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绿城中国:营收稳步增长,业绩短期承压,销售与拿地权益比例大幅提升
03900.HK 房地产 | 证券研究报告 — 调整盈利预测 2024 年 8 月 28 日 买入 原评级:买入 市场价格:港币 5.77 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (25.8) (1.9) (29.0) (23.0) 相对恒生指数 (31.9) (6.4) (24.7) (3.6) | --- | --- | |------------------------------------|-----------| | 发行股数 (百万) | 2,532.00 | | 流通股 (百万) | 2,532.00 | | 总市值 (港币 百万) | 14,609.63 | | 3 个月日均交易额 (港币 百万) | 51.29 | | 主要股东 | | | CCCG Holding (HK) Limited | 24 | | 资料来源:公司公告,Wind,中银证券 | | 以 2024 年 8 月 26 日收市价为标准 相关报告 《绿城中国:营收业绩正增长,拿地成长性强; 代建持续发力;融资通道畅通》(2024/03/31) 《绿城中国:品质龙头重返行业前十 ...
绿城中国:财务稳健资金安全,投资聚焦权益提升
Ping An Securities· 2024-08-27 04:01
房地产 2024 年 08 月 26 日 推荐(维持) 事项: 相关研究报告 主要数据 行业 房地产 | --- | --- | |------------------|---------------------------------| | 公司网址 | www.chinagreentown.com;www.gree | | | ntownchina.com | | 大股东/持股 | | | 实际控制人 | | | 总股本(百万股) | 2532.00 | | 流通 A 股(百万股 | ) 0 | | 流通 B/H 股( | ) 2532.00 | | 总市值(亿元) | 133.34 | | 流通 A 股市值( | 亿元) 0 | | 每股净资产(元) | 14.53 | | 资产负债率(%) | 79.70 | 行情走势图 | --- | --- | --- | --- | --- | --- | |------------------|-------|-------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | ...
绿城中国:1H拿地销售显著优于行业,合理减值出清历史包袱
GOLDEN SUN SECURITIES· 2024-08-26 13:46
Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has significantly outperformed the industry in land acquisition and sales, effectively clearing historical burdens through reasonable impairment provisions [1]. - The financial health of the company remains robust, with a strong liquidity position and a well-structured debt profile [1]. - The company focuses on core cities for land acquisition, ensuring efficient conversion and strong sales performance [1]. - Future performance is expected to stabilize and improve as historical burdens decrease and project equity ratios increase [1]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 69.56 billion, a year-on-year increase of 22.1%, while net profit was RMB 3.32 billion, down 28.5% [1]. - The core net profit for H1 2024 was RMB 4.95 billion, reflecting a 27.5% increase [1]. - The overall gross margin for the period was 13.1%, a decrease of 4.3 percentage points [1]. - The company issued bonds totaling RMB 5.134 billion in H1 2024 and completed offshore debt replacements totaling USD 8.17 billion [1]. - The total interest-bearing debt at the end of the reporting period was RMB 148.31 billion, with a net debt ratio of 67.2% [1]. Sales and Land Acquisition - The company achieved a contract sales amount of RMB 126.5 billion in H1 2024, a decrease of 5.7% year-on-year, with self-invested sales amounting to RMB 85.4 billion, down 13.0% [1]. - The self-invested equity sales amount was RMB 60.8 billion, down 3.9%, with the self-invested equity ratio reaching a record high of 71.2% [1]. - In H1 2024, the company acquired 15 new projects with an equity land acquisition amount of RMB 15.4 billion, with a projected saleable value of RMB 33.3 billion [1]. Future Projections - The company forecasts revenues of RMB 134.31 billion, RMB 131.80 billion, and RMB 136.79 billion for 2024, 2025, and 2026, respectively [1]. - Projected net profits for the same years are RMB 3.14 billion, RMB 3.23 billion, and RMB 3.42 billion, with corresponding EPS of RMB 1.24, RMB 1.28, and RMB 1.35 [1][2].
