Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12][19] Core Views - The company focuses on acquiring land in core cities, which provides a sufficient supply of sellable properties. However, the performance is impacted by impairment provisions related to high-priced land inventory from 2020-2021 [6][7][12] - The company reported a total operating revenue of 1789.48 billion yuan in 2024, a year-on-year increase of 2.25%, while the net profit attributable to shareholders decreased by 36.09% to 40.39 billion yuan [6][9] - The company’s gross margin and net margin for 2024 were 14.61% and 2.34%, respectively, both showing a decline compared to the previous year [6][9] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1789.48 billion yuan, up 2.25% year-on-year, but the net profit attributable to shareholders fell to 40.39 billion yuan, down 36.09% [6][9] - The gross margin and net margin were 14.61% and 2.34%, respectively, reflecting a decrease of 1.28 percentage points and 2.86 percentage points year-on-year [6][9] - The company’s cash flow from operating activities was 319.64 billion yuan, an increase of 1.69% year-on-year, with a cash balance of 1003.51 billion yuan at the end of 2024 [6] Sales and Land Acquisition - The company recorded a contracted sales amount of 2193.02 billion yuan in 2024, a decrease of 25.31% year-on-year, with a sales area of 935.90 million square meters, down 23.50% [7] - The company ranked first in sales amount in five cities, including Xi'an and Changsha, and maintained a stable position in the overall sales ranking [7] - In 2024, the company acquired 26 land parcels with a total construction area of approximately 2.25 million square meters and a total land price of about 48.6 billion yuan, with an investment intensity of 22% [7] Strategic Focus - The company is committed to implementing its "AI+" strategy, exploring advanced technologies for smart services and operations, which contributed to a 12% year-on-year increase in income from held properties [8] - The investment in "core 10 cities" accounted for 90% of total investment, with 59% of the investment in first-tier cities [7][8]

上 市 公 司 房地产 2025 年 03 月 18 日 招商蛇口 (001979) ——减值拖累业绩，融资优势明显，回购彰显信心 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 18 日 | | --- | --- | | 收盘价（元） | 9.65 | | 一年内最高/最低（元） | 13.44/7.45 | | 市净率 | 0.9 | | 息率（分红/股价） | 3.32 | | 流通 A 股市值（百万元） | 80,312 | | 上证指数/深证成指 | 3,429.76/11,014.75 | | 注："息率"以最近一年已公布分红计算 | | 03-18 04-18 05-18 06-18 07-18 08-18 09-18 10-18 11-18 12-18 01-18 02-18 03-18 -20% -10% 0% 10% 20% 30% 招商蛇口 沪深300指数 (收益率) 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 联 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In 2024, the company achieved a revenue of 178.95 billion yuan, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was 4.04 billion yuan, a decrease of 36.1% [8] - The revenue growth was driven by an increase in the scale of project handovers, although gross profit margin declined by 1.5 percentage points to 15.6% due to increased credit and asset impairment losses [8] - The company ranked among the top five in the industry for sales, with a signed sales area of 9.36 million square meters and a sales amount of 219.3 billion yuan, demonstrating resilience during the industry downturn [8] - The company focused its investments on core cities, acquiring 26 land parcels with a total construction area of approximately 2.25 million square meters and an investment amount of about 48.6 billion yuan [8] - The company has a clear financing advantage, with a comprehensive funding cost reduced to 2.99%, and plans to repurchase shares worth 351 to 702 million yuan, reflecting confidence in its operations and future development [8] - The profit forecast for 2025 and 2026 has been adjusted downwards to 4.17 billion yuan and 4.35 billion yuan respectively, with corresponding EPS of 0.46 and 0.48 yuan [8] Financial Summary - Total revenue for 2023 was 175.01 billion yuan, with a projected increase to 178.95 billion yuan in 2024 [1] - The net profit for 2023 was 6.32 billion yuan, expected to decrease to 4.04 billion yuan in 2024 [1] - The latest diluted EPS is projected to be 0.45 yuan for 2024, with a gradual increase to 0.54 yuan by 2027 [1] - The company’s P/E ratio is projected to be 21.76 for 2024, decreasing to 18.04 by 2027 [1]

