Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of 11.42 yuan [2][4]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 219.89 billion yuan, down 24.3% year-on-year, and a net loss of 17.94 billion yuan, down 231.7% year-on-year [1]. - The decline in performance is attributed to a decrease in development business settlement and gross margin, alongside impairment losses [1]. - The company has successfully repaid all public debts this year and has a low credit risk for short-term public debts due to strong cash flow management and asset monetization efforts [1]. - The diversified business segments, including property management and logistics, showed stable growth, with property and leasing revenues increasing by 12% and 4% respectively [1]. Financial Summary - The company's revenue for 2022 was 503.84 billion yuan, which decreased to 465.74 billion yuan in 2023, with projections of 372.01 billion yuan for 2024, reflecting a year-on-year decline of 20.1% [3]. - The gross margin has decreased from 19.6% in 2022 to 15.2% in 2023, with a projected drop to 5.0% in 2024 [3]. - The net profit attributable to the parent company is expected to be -20.71 billion yuan in 2024, compared to 12.16 billion yuan in 2023 [3].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company has effectively reduced impairment provisions and debt levels, with a significant focus on improving cash flow and ensuring debt repayment [4][5]. - The company achieved a total operating revenue of 219.89 billion yuan for the first three quarters of 2024, a year-on-year decrease of 24.25%, and a net loss attributable to shareholders of 17.94 billion yuan, a year-on-year decrease of 231.73% [8][6]. - The report emphasizes the company's proactive measures to enhance cash collection and manage debt obligations, including a sales collection rate exceeding 100% and the successful repayment of 19.7 billion yuan in public debt [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating revenue of 219.89 billion yuan, down 24.25% year-on-year, and total operating costs of 232.09 billion yuan, down 12.39% year-on-year [8]. - The net profit attributable to shareholders was -17.94 billion yuan, reflecting a significant decline compared to the previous year [8]. - The company’s total assets decreased by 17.58% to 1,357.18 billion yuan, while net assets fell by 8.05% to 374.36 billion yuan [9]. Debt Management - As of September 2024, the company had total interest-bearing debt of 327.61 billion yuan, with a net debt ratio of 66.2% [4]. - The company has successfully reduced its debt levels, with a focus on long-term debt, which constitutes 64.4% of total interest-bearing debt [4]. Sales and Projects - The company achieved a contract sales area of 13.31 million square meters and a contract sales amount of 181.2 billion yuan in the first three quarters of 2024, representing year-on-year declines of 26.8% and 35.4%, respectively [6]. - The company added four new development projects with a total planned construction area of 371,000 square meters [6]. Investment Valuation - The report maintains a valuation range for the company at 9.73 to 11.7 yuan per share, based on a price-to-book ratio of 0.5-0.6 times and projected net asset values of 19.45 yuan and 19.66 yuan per share for 2024 and 2025, respectively [6][16]. - The RNAV (Reinstated Net Asset Value) per share is estimated at 22.46 yuan, indicating a significant discount to the current market price [16][17].

万科企业股份ᴹ限公ਨ 关于按照lj香港上ᐲ规则NJ公ᐳ 2024 年 10 ᴸ证券变动ᴸ报表的公告 证券代码：000002ǃ299903 证券简称：万科 Aǃ万科 H 代 董һ会 公告编ਧ：LJ万Lj2024-117 Ҽ〇Ҽ四年十一ᴸ五日 本公司及董事会全体成员保证公告内容真实Ƚ准确和完整，没有虚假记载Ƚ误导性陈述或者重大遗 漏Ⱦ 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 根据lj香港联合交易所ᴹ限公ਨ证券上ᐲ规则NJ˄简称Ālj香港上ᐲ规则NJā˅13.25B 条关于披露股份发 行人的证券变动ᴸ报表的要求，及lj深圳证券交易所股票上ᐲ规则NJ11.2.1 条关于境内外同↕披露的要求， 特披露万科企业股份ᴹ限公ਨ在香港联合交易所ᴹ限公ਨ披露易网站˄www.hkexnews.hk˅刊登的lj万科企 业股份ᴹ限公ਨ截至 2024 年 10 ᴸ 31 日的ᴸ报表NJ，供参阅DŽ 截至月份: 2024年10月31日 狀態: 新提交 特↔公告DŽ 致：香港交易及結算所有限公司 万科企业股份ᴹ限公ਨ 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Investment Rating - The report maintains a "Buy" rating for Vanke A (000002 SZ) [8] Core Views - Vanke A is actively managing inventory and disposing assets to improve cash flow, targeting over 30 billion yuan in recoveries for 2024 (23 3 billion yuan already signed in the first nine months) [1] - The company is leveraging financing tools like operating property loans and integrating into urban real estate financing coordination mechanisms to transform its financing model [1] - Despite industry pressures, Vanke A maintains a competitive edge in brand and efficiency, with its development business remaining relatively stable and its existing business holding significant value [1] - The company's core focus is on maintaining a balanced capital