证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-043 招商局蛇口工业区控股股份有限公司 关于为南通招创提供担保的公告 本公司拟按51%的股权比例为南通招创向招商银行股份有限公司南通分行 申请的7亿元借款提供连带责任保证，担保本金金额不超过3.57亿元，保证期间 为自担保书生效之日起至借款到期之日或垫款之日起另加三年。南通招创的另 外两方股东南通市中央创新区科创产业发展有限公司、江苏炜赋建设发展有限 公司亦将按各自股权比例为上述贷款提供连带责任保证。 为满足项目建设需要，招商局蛇口工业区控股股份有限公司（以下简称"公 司"或"本公司"）之控股子公司南通招创置业有限公司（以下简称"南通招创"） 向招商银行股份有限公司南通分行申请开发贷款人民币7亿元，贷款期限为3年。 本公司拟按51%的股权比例为上述开发贷款业务提供连带责任保证，担保本金金 额不超过人民币3.57亿元，保证期间为自担保书生效之日起至借款到期之日或 垫款之日起另加三年。 公司于2024年3月15日、2024年6月26日分别召开了第三届董事会第十次会 议及2023年年度股东大会，审议通过了《关于审议为控股子公司提供担保额度 ...

新增融资成本持续维持低位，重视市值管理回购速度加快。25Q1 公司新发10亿规模中期票据，票面利 率维持在2.05%的低位。24 年Q4 公司发布回购公告，宣布回购金额3.51-7.02 亿，回购股份将全部予以 注销。截至2025Q1 末，公司累计回购金额占拟回购金额上限的37.75%，此外2025 年4 月份公司发布了 关于加快回购公司股份的公告，公司持续加强股东回报力度，彰显其长期发展的信心。 盈利预测与估值。公司加大一线城市投资力度，回购积极回馈股东，伴随优质项目的陆续结转，公司盈 利能力有望持续恢复。我们预计公司2025-2027 年分别可实现营业收入1590.8、1557.4、1654.0 亿元； 归母净利分别为45.1、49.8、55.1 亿元。对应PE 分别为18.4x、16.7x、15.1x，维持"推荐"评级。 事件：公司发布2025Q1 业绩报告，2025Q1 公司实现营收204.5 亿元（yoy-13.9%）；实现归母净利4.5 亿元（yoy+34.0%）。 积极补充一线城市优质土储，全年销售降幅有望维持稳定。2025Q1 公司实现销售面积145.8 万㎡（yoy- 12.5%），销售金额 ...

公 司 报 告 房地产 2025年04月30日 招商蛇口(001979.SZ) 利润同比增长，投资积极聚焦 推荐 ( 维持) 股价:9.1元 | 主要数据 | | --- | | 行业 | 房地产 | | --- | --- | | 公司网址 | | | 大股东/持股 | 招商局集团有限公司/50.84% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | | | 流通A股(百万股) | 8,458 | | 流通B/H股(百万股) | | | 总市值(亿元) | 825 | | 流通A股市值(亿元) | 770 | | 每股净资产(元) | 10.97 | | 资产负债率(%) | 67.4 | 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2025年一季报，一季度实现营业收入204.5亿元，同比下降13.9%， 归母净利润4.5亿元，同比增长34%。 平安观点： 行情走势图 相关研究报告 【平安证券】招商蛇口（001979.SZ）*年报点评*销 售稳居行业前列，投资聚焦财务稳健*推荐20250323 证券分析师 公 司 季 报 点 评 研 ...

事件 2025 年4 月29 日，公司发布2025 一季报：实现营收204.48 亿元，同比-13.90%；归母净利润4.45 亿元， 同比+34.02%。 点评 营收同比下降，归母净利润同比提升，主要系期内结转项目的权益比例提升。 投资建议 随着25 年前海高利润项目逐渐进入结转、结转权益比例提升，公司业绩有望触底回升。我们预计公司 2025-2027 年的归母净利润分别为49.6 亿元/56.5 亿元/63.9 亿元，同比增速分别为 +22.9%/+13.9%/+13.0% 。公司股票现价对应PE 估值分别为16.6x/14.6x/12.9x，维持"买入"评级。 风险提示 政策落地不及预期；房地产市场销售持续低迷；竣工不及预期。 一季度销售规模下降。25 年一季度公司销售金额350.70 亿元，同比-12.8%；销售面积145.82 万方，同 比-12.5%。 一季度公司获取7 宗地块均位于一二线。25 年一季度公司合计拿地7 宗（北京2 宗+佛山2 宗+上海1 宗 +成都1 宗+长沙1 宗），总权益拿地金额115.4 亿元，综合权益比例57.6%，计容建筑面积72.42 万方。 博时蛇口产园REIT 申 ...