绿城中国:港股公司信息更新报告:归母核心净利润同比增长,周转效率持续提升
KAIYUAN SECURITIES· 2024-08-26 13:42
房地产/房地产开发 公 司 研 究 绿城中国(03900.HK) 2024 年 08 月 26 日 归母核心净利润同比增长,周转效率持续提升 ——港股公司信息更新报告 投资评级:买入(维持) | --- | --- | |--------------------|--------------| | 日期 | 2024/8/23 | | 当前股价(港元) | 5.570 | | 一年最高最低(港元) | 10.620/4.940 | | 总市值(亿港元) | 141.03 | | 流通市值(亿港元) | 141.03 | | 总股本(亿股) | 25.32 | | 流通港股(亿股) | 25.32 | | 近 3 个月换手率(%) | 18.39 | 股价走势图 绿城中国 恒生指数 -60% -40% -20% 0% 20% 40% 2023-08 2023-12 2024-04 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 数据来源:聚源 相关研究报告 《业绩逆势增长,自投代建协同发展 —港股公司信息更新报告》-2024.3.26 《自投代建双核驱动,品质龙头逆势 攀 升 — 港 股 公 司 ...
绿城中国(03900) - 2024 - 中期业绩
2024-08-23 14:39
Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 69.56 billion, an increase of 22.1% compared to the same period last year[2] - Profit attributable to shareholders was approximately RMB 2.04 billion, while core net profit was approximately RMB 4.95 billion, representing a growth of 27.5% year-on-year[2] - The net profit for the period was RMB 3.32 billion, down from RMB 4.64 billion in the previous year[4] - The total comprehensive income for the period was RMB 3.39 billion, compared to RMB 4.47 billion in the previous year[4] - Basic earnings per share attributable to ordinary shareholders was RMB 0.81, down from RMB 0.99 in the previous year[4] - The profit for the period was RMB 4,641,130 thousand, reflecting the company's operational performance[14] - The company reported a profit attributable to shareholders of RMB 2,044,902,000 for the six months ended June 30, 2024, down from RMB 2,545,111,000 in the same period of 2023, representing a decline of about 19.7%[26] - The core profit, excluding foreign exchange losses and asset impairment, was RMB 4.949 billion, an increase of RMB 1.068 billion or 27.5% compared to RMB 3.881 billion in the same period of 2023[33] Revenue Breakdown - Total contract sales reached approximately RMB 126.5 billion, with self-invested project sales of approximately RMB 85.4 billion and equity sales of approximately RMB 60.8 billion[2] - The total revenue from customer contracts for the first half of 2024 was RMB 63,757,038 thousand, contributing significantly to the overall segment revenue of RMB 72,106,324 thousand[12] - Customer contract revenue for the same period was RMB 69,423,201 thousand, up from RMB 56,866,293 thousand, indicating a growth of about 22.1%[15] - Property sales revenue reached RMB 63.757 billion, up 22.0% from RMB 52.278 billion in the same period of 2023, with a total area of 2,645,512 square meters recognized, a 16.7% increase from 2,267,037 square meters in 2023[49] Assets and Liabilities - As of June 30, 2024, bank deposits and cash (including pledged bank deposits) amounted to approximately RMB 75.13 billion, which is 2.1 times the amount of short-term borrowings[2] - Non-current assets totaled RMB 72.08 billion as of June 30, 2024, compared to RMB 71.81 billion as of December 31, 2023[5] - The total current liabilities amounted to RMB 310,560,471 thousand, an increase from RMB 303,248,079 thousand as of December 31, 2023, representing a growth of approximately 0.43%[6] - The total non-current liabilities were reported at RMB 116,845,881 thousand, a decrease from RMB 118,353,787 thousand as of December 31, 2023, indicating a reduction of about 1.27%[7] - The total assets as of June 30, 2024, amounted to RMB 536,268,259 thousand, compared to RMB 535,536,974 thousand as of December 31, 2023, showing a slight increase[14] - Total liabilities as of June 30, 2024, were RMB 427,406,352 thousand, up from RMB 421,601,866 thousand at the end of 2023, indicating an increase of about 1.9%[14] Project Development - The company added 15 new projects with a total construction area of approximately 1.31 million square meters, expected to have a saleable value of approximately RMB 33.3 billion, with a core second-tier city ratio of 94% and an equity ratio increased to 84%[2] - The total contract sales area for the company reached approximately 5.91 million square meters, with total contract sales amounting to approximately RMB 126.5 billion[34] - The company’s self-invested projects achieved a contract sales area of approximately 2.8 million square meters, with a contract sales amount of approximately RMB 85.4 billion[34] - The company delivered approximately 65,000 units, ranking fifth nationally, with