20240318_海通证券_房地产行业专题报告：大股东优势明显稳健性和成长性兼具_21页.pdf
Table_MainInfo/2024 03 18 Table_InvestInfo Table_QuoteInfo 2553.062837.513121.953406.393690.843975.282023/3 2023/6 2023/9 2023/12 Table_ReportInfo 2024 2024.01.15:2023.12.19 REITs 2023.09.29 Table_AuthorInfo:Tel:021-23185710 Email:S0850510120001:Tel:(021)23185652 Email:S0850522120001:Tel:(021)23185689 Email:Table_Summary 2023 11 24 REIT REITs REITs REIT REIT 6.902/10.00 69.02 2020-2022 2023 1-9 91.67%95.75%98.55%98.82%-6.14%22.71%13.23%21.64%19.09%500 2023 9 30 81.47 41.27 40.20 97.39%2024 2025 4.93%5.27%97.50%97.50%2025 6.00%3.00%REITs REITs REITs REITs 2 3 REITs 3 REIT REIT 1 2 REITs 2 1.5 1.1.5 1.2.5 1.3.7 1.4.8 2.9 2.1.9 2.2.9 2.3.10 3.11 3.1.11 3.2.12 3.3.15 3.4.15 4.17 4.1.17 4.2.18 5.18 6.18 7.18 ZXFUwPqNsRmNoQpMsPoRrQ6M9R6MpNqQnPrNiNmMmPkPmNvN8OoPpPMYpPnMNZmPyQ 3 1 2024 1 6.5 2 2023 6 30.6 3.7 4 SPV.8 5.11 6.12 7.13 8.16 9.16 10.16 11.16 12/.16 13.16 yzPqX2X+Y15T8Tf6ra5x/bzkDSe1RnSOm2svFrHBRVk5VGu7MEuLnlXVeUOGUR5y 4 1.9 2.12 3.14 4.15 5.17 6.17 7.18 8 FTSE Nareit REITs%.19 9.19 5 1.2023 11 24 REIT REITs 1.1 REIT 1998 25 923 353 173 76 2022 1.77 1 2024 1 6 wind 2024 01 06 62.2%REITs REIT REIT REIT REIT REIT REIT 2015 REITs REITs REITs REITs REITs Pre-REITs 1.2 2023 6 30 59.55%MACKENZIE FINANCIAL CORP 62.2%27.8%10.0%6 1994 500 1996 2010 2020 01209.HK 2022 REIT REIT 508077.SH 2 2023 6 30 wind(1109.HK)Boom Go Group Limited()100%100%100%59.55%100%99.9961%100%100%100%100%0.0039%7 2023 110 470 2023 590 3900 22 17.4%79.1%7.0 3 2020 2023 6 30 86.4+39.5%96.2%67 751.3+38.9%2022+6.2%1137 96.2%13.9%REIT REIT REITs 1.3 100%SPV 100 2023 6 14 SPV 100%SPV SPV SPV 100%SPV-1 8 SPV SPV 100%SPV:()SPV SPV SPV SPV()()12.303 4 SPV SPV SPV SPV 1.4 6.902/10.00 69.02()()()-1 100%9 1 8.00 80.0%3.65 36.5%4.35 43.5%1.40 14.0%0.60 6%10.0 100%2.2.1 2023 7 2022 2023 2023 3 REITs 2023236 REITs REITs 2.2 2011 800 2022 5686 19.52%2011 6818.75 2022 50300.00 19.92%GB/T18106-2021 10 1)2)5 3)APP 10 2013 26467 2022 49283 7.15%65.22%2.3 1 2 11 3/3.2015 2021 1319 30.1 11.8 2023 6+10.9%3.31 98%5 3.1 12 2()1 2 1 2-3.2 6 2022 14920.75+3.9%478.05 5197.34 9245.36+2.2%+2.8%+4.5%13 62.0%1.2 14 2022 48.97 1496.36+4.7%+15.5%+3.6%2022 92.4+5.8%78.3+4.2%86.0%12.3 57.03+5.9%7 1 3 CBD 3 5 2-3 2024 1 4.4 14 3 90 2 3 Mall 1000 15 95%-CBD CBD 2000 CBD CBD M3 Mall Vvland 3 1 ABC 2 2022 8 3000 15 Care 10%3.3 1000 2023 9 30 132012.00 30.66%4.42 69.34%1.62 23 6 12867 6168 2024 10 4 2023 1-9 39401.00 30.66%3719.26 10.18%89111.00 69.34%32818.49 89.82%128512.00 100.00%36537.75 100.00%2023 9 512 444 2023 1-9 5.13%16.27%2023 1-9 64.63%20.90%3.4 2020-2022 2023 1-9 38157.86 52628.48 50845.58 50241.60 75.60%79.22%74.27%79.52%2020 2022 2020 2022 3336.63 8823.22 2020-2022 2023 1-9 91.67%95.75%98.55%98.82%2020 2021 2020-2022 2023 1-9 99.96%100.00%100.00%100.00%2020 100.00%2020-2022 2023 1-9 195.96/239.39/248.99/321.47/16/19.72%2020-2022 2023 