政部《企业可持续披露准则——基本准则（征求意见稿）》 中国社会科学院《中国企业可持续发展报告指南（CASS-ESG 6.0）之房地产业》 重大变化说明 2024 年 5 月 28 日，公司披露了《珠海华发实业股份有限公司 关于对华发物业服务集团有限公司进行私有化的公告》（编号： 2024-035），公司境外全资子公司铧金投资有限公司拟以协议安 排的方式对香港联合交易所有限公司上市公司华发物业服务集团 有限公司进行私有化。 2024 年 9 月 28 日，公司披露了《珠海华发实业股份有限公司 关于对华发物业服务集团有限公司私有化完成的公告》（编号： 2024-0 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][4]. Core Views - The company achieved a sales figure of 105.4 billion yuan in 2024, maintaining its position in the 100 billion yuan sales club despite a year-on-year decline of 16.3% [4]. - The company's revenue for 2024 was 59.99 billion yuan, a decrease of 16.8% year-on-year, with a net profit of 0.95 billion yuan, down 48.2% year-on-year [2][4]. - The company has a relatively strong backlog with pre-sold properties amounting to 87.36 billion yuan and contract liabilities of 81.27 billion yuan [4]. - The company focuses on first-tier and strong second-tier cities for project acquisitions, securing six quality projects in key cities like Shanghai and Guangzhou [4]. - The company’s debt management remains prudent, with a debt-to-asset ratio of 70.3% and a net debt ratio of 58.5% [4][8]. Financial Summary - Revenue and profit forecasts for 2025 and 2026 have been adjusted downwards, with EPS estimates revised to 0.36 yuan for 2025 and 0.43 yuan for 2026 [4][8]. - The gross margin for 2024 was reported at 14.3%, down 3.8 percentage points year-on-year, while the net margin was 1.6% [3][8]. - The company’s long-term debt accounted for 84% of total interest-bearing debt, with a financing cost reduction of 26 basis points to 5.22% [4][8]. - The company’s total assets are projected to decrease from 420.3 billion yuan in 2024 to 325.7 billion yuan by 2027 [7][9]. Key Financial Ratios - The return on equity (ROE) is expected to improve from 4.8% in 2024 to 6.0% by 2027 [8]. - The price-to-earnings (P/E) ratio is projected to be 16.1 times in 2025, decreasing to 12 times by 2027 [4][8]. - The company’s liquidity ratios indicate a current ratio of 2.0 in 2024, expected to decline to 1.6 by 2027 [8].

华发股份(600325.SH) 销售稳居千亿阵营，投资审慎债务合理 推荐 ( 维持) 公 司 报 告 房地产 2025年03月16日 股价:5.8元 行情走势图 相关研究报告 【平安证券】华发股份（600325.SH）*季报点评*聚 焦核心区域，回购彰显信心*推荐20241030 证券分析师 杨侃 投资咨询资格编号 S1060514080002 事项： 公司公布2024年年报，全年实现营业收入599.9亿元，同比下降16.8%，归母 净利润9.5亿元，同比下降48.2%，拟每10股派发现金红利1.04元（含税）。 平安观点： 年 报 点 评 研 究 报 告 BQV514 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 72,145 | 59,992 | 62,032 | 57,070 | 50,792 | | ...

| 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 16 日│中国内地 | 房地产开发 | 华发股份 (600325 CH) 结转收缩叠加减值，关注去库存进展 证券研究报告 公司 3 月 14 日发布年报，24 年实现营收 599.9 亿元，同比-17%；归母净 利润 9.5 亿元，同比-48%，低于我们预期（同比-20%），主要因为结转规模 低于我们预期，同时资产减值高于我们预期。公司正在积极优化库存结构， 但该进程可能对拿地、销售和业绩造成一定影响，下调至"增持"评级。 结转收缩+毛利率下行+资产减值拖累业绩 受销售下行影响，24 年公司开发业务结算金额同比-18%至 557 亿元，拖累 营收增速。归母净利润同比下滑更大，主要因为：1、受高价地结转和房地 产市场调整影响，开发业务毛利率同比-3.7pct 至 14.3%；2、受房地产市场 调整影响，计提 18.4 亿元资产减值，同比多计提 2.5 亿元。截至 24 年末， 公司合同负债为 813 亿元，相较 24 年营收覆盖率为 136%，未来 1-2 年营 收体量可能仍将面临一定的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a significant decline in performance, with a drop in revenue and profit margins, but managed to improve its sales ranking and maintain smooth financing [7] - Despite the downturn in the real estate sector, the company achieved a sales amount of 105.4 billion yuan in 2024, ranking 10th nationally, which is an improvement from the previous year [7] - The company has a solid land reserve strategy focused on core first and second-tier cities, and its financing costs have decreased, indicating a stable financial position [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 59.99 billion yuan, a year-on-year decrease of 16.8%, with a net profit of 0.951 billion yuan, down 48.2% from the previous year [6][8] - The company’s gross margin for 2024 is expected to be 14.3%, reflecting a decline of 3.8 percentage points year-on-year [7] - The forecast for net profit for 2025 is adjusted to 0.98 billion yuan, with further projections of 1.177 billion yuan for 2026 and 1.426 billion yuan for 2027 [7][8]