证券研究报告·公司点评报告·房地产开发 招商蛇口（001979） 2024 年报点评：销售排名稳固，积极回购注 销 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 175008 | 178948 | 195411 | 209676 | 222885 | | 同比（%） | (4.37) | 2.25 | 9.20 | 7.30 | 6.30 | | 归母净利润（百万元） | 6319 | 4039 | 4173 | 4350 | 4873 | | 同比（%） | 48.20 | (36.09) | 3.33 | 4.23 | 12.03 | | EPS-最新摊薄（元/股） | 0.70 | 0.45 | 0.46 | 0.48 | 0.54 | | P/E（现价&最新摊薄） | 13.91 | 21.76 | 21.06 | 20.21 | 18.04 | [Table_Tag] [Table_Summary] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12][19] Core Views - The company has focused on acquiring land in core cities, which has resulted in a stable sales performance despite a decline in profit due to impairment provisions [6][7][12] - The company reported a total operating revenue of 1789.48 billion yuan in 2024, a year-on-year increase of 2.25%, while the net profit attributable to shareholders decreased by 36.09% to 40.39 billion yuan [6][9] - The company’s gross margin and net margin were 14.61% and 2.34%, respectively, both showing a decline compared to the previous year [6][9] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1789.48 billion yuan, up 2.25% year-on-year, while the net profit attributable to shareholders was 40.39 billion yuan, down 36.09% [6][9] - The company’s gross margin decreased by 1.28 percentage points to 14.61%, and the net margin fell by 2.86 percentage points to 2.34% [6][9] - The net cash flow from operating activities was 319.64 billion yuan, an increase of 1.69% year-on-year, with a year-end cash balance of 1003.51 billion yuan [6] Sales and Land Acquisition - The company’s signed sales amount in 2024 was 2193.02 billion yuan, a decrease of 25.31% year-on-year, with a signed sales area of 935.90 million square meters, down 23.50% [7] - The company ranked first in sales amount in five cities, including Xi'an and Changsha, and maintained a fifth position in the overall sales ranking [7] - In 2024, the company acquired 26 land parcels with a total construction area of approximately 2.25 million square meters and a total land cost of about 48.6 billion yuan, with an investment intensity of 22% [7] Strategic Focus - The company is committed to its "AI+" strategy, exploring advanced technologies for smart services and operations, resulting in a 12% year-on-year increase in income from held properties [8] - The investment in core cities accounted for 90% of the total investment, with 59% of the investment directed towards first-tier cities [7][12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 178.95 billion yuan for 2024, a slight increase of 2.25% year-on-year, but the net profit attributable to shareholders decreased by 36.09% to 4.04 billion yuan, primarily due to a decline in gross profit margin and increased impairment provisions [1][2]. - The company remains the fifth largest in the industry by sales, with a total sales amount of 219.3 billion yuan in 2024, down 25.3% year-on-year [2]. - The company has a solid financial position with a cash balance of 100.35 billion yuan, up 13.66% year-on-year, and a debt-to-asset ratio of 62.37% [3]. Summary by Sections Financial Performance - Revenue for 2024 was 178.95 billion yuan, with a growth rate of 2.25% compared to 2023 [7]. - Net profit attributable to shareholders was 4.04 billion yuan, reflecting a decline of 36.09% year-on-year [7]. - The gross profit margin for the development business was 15.58%, down 1.53 percentage points year-on-year [2]. Sales and Market Position - The company maintained its position as the fifth largest in the industry, with a sales amount of 219.3 billion yuan in 2024, which is a decrease of 25.3% compared to the previous year [2]. - The company focused its investments on core first and second-tier cities, with 90% of its total investment in the "core 10 cities" and 59% in first-tier cities [2]. Financial Health - As of the end of 2024, the company had a debt-to-asset ratio of 62.37% and a net debt ratio of 55.85% [3]. - The cash short-term debt ratio was 1.59, indicating a strong liquidity position [3]. - The company generated a net cash flow from operating activities of 31.96 billion yuan, a year-on-year increase of 1.69% [3]. Future Outlook - The report anticipates a recovery in net profit, projecting 6.81 billion yuan in 2025, with a year-on-year growth rate of 68.6% [4]. - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 12.9x, 11.6x, and 10.5x, respectively [4].

