H股配股将有助于进一步缓解境外债的到期压力。2023年3月2日早上，万科企业（“万科H”或“公司”）宣布了配售H股的公告，将配售3亿股新股H股，每股的配售价为13.05港元。配售完成之后，新的配售股份分别占已发行H股的13.60%，以及占所有发行股份的2.51%。通过此次配售，万科H总共预计将募得资金39.0亿港元。根据配售协议，此次募集资金的60%（约23.4亿港元）将用于偿还现有的境外债务；剩下的40%（约15.6亿港元）将会用于公司的一般运营用途。另外，公司还披露了此次募集的资金将不会用于获取境内新增开发项目。我们相信此次H股的配售将进一步增强公司境外资金池，并且会直接缓解公司即将到来的境外债务偿还压力。目前公司的境外债中，有一笔本金为9.71亿美元的债券2023年4月到期，以及一笔本金为6.50亿美元的债券2023年5月到期。
　　与H股配售不同，公司之前宣布的A股非公开发行股票方案可能需要较长时间完成。公司在2023年2月12日已经公布了非公开发行A股的预案，募集资金总额为不超过人民币150亿元，这是自2016年以来A股上市房企最大的一笔股权融资金额。与此次H股配售主要用于债务偿还不同，A股的非公开发行方案显示，公司的主要目的是利用政策上的支持继续扩大业务。根据非公开发行预案，其中约人民币105亿元募集资金将用于投资11个地产项目，所有项目都在高线城市；另外剩下的人民币45亿元将用作补充运营资金。非公开股票发行方案显示了公司将利用财务融资优势继续稳健增长的决心。
　　投资建议：根据克而瑞数据，万科H在2023年2月录得坚实的销售数据，环比有0.2%的增长。2023年1-2月总的合约销售额达到人民币573亿元，在所有内房中排名第二位。我们认为公司的H股配股以及A股非公开发行方案，都显示了公司有畅通的融资渠道以继续扩大业务。我们相信在高线城市销售率先复苏背景下，万科H也将持续受益。我们维持2022-2024年的每股盈利预测，分别为人民币2.204/2.320/2.391元每股。我们维持公司“买入”评级。我们的目标价为24.90港元，对应2023年9.8倍的核心市盈率

研究报告全文：股票研究TableTitleFlashNoteChinaVanke02202HKChunliZhan詹春立EquityResearch85225097745快讯万科企业02202HKjameszhangtjascomhk2March2023HTableS-ShareummaryPlacementtoFurtherEnhanceOffshoreFundH股配股进一步增强境外资金快TheH-shareplacementwillhelpfurthereaseoffshoredebtpressureOn2Mar2023morningChinaVankeVanke-HortheCompanyannouncedanH-shareplacementtoissue300millionnewHsharesattheprice讯ofHK1305pershareThenewsharesaccountfor1360oftheHsharesand251ofthetotalsharesafterFlashNotetheplacementThroughtheshareplacementVanke-HisexpectedtoraisefundsataroundHK390bnAccordingtotheannouncement60oftheraisedfundsaroundHK234bnwillbeusedtorepaytheexistingoffshoredebtsandtheremaining40aroundHK156bnwillbeusedforoperationalpurposesInadditiontheCompanydisclosedthattheraisedfundswillnotbeusedforlandpurchaseinmainlandChinaWebelievethisH-shareplacementwillfurtherenhancetheCompanysoffshorefundpoolandwilldirectlyeasetheCompanysoffshoredebtpressureintheneartermincludingUS971mnbonddueinApr2023andUS650mnbonddueinMay2023UnliketheH-shareplacementthepreviouslyannouncedA-shareprivateplacementplanneedsmoretimetocompleteTheCompanyalreadyannouncedtheprivateplacementplanforAshareson12Feb2023withtotalamountcappedatRMB15bnwhichwasthelargestfundraisingamountsince2016forA-share-listed证developersUnliketheH-shareplacementmainlyforrefinancingtheprivateplacementplanofAsharesshowed券theCompanyscontinuouswillingnesstoleveragepolicysupportforbusinessexpansionAccordingtotheprivate研placementplanRMB105bnfromtheraisedfundswillbeusedfor11projectsalllocatedinhigher-tiercities告andtheremainingRMB45bnwillusedtoreplenishworkingcapitalThelaunchoftheprivateplacement究报indicatedthattheCompanyisleveragingitsfinancialedgeforfurthersolidexpansion报告究InvestmentsuggestionAccordingtoChinaRealEstateInformationCorporationCRICVanke-HrecordedEquityResearchReportsolidcontractedsalesinFeb2023with02MoMgrowthThetotalcontractedsalesamountreachedRMB573研TabbnduringthefirsttwomonthswhichrankedsecondinthesalesleagueofmainlanddevelopersWebelieveboth券theCompanysH-shareplacementandA-shareprivateplacementplandemonstratedthattheCompanyhasleI证smoothfinancingchannelsforfurtherexpansionWealsobelieveVanke-Hwillbeonebeneficiaryfortheearlynfo1房recoveryofthepropertymarketinhither-tiercitiesWemaintainour2022E2023E2024EEPSforecastsat地RMB2204RMB2320RMB2391WemaintainBuyratingontheCompanyOurtargetpriceis产HK2490implying98x2023FunderlyingPER行H股配股将有助于进一步缓解境外债的到期压力2023年3月2日早上万科企业万科H或公司宣布了配售H股业的公告将配售3亿股新股H股每股的配售价为1305港元配售完成之后新的配售股份分别占已发行H股的1360以PropertySector及占所有发行股份的251通过此次配售万科H总共预计将募得资金390亿港元根据配售协议此次募集资金的60约234亿港元将用于偿还现有的境外债务剩下的40约156亿港元将会用于公司的一般运营用途另外公司还披露了此次募集的资金将不会用于获取境内新增开发项目我们相信此次H股的配售将进一步增强公司境外资金池并且会直接缓解公司即将到来的境外债务偿还压力目前公司的境外债中有一笔本金为971亿美元的债券2023年4月到期以及一笔本金为Tab650亿美元的债券2023年5月到期leI与H股配售不同公司之前宣布的A股非公开发行股票方案可能需要较长时间完成公司在2023年2月12日已经公布了非公nfo2开发行A股的预案募集资金总额为不超过人民币150亿元这是自2016年以来A股上市房企最大的一笔股权融资金额与此次H股配售主要用于债务偿还不同A股的非公开发行方案显示公司的主要目的是利用政策上的支持继续扩大业务根据非公开发行预案其中约人民币105亿元募集资金将用于投资11个地产项目所有项目都在高线城市另外剩下的人民币45亿元将万中用作补充运营资金非公开股票发行方案显示了公司将利用财务融资优势继续稳健增长的决心科外企运投资建议根据克而瑞数据万科H在2023年2月录得坚实的销售数据环比有02的增长2023年1-2月总的合约销售额业达到人民币573亿元在所有内房中排名第二位我们认为公司的H股配股以及A股非公开发行方案都显示了公司有畅通的输融资渠道以继续扩大业务我们相信在高线城市销售率先复苏背景下万科H也将持续受益我们维持2022-2024年的每股盈利预测分别为人民币220423202391元每股我们维持公司买入评级我们的目标价为2490港元对应2023年98倍ChinaVanke02202HKChina02202Vanke的核心市盈率SeethelastpagefordisclaimerPage1of2TablePageHeaderChinaVanke02202HKTableCompanyRatingDefinitionCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to52March2023orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18months2raMthgiRelbaTRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK0988902202HKHKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearch万科企业Report6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesChinaVankeDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2