chain to navigate liquidity pressures and successfully cycle through the downturn [1] Financial Performance - Vanke A reported a 24 3% YoY decline in revenue to 219 9 billion yuan for the first nine months of 2024, with a net loss attributable to shareholders of 17 9 billion yuan (compared to a profit of 13 6 billion yuan in the same period last year) [2] - The gross margin dropped to 9 5%, down 8 1 percentage points YoY, with the development business gross margin falling to 8 3% (down 10 2 percentage points) [3] - Asset and credit impairment losses surged to 7 47 billion yuan (compared to 360 million yuan in the same period last year), while investment income plummeted 97 1% to 70 million yuan [3] - The company incurred a 2 54 billion yuan loss from asset disposals (compared to a 70 million yuan loss in the same period last year) [3] Sales and Inventory Management - Vanke A's sales for the first nine months of 2024 were 181 2 billion yuan, down 35 4% YoY, with sales area declining 26 8% to 13 308 million square meters [4] - The average selling price dropped 11 8% to 13,600 yuan per square meter, likely due to inventory structure adjustments and discount promotions [4] - The company accelerated inventory clearance, with sales of completed properties, near-completion properties, and commercial properties reaching 32 5 billion yuan, 43 4 billion yuan, and 19 7 billion yuan, respectively [4] - Land acquisition intensity was 2 3% in terms of amount and 2 8% in terms of area, with new construction starts and completions down 57 7% and 27 7%, respectively [4] Diversified Business Operations - Vanke A's diversified business revenue reached 43 08 billion yuan, up 6 3% YoY [5] - Property services expanded with a 12% YoY increase in annualized saturated income from existing projects [5] - Commercial business revenue grew 1 5% to 6 67 billion yuan, with foot traffic and sales increasing by 9 6% and 4 1%, respectively [5] - Logistics and warehousing revenue slightly declined by 0 7% to 2 96 billion yuan, with 151 projects in operation covering 10 34 million square meters [5] - Long-term rental apartment revenue increased 3 7% to 2 63 billion yuan, with 247,000 units in hand and 187,000 units in operation [5] Financial Projections - The report forecasts net losses attributable to shareholders of 20 2 billion yuan and 2 billion yuan for 2024 and 2025, respectively, with a projected profit of 2 2 billion yuan in 2026 [6] - The 2026 earnings correspond to a P/E ratio of 51x [6] Market Performance - Vanke A's stock price as of October 30, 2024, was 9 22 yuan, with a 12-month high/low of 12 30 yuan and 6 18 yuan, respectively [8] - The company's market performance over the past 12 months has underperformed the CSI 300 index [9]

Investment Rating - The report maintains a "Recommendation" rating for the company [1][6]. Core Views - The company's performance in the first three quarters of 2024 was significantly impacted by various factors, leading to a revenue decline of 24.3% year-on-year, with a net loss of 179.4 billion yuan, a decrease of 231.7% compared to the previous year [3][4]. - The company has taken measures to ensure high-quality delivery and public debt repayment, achieving a sales amount of 181.2 billion yuan with a collection rate exceeding 100% [4][6]. - The company has successfully reduced its debt burden, with no due domestic or foreign public bonds for the year, and has maintained positive operating cash flow since the second quarter [4][6]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2,198.9 billion yuan, a decrease of 24.3% year-on-year, and a net profit attributable to shareholders of -179.4 billion yuan, down 231.7% year-on-year [3][4]. - The real estate development business accounted for 1,732.3 billion yuan in revenue, down 29.1% year-on-year, with a gross margin of 9.5%, a decline of 8.1 percentage points [4][5]. - The company has seen a significant increase in financing and refinancing, totaling 774 billion yuan, with a financing cost of 3.58% [4][6]. Business Segment Performance - The company's operating service business revenue reached 430.8 billion yuan, a year-on-year increase of 6.3%, with property management and leasing services showing growth [6]. - The company has actively engaged in asset transactions, signing agreements worth 232.6 billion yuan across various projects nationwide [4][6]. Future Earnings Projections - The earnings per share (EPS) forecast for 2024 has been revised down to -1.70 yuan, with projections for 2025 and 2026 remaining at 0.10 yuan and 0.14 yuan, respectively [6][10]. - The company's current stock price reflects a pessimistic outlook, with a price-to-book (P/B) ratio of 0.47, significantly lower than the industry average of 0.69 [6][10].