上 市 公 司 2025 年 03 月 16 日 华发股份 (600325) ——业绩大幅下降，销售排名提升，融资保持畅通 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（元） | 5.80 | | 一年内最高/最低（元） | 8.09/5.06 | | 市净率 | 0.8 | | 息率（分红/股价） | 6.38 | | 流通 A 股市值（百万元） | 14,913 | | 上证指数/深证成指 | 3,419.56/10,978.30 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 7.17 | | 资产负债率% | 70.26 | | 总股本/流通 A 股（百万） | 2,752/2,571 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-14 04-14 05-14 06-14 07-14 08-14 09-14 10-14 11-14 12-14 01- ...

Core Viewpoint - The company, Huafa Group, has demonstrated resilience and strong performance in the challenging real estate market of 2024, achieving significant sales and maintaining financial stability despite industry-wide pressures [1][2]. Group 1: Financial Performance - In 2024, Huafa Group reported a revenue of 59.992 billion yuan and a net profit attributable to shareholders of 0.951 billion yuan, indicating a steady high-quality development [1]. - The company achieved a total sales amount of 105.44 billion yuan, ranking in the top 10 of the industry, and has maintained a position in the trillion-yuan sales club for five consecutive years [2]. - As of the end of 2024, Huafa Group's long-term interest-bearing debt accounted for over 80% of total interest-bearing debt, reflecting a stable financial structure [4]. Group 2: Market Position and Strategy - Huafa Group's market share in its home base of Zhuhai exceeded 45%, reaching a historical high, and it achieved a 95% sales rate for the first batch of properties in Shanghai [2]. - The company successfully acquired six quality projects in key cities such as Shanghai, Guangzhou, Chengdu, and Xi'an, showcasing its strategic determination and prudent layout in the land market [2]. Group 3: Product Innovation and Industry Leadership - In 2024, Huafa Group launched the "Technology + Good House Product System" technical standards, positioning itself as a benchmark enterprise in the industry [3]. - The company led the compilation of the "Technology + Good House Product System White Paper" and initiated the development of "Smart Home Technology Application Standards," contributing to high standards in the real estate sector [3]. Group 4: Financing and Risk Management - Huafa Group has optimized its debt structure and reduced financing costs, ensuring the stability and security of its cash flow [4]. - The company has diversified its financing channels through various instruments, including short-term financing bonds and asset-backed securities, enhancing asset liquidity and reducing financing costs over the years [4].

国金证券股份有限公司 经中国证券监督管理委员会《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）予以同意注册，并经上海 证券交易所同意，珠海华发实业股份有限公司（以下简称"华发股份"、"发行人" 或"公司"）向特定对象发行普通股（A 股）股票 63,500.00 万股，每股发行价人 民币 8.07 元，募集资金总额为人民币 5,124,450,000.00 元，扣除与发行有关的费 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。截止 2023 年 10 月 24 日，公司上述发行募集的资金已全部 到位，业经大华会计师事务所（特殊普通合伙）以"大华验字[2023]000618 号" 验资报告验证确认。本次发行的股票于 2023 年 10 月 31 日在上海证券交易所上 市。 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为公司 2022 年向特定对象发行股票的保荐机构，负责华发股份向特定对象发行股票后 的持续督导工作，持续督导期至 2024 年 12 月 31 日止。截至目 ...