a total delivery area of about 6.77 million square meters[39] Cost and Expenses - The total interest expense amounted to RMB 3,698,148,000, a decrease from RMB 3,939,761,000 for the same period in 2023, reflecting a reduction of approximately 6.1%[20] - The total tax expense for the period was RMB 1,348,888,000, significantly lower than RMB 2,510,546,000 for the same period in 2023, indicating a decrease of approximately 46.1%[22] - Administrative expenses amounted to RMB 1.690 billion, a decrease of 7.3% from RMB 1.824 billion in the same period of 2023, mainly due to improved organizational efficiency[54] - Sales expenses increased to RMB 1.126 billion, up 33.4% from RMB 0.844 billion in the same period of 2023, driven by higher marketing activity costs[55] Market Position and Recognition - The company has been recognized as a top 10 comprehensive strength enterprise in China's real estate sector for 20 consecutive years[32] - The company maintained a market share of over 20% in the property management sector for eight consecutive years[43] - The company received 39 domestic and international design awards, reflecting its commitment to product innovation and quality[39] Future Outlook and Strategy - The group plans to complete approximately 12.02 million square meters of projects in 2024, indicating a strong project pipeline[48] - The group aims to enhance cash flow safety through effective budget management and cost control measures[49] - The company is focusing on product innovation and improving supplier system management to maintain its competitive edge in the market[49]
绿城中国:2024年7月经营数据点评:积极加仓杭州大本营
海 外 公 司 ( 中 国 香 港 ) 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 积极加仓杭州大本营 绿城中国(3900) [Table_Industry] 房地产 [Table_Invest] 评级: 增持 ——2024 年 7 月经营数据点评 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | 本报告导读: 7 月公 ...
绿城中国:2024年6月经营数据点评:销售回暖延续,拿地保持定力
国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 海 外 公 司 ( 中 国 香 港 ) 52周内股价走势图 -34% -21% -8% 5% 18% 31% 绿城中国 恒生指数 2023/72023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/7 销售回暖延续,拿地保持定力 ——2024 年 6 月经营数据点评 绿城中国(3900)[Table_Invest] 评级: 增持 [当前价格 Table_CurPrice] :(港元) 6.27 | | | |---------------------------|----------------------| | 黄可意(研究助理) | 白淑媛(分析师) | | 010-83939815 | 021-38675923 | | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | S0880123070129 | S0880518010004 ...
绿城中国(03900) - 2023 - 年度财报
2024-04-29 12:03
Financial Performance - Greentown China achieved an annual contracted sales amount of approximately RMB 301.1 billion in 2023, reflecting a stable growth trajectory[6]. - In 2023, Greentown's revenue reached RMB 131,383,150, showing a growth from RMB 127,153,071 in 2022[23]. - Revenue for 2023 reached RMB 131,383,150, a 3.2% increase from RMB 127,153,071 in 2022[25]. - Profit for the year attributable to owners of the company was RMB 3,117,684, a 13.1% increase from RMB 2,756,100 in 2022[25]. - The company reported other income and gains of RMB 3,242,922 in 2023, an increase from RMB 2,252,747 in 2022[25]. - The share of results from joint ventures and associates rose to RMB 2,164,698 in 2023, compared to RMB 1,684,294 in 2022[25]. - The Group achieved a revenue of RMB131,383 million for the year, an increase of RMB4,230 million or 3.3% from RMB127,153 million in 2022[58]. - Profit attributable to owners of the Company amounted to RMB3,118 million, representing a 13.1% increase from RMB2,756 million in 2022[58]. - The gross profit for the year was RMB 17,073 million, a decrease of 22.5% from RMB 22,021 million in 2022, primarily due to lower gross profit from property sales[81]. - The Group's revenue from high-rise apartments and serviced apartments amounted to RMB 109,435 million, representing 90.8% of total sales revenue[80]. Market Position and Strategy - The company maintained a leading position in customer satisfaction in core cities for 13 consecutive years and ranked first in product strength assessments for several years[3]. - Greentown China has been awarded "Top10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" for 20 consecutive years[3]. - The company aims to build a "quality benchmark among the Top10" and emphasizes a customer-oriented product strategy moving forward[6]. - The company aims to prioritize inventory sell-through in 2024, which is essential for new investments[19]. - Greentown