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook maintained [3]. Core Views - The company reported a significant decline in revenue and a shift to net losses in the first three quarters of 2024, with total revenue of CNY 219.9 billion, down 24.25% year-on-year, and a net loss of CNY 17.9 billion [1][2]. - The company is actively managing its debt obligations and has successfully completed all public debt repayments for the year, indicating a focus on financial stability [1]. - Despite the challenging market conditions, the company is seeing a narrowing decline in sales, with a total contracted sales area of 13.3 million square meters and a sales amount of CNY 181.2 billion, down 26.8% and 35.4% year-on-year respectively [1][2]. Financial Performance Summary - Revenue for 2024 is projected to be CNY 330.7 billion, reflecting a decrease of 29.00% compared to 2023 [2][8]. - The company is expected to report a net profit attributable to shareholders of CNY -15.5 billion in 2024, a significant decline from previous years [2][8]. - The gross profit margin for the company is reported at 9.5%, showing a slight recovery from the first half of 2024 but a decline compared to the same period last year [1]. Sales and Operational Insights - The company achieved a third-quarter revenue of CNY 77.1 billion, a year-on-year decrease of 13.76%, with the real estate development business contributing CNY 61.6 billion [1]. - The company has accelerated inventory turnover, achieving CNY 32.5 billion in sales from existing properties and CNY 43.4 billion from near-completion properties [1]. - New project launches have been successful, with a 100% sales rate for three projects in Shenyang and Xuzhou [1]. Debt and Cash Flow Management - As of the end of Q3 2024, the company had interest-bearing liabilities of CNY 327.6 billion, with 64.4% maturing in over one year [1]. - The company reported a positive operating cash flow of CNY 330 million in Q3, continuing a trend of positive cash flow since Q2 [1][7]. - The cash and cash equivalents decreased to CNY 79.8 billion, down CNY 12.7 billion from the mid-year [1]. Future Outlook - The company is expected to navigate through the current industry adjustments and leverage financial support policies to mitigate potential risks, aiming for a high-quality transformation in the new development phase [1]. - The projected net profit for 2025 is expected to improve to CNY -2.9 billion, with a return to profitability anticipated in 2026 with a net profit of CNY 1.0 billion [2][8].

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 万科 A（000002.SZ） 开发基本盘承压，多举措守财务安全线 （1）前三季度净亏损 179 亿元，同比由盈转亏。公司 2024 年前三季度 累计实现营收 2198.9 亿元，yoy-24.25%（其中开发业务结算面积 1384.2 万平，yoy-24%；贡献营收 1732.3 亿元，yoy-29%）；净亏损 179.43 亿 元，上年同期净利润 136.21 亿元，由盈转亏。Q3 单季度实现营收 771.2 亿元，yoy-13.76%（其中开发业务结算面积 504.7 万平，yoy-14%；贡献 营收 615.5 亿元，yoy-16%）；净亏损 80.91 亿元，亏损额环比略微收窄。 亏损主要因开发业务结算规模和毛利率下滑、计提减值（信用减值损失约 34 亿元）、部分非主业财务投资出现亏损以及部分资产交易和股权处置的 交易价格低于账面值等。 （2）开发基本盘承压，但 9 月底以来现积极信号。1-9 月，公司累计实 现销售面积 1330.8 万平（yoy-26.8%），销售额 1812.0 亿元（yoy-35.4%）； ...

