The Zhitong Finance App learned that Haitong Securities released a research report stating that it maintains the Midea Real Estate (03990) “superior to the market” rating and considering its significant financing advantages, the land storage structure has been gradually adjusted to a high-energy core city. The 24-year EPS for the company is RMB 0.66, and the reasonable value range is HK$4.35-5.07 per share. The board of directors of the company proposed a dividend of HK$0.36 per share until the end of 2023. Since listing in 2018, it has maintained a competitive dividend policy in the industry for six years. The controlling shareholder used shares to replace the total amount of HK$2 billion in the two years 2021-22.

According to the report, in 2023, the company became the first private housing enterprise to receive China Debt Credit Enhancement, the Bank of Communications and CITIC Securities jointly created a Risk Mitigation Certificate (CRMW), and issued a total of 4.62 billion yuan of medium-term notes in five installments each year. By the end of 2023, the company's total interest-bearing debt was 38.07 billion yuan, down 10.39 billion yuan from the same period in '22; the net debt ratio was 35.8%, the short cash debt ratio was 1.44, and the deducted balance ratio was 67.3%. The “three red lines” remained green, financing costs remained low, and the weighted average financing cost was 4.8%, which was outstanding in the private enterprise camp.

In terms of soil storage, the company successively acquired 5 plots in Guangzhou, Changsha, Foshan and other cities in 2023, with an investment cost of 2.24 billion yuan and an additional value of about 7.0 billion yuan. At the same time, since 2021, the company has continued to optimize the land storage structure and actively promote the clearance of low-level cities. It has completed a total of 45 equity return projects. Of these, 21 projects have been acquired, adding an equity value of 9.84 billion yuan; 24 projects have been withdrawn, and the equity value has been reduced by 3.27 billion yuan. By the end of 2023, the company had basically withdrawn from cities such as Dali, Liuzhou, Zhongshan, Zhoushan, Taizhou, Shijiazhuang, and Taizhou.

In addition, in terms of properties, the service contract area of US Home Services as of the end of 2023 was 90.32 million square meters, and the non-residential sector expansion contract area was about 9 million square meters; 36 low-quality projects were removed, with a total clearance area of 5.42 million square meters. On the commercial side, American Commercial's sales in 2023 were +62% year-on-year; the average daily passenger traffic reached 184,000, doubling the year-on-year increase. As a smart healthy life service provider, the company has been working hard on technology for many years. The green prefabricated industry Ruizhu Construction Technology added a contract amount of about 600 million yuan in 2023, with a cumulative production capacity of over 130,000 cubic meters, and third-party business accounting for 98%; Ruizu Smart added 1.1 billion yuan in contract amount, of which third parties accounted for 41%, an increase of 15% over the previous year, and obtained more than 360 patents and software works.