2024年上半年，公司实现营业收入人民币353.4亿元，同比+10.1%；归母净利润人民币18.3亿元，同比-15.9%；毛利率为13.7%，同比-4.1个百分点。截至2024年6月末，公司剔除预收款的资产负债率、净借贷比率和现金短债比率分别为68.3%、58.6%和1.53倍，“三道红线”维持“绿档”。2024年上半年，公司加权平均借贷利率为3.57%，同比下降41个基点，期末平均借贷成本进一步下降至3.47%。董事会决议宣2024年中期股息每股0.189港元，派息总额约占核心净利润的40%。Haitong Securities released a research report stating that it maintains Yuexiu Real Estate (00123)'s “superior to the market” rating and predicts that the company's 24-year EPS will be RMB 0.81, with a reasonable value range of HK$7.09-8.86 per share.
Haitong's main views are as follows:
Business performance remains stable, and financial funds are stable and secure.
In the first half of 2024, the company achieved operating income of RMB 35.34 billion, +10.1% year on year; net profit to mother of RMB 1.83 billion, or -15.9% year on year; and gross margin of 13.7%, or 4.1 percentage points year on year. As of the end of June 2024, the company's balance ratio, net loan ratio, and short-term cash debt ratio excluding advance payments were 68.3%, 58.6%, and 1.53 times, respectively, and the “three red lines” remained “green”. In the first half of 2024, the company's weighted average borrowing interest rate was 3.57%, down 41 basis points year on year, and the average borrowing cost at the end of the period fell further to 3.47%. The Board of Directors resolved to declare an interim dividend of HK$0.189 per share for 2024, with total dividends accounting for approximately 40% of core net profit.
Contract sales declined year on year, continuing to consolidate the leading position in the Greater Bay Area.
In the first half of 2024, the company recorded contract sales (along with sales of joint ventures and joint company projects) of approximately RMB 55.4 billion, or -33.8% year-on-year. 1H2024 full-caliber contract sales rose to ninth place in the industry in the ranking. Furthermore, the company continues to consolidate its leading position in the Greater Bay Area market and Guangzhou's market share. 1H2024 achieved contract sales amounts of approximately 26.11 billion yuan, RMB 12.88 billion, RMB 8.94 billion, and RMB 7.47 billion in the Greater Bay Area, East China, Midwest and North China respectively, accounting for 47.1%, 23.2%, 16.2% and 13.5% of the company's contract sales amount, respectively.
“6+1" high-quality storage increases to maintain investment strength.
In the first half of 2024, the company added 12 plots of land in Beijing, Shanghai, Guangzhou, Hangzhou, Chengdu, Hefei and other cities through the “6+1" diversified storage model, with a total construction area of about 1.72 million square meters. Of these, the land reserves obtained through the diversified storage model accounted for 66% of the new land storage. By the end of June 2024, the company had a total land reserve of about 25.03 million square meters, 94% distributed in first-tier cities and key second-tier cities, and the investment quality and structure were continuously optimized. During the period, the company acquired Guangzhou Pazhou South TOD Phase II project from the parent company, with a total construction area of about 0.58 million square meters; by the end of June 2024, the land storage area of the company's TOD project accounted for about 12.4% of the total land reserve.
Deepen the “commercial and residential combination” strategy and strengthen the interaction between real estate and housing trust platforms.
In the first half of 2024, the total operating revenue of the company's commercial properties was RMB 1.331 billion, +4.8%; rental income was RMB 0.297 billion, +41.3%; Yuexiu Housing Trust achieved operating income of RMB 1.034 billion, or -2.5%; Yuexiu Services achieved operating revenue of RMB 1.96 billion,% +29.7%% year on year, with a management area of 66.67 million square meters, and a steady increase in management scale.