事件 2025 年 3 月 17 日，公司发布 2024 年年报：实现营收 1789.48 亿 元，同比+2.25%；归母净利润 40.39 亿元，同比-36.09%。 点评 营收略增，归母净利下降，主因结转毛利率下滑及计提减值增加。 2024 年公司开发业务的结转毛利率为 15.58%，同比下降 1.53pct。 2024 年公司共计提资产减值准备 59.44 亿元（其中存货跌价准备 35.75 亿元），减少归母净利润 43.44 亿元。 0 1,000 2,000 3,000 4,000 5,000 6,000 7.00 8.00 9.00 10.00 11.00 12.00 13.00 240317 240617 240917 241217 250317 人民币(元) 成交金额(百万元) 成交金额 招商蛇口 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 175,008 | 178,948 | 1 ...

招商局蛇口工业区控股股份有限公司 控股股东、实际控制人及其他关联方 资金占用情况的专项说明 截至 2024 年 12 月 31 日止 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于招商局蛇口工业区控股股份有限公司 2024 年度控股股东、实际控制人及其他关联方资金占用情况的专项说明 关于 招商局蛇口工业区控股股份有限公司 2024 年度控股股东、实际控制人及其他关联方资金占用情况的专项说明（续) 毕马威华振专字第 2501012 号 根据我们所执行的程序，我们没有注意到任何事项使我们相信汇总表所载信息与我们审计 贵公司 2024 年度财务报表时贵公司提供的会计资料和经审计的财务报表的相关内容在所有重 大方面存在不一致的情况。 毕马威华振专字第 2501012 号 招商局蛇口工业区控股股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了招商局蛇口工业区控股股份有限公司 （以下简称"贵公司"）2024 ...

中信证券股份有限公司 关于 招商局蛇口工业区控股股份有限公司 发行股份购买资产并募集配套资金暨关联 交易之 2024年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二五年三月 1 | 目 录 2 | | --- | | 声 明 3 | | 一、本次交易方案概述及相关过户、验资情况 4 | | 二、交易各方当事人相关协议及承诺的履行情况 9 | | 三、业绩承诺的实现情况 28 | | 四、管理层讨论与分析部分提及的各项业务的发展现状 31 | | 五、公司治理结构与运行情况 32 | | 六、与已公布的重组方案存在差异的其他事项 34 | | 七、持续督导总结 34 | 声 明 中信证券股份有限公司接受招商局蛇口工业区控股股份有限公司的委托，担 任本次发行股份购买资产并募集配套资金暨关联交易之独立财务顾问。 根据《中华人民共和国公司法》《中华人民共和国证券法》和《上市公司重 大资产重组管理办法》等法律规范的有关规定，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，本独立财务顾问经过审慎核查，结 合上市公司 2024 年年度报告，出具本持续督导意见。 1、本持续督导意见所依据的文件 ...

中信证券股份有限公司关于 中信证券股份有限公司（以下简称"中信证券"、"独立财务顾问"）作为招 商局蛇口工业区控股股份股份有限公司（以下简称"招商蛇口"、"上市公司"、 "公司"）发行股份购买资产并募集配套资金暨关联交易的独立财务顾问，依照 《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》 等相关规定，对业绩承诺方关于业绩承诺实现情况进行了核查，情况如下： 一、本次交易方案概述 上市公司于 2022 年 12 月 16 日召开的第三届董事会 2022 年第十二次临时会 议、2023 年 2 月 17 日召开的第三届董事会 2023 年第二次临时会议以及 2023 年 3 月 6 日召开的 2023 年第一次临时股东大会审议通过了《关于公司本次发行股份购 买资产并募集配套资金暨关联交易方案的议案》等相关议案，同意公司通过发行股 份购买深圳市投资控股有限公司持有的深圳市南油（集团）有限公司 24%股权、招 商局投资发展有限公司（以下简称"招商局投资发展"）持有的深圳市招商前海实 业发展有限公司（以下简称"招商前海实业"）2.8866%股权；同时，公司拟向包 括招商局投资发展有限公司在内的不 ...