2024年10月30日 来源：公司年报、国金证券研究所 万科 A (000002.SZ) 中性(维持评级) 公司点评 证券研究报告 多举措筹资，努力保兑付 事件 2024 年 10 月 30 日，公司披露 2024 年三季报：2024 年 1-9 月实现营 收 2198.9 亿元，同比-24.25%;归母净亏损 179. 4 亿元，同比由盈转 亏。第三季度实现营收 771.2 亿元,同比-13.76%;归母净亏损 80.9 亿元，同比由盈转亏。 点评 规模利润均下滑、计提减值和费产处置。1-9月公司营收下降，归母 净利大幅亏损, 主因:1房地产开发业务结算规模和毛利率大幅下降, 房开贡献营收 1732.3亿元,同比-29.1%;房开业务税前毛利率 8. 3%, 同比下降 10.2pct;②计提资产减值损失 20.1 亿（去年同期 0），信 用减值损失 54.6亿（去年同期 3.6 亿）；③权益法确认的投资收益 及处置投资收益减少,投资收益 0.7 亿(去年同期 25.2 亿);④资 产处置形成亏损25.4亿(去年同期0.7亿)。 一年内仍有偿债压力。 截至 9月底,公司已偿还 197 亿元公开债务, 年内已无 ...

万科企业股份有限公司 关于为融资事项提供担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：2024-116 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 本次担保事项在上述担保额度范围内，公司总裁已在上述授权范围内决策同意本次担保 事项，具体情况如下： 一、担保情况 1、担保事项概述 公司作为受信人前期从交通银行股份有限公司深圳分行（以下简称"交通银行"）获得 授信人民币 150 亿元，期限 2.8 年，目前已获得的融资余额 80.3 亿元。公司之控股子公司上 海万锴房地产有限公司（以下简称"上海万锴"）、广州市万合房地产有限公司（以下简称 "广州万合"）分别以持有的资产为前述融资提供相应抵押担保。 2、担保协议的主要内容 上海万锴、广州万合已与交通银行分别就前述融资事项签订抵押合同，为公司相关融资 提供抵押担保，担保本金金额分别为 80.3 亿元，担保期限为债务清偿届满之日止。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）前期向金融 机构申请融资，公司之控股子公司通过资产抵押方式为相关贷款提供担 ...

Financial Performance - Revenue for the reporting period (Q3 2024) was RMB 77.116 billion, a decrease of 13.76% year-over-year[5] - Net profit attributable to shareholders was a loss of RMB 8.091 billion, a decrease of 315.70% year-over-year[5] - Reported a net loss of 8.09 billion yuan in Q3, with a cumulative net loss of 17.94 billion yuan for the first nine months, and a pre-tax gross margin of 8.3% for the real estate development business[22] - Total operating revenue decreased to 219.89 billion yuan from 290.31 billion yuan, a decline of 24.3%[39] - Net profit turned negative at -16.40 billion yuan compared to a profit of 21.03 billion yuan in the previous period[39] - Basic earnings per share dropped to -1.5132 from 1.1585, reflecting the company's financial challenges[40] - Total comprehensive income was negative at -15.56 billion yuan, compared to a positive 23.38 billion yuan in the previous period[40] Cash Flow and Financing - Operating cash flow for the first nine months of 2024 was a negative RMB 4.848 billion, a decrease of 2,159.99% year-over-year[5] - Short-term borrowings increased by 715.92% to RMB 867.78 million due to changes in financing structure[10] - Non-current liabilities due within one year increased by 71.76% to RMB 11.152 billion, reflecting changes in financing structure[10] - Operating cash flow was negative at -4.85 billion yuan, a significant drop from 235.32 million yuan in the previous period[42] - Investment cash flow improved to 5.63 billion yuan from -2.21 billion yuan, indicating better investment returns[42] - Financing cash flow was negative at -20.41 billion yuan, slightly better than the previous -31.33 billion yuan[43] - Cash and cash equivalents decreased by 19.61 billion yuan, ending the period at 77.33 billion yuan[43] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1.357 trillion, a decrease of 9.81% compared to the end of the previous year[5] - Financial expenses increased by 41.92% to RMB 392.49 million due to reduced capitalizable interest expenses and interest income[11] - Credit impairment losses increased by 1,406.59% to RMB 546.35 million, reflecting increased provisions for credit losses[11] - Asset disposal losses increased by 3,792.81% to RMB 253.80 million, driven by losses from asset disposals[11] Shareholder and Equity Information - Total number of ordinary shareholders at the end of the reporting period is 627,280, including 627,209 A-share holders and 71 H-share holders[12] - Shenzhen Metro Group holds 27.18% of the shares, totaling 3,242,810,791 shares[12] - HKSCC NOMINEES LIMITED holds 18.49% of the shares, totaling 2,206,317,349 shares[12] - Hong Kong Securities Clearing Company holds 1.67% of the shares, totaling 198,726,252 shares[12] - Central Huijin Asset Management holds 1.55% of the shares, totaling 185,478,200 shares[12] - China Securities Finance Corporation holds 1.11% of the shares, totaling 132,669,394 