上 市 公 司 房地产 2025 年 04 月 30 日 招商蛇口 (001979) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 9.10 | | 一年内最高/最低（元） | 13.44/8.11 | | 市净率 | 0.8 | | 息率（分红/股价） | 3.52 | | 流通 A 股市值（百万元） | 76,966 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.97 | | 资产负债率% | 67.37 | | 总股本/流通 A 股（百万） | 9,061/8,458 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02- ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥20,447,728,414.17, a decrease of 13.90% compared to ¥23,747,478,779.97 in the same period last year[5] - Net profit attributable to shareholders increased by 34.02% to ¥445,439,544.24 from ¥332,380,304.87 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥386,176,196.07, up 32.43% from ¥291,600,496.59 in the previous year[5] - Basic and diluted earnings per share increased by 300% to ¥0.04 from ¥0.01 year-on-year[5] - The company's net profit for the current period is CNY 386,490,978.72, a decrease of 58.8% compared to CNY 936,085,793.06 in the previous period[22] - Operating profit for the current period is CNY 755,422,396.06, down 53.3% from CNY 1,615,506,739.34 in the previous period[22] - The company reported a total comprehensive income of CNY 376,521,257.29, down from CNY 914,250,804.46 in the previous period[22] Cash Flow and Liquidity - The net cash flow from operating activities improved by 17.13%, reaching -¥8,793,468,085.83 compared to -¥10,611,231,091.11 in the same period last year[5] - The company's cash and cash equivalents amount to ¥88,094,289,112.06 as of March 31, 2025, compared to ¥100,351,402,910.44 at the end of 2024, reflecting a decrease of 12.2%[18] - Cash and cash equivalents at the end of the period amount to CNY 87,134,007,161.99, compared to CNY 82,607,128,186.82 at the end of the previous period[24] - The company has a total cash inflow from financing activities of CNY 24,786,436,194.75, a decrease from CNY 37,734,411,159.10 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥866,663,370,055.52, a slight increase of 0.74% from ¥860,308,816,014.37 at the end of the previous year[5] - The company's total liabilities stand at ¥583,864,488,230.02, an increase from ¥573,564,035,127.95, representing a rise of 1.9%[20] - Non-current assets total ¥248,237,834,217.31, up from ¥246,143,238,736.53, showing a growth of 0.8%[19] - Total current assets increased slightly to ¥618,425,535,838.21 from ¥614,165,577,277.84, indicating a growth of 0.4%[19] Equity and Shareholder Information - The equity attributable to shareholders decreased by 1.84% to ¥108,967,920,496.83 from ¥111,006,837,433.28 at the end of the last year[5] - The total equity attributable to shareholders decreased to ¥108,967,920,496.83 from ¥111,006,837,433.28, a decline of 1.9%[20] Expenses and Costs - Total operating costs for the current period are ¥19,849,682,527.08, down 10.8% from ¥22,206,949,106.13 in the previous period[21] - Research and development expenses decreased by 33.87% to ¥2,765.08 million from ¥4,181.10 million year-on-year[12] - Research and development expenses decreased to ¥27,650,782.63 from ¥41,810,985.37, a reduction of 33.9%[21] - The company reported a net profit margin decline due to increased financial expenses, which rose to ¥658,072,571.36 from ¥504,636,878.96, an increase of 30.4%[21] Investment Income - Investment income surged by 357.82% to ¥17,915.76 million from ¥3,913.30 million in the previous year[12] - The company has reported a significant increase in investment income, reaching CNY 179,157,638.89, compared to CNY 39,133,033.91 in the previous period[22] Accounts Receivable and Inventory - The company reported a significant increase in accounts receivable by 44.44% to ¥507,008.58 million due to an increase in property management fees[11] - The company’s inventory increased to ¥375,816,845,120.39 from ¥369,183,324,334.41, reflecting a growth of 1.8%[19]