1-9-6.14%22.71%13.23%21.64%19.09%2020 2022 500 8 9 10 11 12/13 17 4.4.1 2023 9 30 81.47 41.27 40.20 97.39%5 2023 9 30/Cap Rate 2024 2024 301186.69 412742.64 814700.00 19433.52 5.41%64.00%97.39%118037.37 419224.06 Cap Rate=-/NOI Margin=-/2023 9 30 6 1 1 81-139/20-24/3%75-535/2-3 4-5 6-8 6%5%4%3%1 2 25%3 25%4 5 10 10%5 5 10 10%4/6 2023-24 5 10 10%7 2023 2023 1-9 10-12 2762 2023 3.0%8 2023 2023 1-9 10-12 1358 2023 2.0%9 2023 2024-25 2026-32 95%97.5 97%6 2 1 2023 6780 2024 2.0%2 2023 24 707 589 2025 1.5%3 2023 24 4332 4481 2025 6.0%4 2023 24 3028 3150 2025 4.0%5 2023 24 1161 1224 2025 1.5%6 2023 24 631 644 2025 2%7 86/*8 12%30%1.2%12.8/*62.980.89 7%3%2%18 12%1%0.3%2023 339 6.0%/3 2023-25 311/2026 15%4 2.75%5 27.7 6 7%7 100%2023 9 30 4.2 2024 2025 4.93%5.27%97.50%97.50%2025 6.00%3.00%7 2024 2025 693719020.66 737082869.00/-41833633.01 13323883.01 864091075.17 847775636.5 341123956.10 364897649.70 6922270 4.93%5.27%97.50%97.50%-6.0%-3.0%5.90%16 10%2023 6 30 2000 20 6.REITs REITs 2022 6020 3931 REITs REITs REITs FTSE Nareit 19 2023 8 FTSE Nareit REITs%2022 2023 2024 1 FTSE Nareit All Equity REITs FTSE Nareit REITs-24.95 11.36-4.86 Retail-13.29 10.57-3.89 Shopping Centers-12.54 12.04-4.05 Regional Malls-22.91 29.94-2.50 Free Standing-6.53-1.54-4.72 Nareit REIT 3 14 3 15 NAV FFO REIT 24 FFO 24 3 15 REIT P/NAV REITs P/FFO REITs 2 3 REITs 3 REIT REIT 9 REITs NAV P/NAVFFO TTM，P/FFO REITs%REIT 6.89 68.88 81.47 0.85 3.03 22.72 5.68 REIT 2.68 10.73 10.65 1.01 0.53 20.43 6.37 REIT 2.42 9.67 10.02 0.97 0.67 14.50 5.71 REIT 2.30 21.93 21.99 0.98 1.12 19.55 5.79 REIT 3.58 69.35 69.55 0.98 4.45 15.59 6.23 REIT 2.97 14.86 14.86 0.84 0.81 18.44 6.41 REIT 2.60 24.95 24.92 0.87 1.62 15.39 6.25 REIT 3.12 28.04 28.08 0.80 1.64 17.10 6.81 REIT 1.92 27.27 27.23 0.85 1.63 16.78 7.48 REIT 2.33 20.93 20.93 0.72 1.15 18.17 7.02 REIT 1.88 13.17 13.20 0.85 0.77 17.00 6.45 REIT 4.36 8.73 8.73 1.04 0.86 10.18 6.74 REIT 3.18 15.92 15.93 1.04 0.80 19.78 7.00 REIT 2.36 11.79 11.76 0.84 0.56 21.08 6.83 REIT 2.23 13.36 13.25 0.84 0.82 16.25 6.99 REIT 2.57 12.87 12.94 1.03 0.51 25.26 4.15 REIT 2.75 13.75 13.74 1.06 0.56 24.52 5.24 REIT 2.88 14.42 14.30 1.14 0.57 25.44 4.59 REIT 2.48 12.38 12.33 1.02 0.61 20.25 5.58 REIT 8.30 41.50 41.30 1.12 4.55 9.12 7.66 REIT 9.72 68.04 67.76 0.79 5.18 13.13 11.27 REIT 7.08 21.23 21.14 1.02 1.47 14.45 6.67 REIT 5.29 52.86 52.92 0.57 2.75 19.19 12.86 REIT 9.59 47.95 47.95 1.00 4.46 10.75 5.37 REIT 6.83 27.31 26.76 0.89 2.36 11.57 8.17 REIT 8.40 83.98 82.53 0.87 7.57 11.09 8.67 REIT 7.10 28.40 28.56 1.02 15.53 1.83 8.43 REIT 3.82 19.08 18.86 1.12 1.32 14.49 4.54 REIT 13.67 13.67 13.65 1.21 1.66 8.25 6.23 REIT 6.85 41.09 41.10 1.06 5.94 6.91 2.99 REIT 10.20 30.59 30.66 1.04 3.99 7.67 5.85 REIT 10.11 80.87 81.17 1.03 3.94 20.52 4.56 Wind 2024 3 15 FFO TTM 2024+20 7.1 2 REITs 21 Table_Analysts Table_Reports,A,A,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