shares[13] - China Merchants Wealth Management holds 1.23% of the shares, totaling 146,255,820 shares[12] - Total number of shares as of September 30, 2024, is 11,930,709,471, including 9,724,196,533 A-shares and 2,206,512,938 H-shares[16] Real Estate Market and Development - In Q3, the sales amount of the top 100 real estate developers decreased by 28.6% year-on-year, and the cumulative decrease from January to September was 36.6%[18] - National real estate development investment in Q3 decreased by 8.9% year-on-year, and the cumulative decrease from January to September was 10.1%[18] - Delivered 113,000 housing units on time and with quality from January to September, with 133 projects obtaining property certificates upon delivery[19] - Achieved sales revenue of 181.2 billion yuan with a collection rate exceeding 100%, and completed the repayment of 19.7 billion yuan in public debt by the end of September[20] - Added new financing and refinancing of 77.4 billion yuan with a comprehensive cost of 3.58%, and secured 26.2 billion yuan in operating property loans[21] - Contracted sales area and amount in Q3 decreased by 24.9% and 29.7% year-on-year, respectively, with a total contracted sales amount of 181.2 billion yuan for the first nine months[23] - Completed the delivery of 246 projects and 410 batches, totaling 113,000 housing units, with an average pre-tax sales gross margin exceeding 18% for key projects[24] - Added 4 new development projects with a total construction area of 371,000 square meters, and achieved a 100% initial opening realization rate for 3 projects in Shenyang and Xuzhou[25] Property Management and Rental Business - Expanded the annualized saturated revenue of existing projects by 12% for Vanke Property, and increased the number of CPR-certified employees to over 48,000[26] - Increased the revenue of the rental housing business by 3.7% year-on-year to 2.63 billion yuan, with a total of 247,000 long-term rental apartments under management and an occupancy rate of 94.9%[27] - Improved the GOP margin of rental housing projects to 89.4%, with a 6.2% reduction in single-room operating costs and a 40-day increase in average lease duration[28] - Commercial development and operations revenue reached 6.67 billion yuan (including non-consolidated revenue), a year-on-year increase of 1.5%, with Yinke-managed projects contributing 3.95 billion yuan[29] - Overall occupancy rate for commercial properties was 93.6%, with Yinke-managed projects achieving a 94.2% occupancy rate[29] - Commercial customer traffic increased by 9.6% year-on-year, with sales growing by 4.1% and membership reaching 40.92 million, up 23.8%[29] - Shenzhen Bantian Vanke Plaza achieved a 99% signing rate and 96% opening rate, with over 120 regional first stores[30] - Wuhan Zhaojiatiao Impression achieved a 100% leasing rate and 98% opening rate, with over 50% regional first stores[30] - CICC Yinke Consumption Infrastructure REIT achieved a 99.0% occupancy rate and 98.6% rent collection rate for its Hangzhou Xixi Impression City project[31] Logistics and Warehousing - Logistics and warehousing revenue (including non-consolidated projects) reached 2.96 billion yuan, with cold chain revenue growing 6.3% to 1.35 billion yuan[32] - Logistics and warehousing business had 151 operational projects with a total leasable area of 10.337 million square meters, with high-standard warehouses achieving an 88% occupancy rate[32] - Wanzhou Logistics launched 386 "Wandianpei" routes covering over 150 cities and handled 4.7 million orders for "One-Click Delivery" in Q3[33] Research and Development - Research and development expenses decreased to 369.33 million yuan from 444.23 million yuan, a reduction of 16.9%[39] Sales and Revenue - Sales revenue from goods and services fell to 149.43 billion yuan from 219.91 billion yuan, a decline of 32.0%[42] - Investment income decreased by 97.08% to RMB 7.35 million, primarily due to reduced equity method investment income and disposal gains[11]