招商蛇口（001979）公告，2025年第一季度营业收入204.48亿元，同比下降13.90%。净利润4.45亿元， 同比增长34.02%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9]. Core Views - The company achieved a revenue of 178.95 billion yuan in 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 4.04 billion yuan, down 36.1% year-on-year [4][6]. - The decline in net profit relative to revenue growth is attributed to a decrease in gross profit margin to 14.61% from 15.89% and a significant increase in asset impairment losses [6]. - The company has focused on core cities, achieving a sales area of 9.36 million square meters and a sales amount of 219.3 billion yuan, ranking first in several key cities [6]. - The company has maintained a strong financial position with cash and cash equivalents of 100.35 billion yuan at the end of 2024, and its debt ratios are within safe limits [6]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue 175.01 billion yuan, Net Profit 6.32 billion yuan - 2024A: Revenue 178.95 billion yuan, Net Profit 4.04 billion yuan - 2025E: Revenue 166.78 billion yuan, Net Profit 4.34 billion yuan - 2026E: Revenue 159.94 billion yuan, Net Profit 4.79 billion yuan - 2027E: Revenue 163.30 billion yuan, Net Profit 5.41 billion yuan [3][7]. - Earnings Per Share (EPS) projections: - 2024A: 0.45 yuan - 2025E: 0.48 yuan - 2026E: 0.53 yuan - 2027E: 0.60 yuan [3][7]. Market Position and Strategy - The company has acquired 26 land parcels in 2024, with a total land price of approximately 48.6 billion yuan, focusing 90% of its investment in core cities [6]. - The company’s investment in first-tier cities accounted for 59% of total investments, indicating a strategic focus on urban development [6]. - The company is expected to outperform the market index by more than 15% over the next 6-12 months, reflecting confidence in its market position [9].

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-041 招商局蛇口工业区控股股份有限公司 关于为厦门西海湾提供担保的公告 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 陈述或重大遗漏。 一、担保情况概述 为满足项目建设需要，招商局蛇口工业区控股股份有限公司（以下简称"公 司"或"本公司"）之控股子公司厦门西海湾邮轮城投资有限公司（以下简称"厦 门西海湾"）向厦门银行股份有限公司申请授信额度4.5亿元，贷款期限为5年； 本公司拟按60%的股权比例为上述贷款提供连带责任保证，担保本金金额分别不 超过人民币2.7亿元，保证期间为从保证合同生效之日起至授信合同项下的债务 履行期限届满之日后三年。 公司于2024年3月15日、2024年6月26日分别召开了第三届董事会第十次会 议及2023年年度股东大会，审议通过了《关于审议为控股子公司提供担保额度的 议案》，同意公司为公司控股子公司的银行等金融机构信贷业务以及其它业务提 供不超过人民币467亿元的担保额度，其中公司为资产负债率70%以上的控股子 公司提供担保的额度不超过人民币350亿元，担保额度的有效期为自202 ...

Core Viewpoint - The launch of the "Changsha Lanyue" project marks a significant upgrade in residential offerings, transitioning to a scene-based living experience that emphasizes emotional connections within communities [3][5]. Group 1: Project Overview - The "Changsha Lanyue" project will officially open its first real-life demonstration area in May 2023 [1][7]. - The project aims to create ideal living units for young families, responding to their demand for quality living [3][5]. Group 2: Design and Features - The project introduces five major innovations, including a vacation park-style landscape covering approximately 3,600 square meters, enhancing the homecoming experience into a sensory journey [5]. - A super public area of about 7,800 square meters features double-height spaces, providing extensive living experiences and settings [5]. - A holiday-themed clubhouse of around 2,000 square meters offers diverse scenes and artistic atmospheres, integrating modern design with traditional Hunan craftsmanship [5]. Group 3: Target Demographic - The project is tailored for the youthful demographic of Changsha, a city with an average age of 37, aiming to co-create a "dynamic living epic" with its residents [7].