aims to achieve "two harvests in one year" by maximizing profitability through careful investment strategies[20]. - The strategic goal for 2024 includes becoming a "quality benchmark among the Top 10" in the industry[18]. - The company emphasizes "comprehensively high-quality and sustainable" development as its main theme for 2024[22]. - The company is focusing on high-rise and low-rise residential developments, with significant equity stakes in multiple projects across major cities[45]. Operational Efficiency - The operational quality of Greentown China has continuously improved, with key indicators such as attributable sales and newly-added saleable value showing positive trends[6]. - The company plans to improve organizational quality by enhancing talent recruitment and internal mobility, and refining the assessment mechanism to boost employee motivation[74]. - The overall operational efficiency improved by 18%, with the period from land acquisition to first launch shortened to an average of 4.7 months[67]. - Administrative expenses decreased by 4.6% and selling expenses decreased by 6% in 2023[67]. - The completed area increased by 37% year-on-year to approximately 17.32 million sqm, meeting annual completion requirements[67]. Sustainability and Corporate Governance - The company is committed to sustainable development, focusing on high quality and efficiency in its operations[6]. - The MSCI ESG rating was upgraded to "A", reflecting the company's commitment to sustainable practices[57]. - Greentown China was rated TOP1 in "2023 China Green and Low-Carbon Real Estate (Operation) TOP10" and received an upgraded ESG rating to A from MSCI[72]. - The Company emphasizes high levels of corporate governance and transparency, maintaining effective communication with shareholders and the capital market[200]. - The Company has adopted effective corporate governance practices to ensure compliance with statutory requirements and applicable accounting standards[140]. Property Portfolio and Development - The company has a total gross floor area (GFA) of 37.20 million sqm across various regions, with 49% located in the Yangtze River Delta and Bohai Rim[28]. - The company has a diverse property portfolio with a total site area of 1,633,422 sqm and a gross floor area (GFA) of 5,143,448 sqm across various projects[34]. - The total property portfolio with a Gross Floor Area (GFA) of 6,365,512 sqm across various projects[41]. - The average land cost per GFA was approximately RMB7,982 per sqm, with 80% of land reserves located in first- and second-tier cities[64]. - The high-quality Yangtze River Delta Area accounted for 57% of the total land reserve value, while 10 strategic core cities accounted for 59%[64]. Leadership and Management - The company has a strong leadership team with diverse backgrounds in finance, law, and real estate management, enhancing its operational capabilities[115]. - The executive team is focused on strategic growth and operational efficiency, leveraging their extensive industry experience[111]. - The management team includes experienced professionals with extensive backgrounds in urban construction and real estate management[105]. - The Group's human resources costs represented the largest single expense among administrative expenses, with a focus on enhancing management efficiency and cost-effectiveness[83]. Challenges and Market Conditions - In 2023, the real estate industry in the PRC continued to experience deep adjustments, with the recovery process appearing to be relatively long due to many uncertainties[12]. - The demand for improvement in the real estate sector is gradually being released, indicating a potential for future growth[12]. - The company is facing a complex internal and external situation, which is contributing to the intensified differentiation of the market environment[12]. - The real estate market in China is undergoing deep structural adjustments, presenting various challenges for enterprises[56]. Employee Engagement and Development - The Group's total employee count reflects a commitment to growth and development within the organization[104]. - The Group provides various training opportunities for employees, including induction training and anti-corruption training[104]. - The organizational engagement score was 93 points, outperforming industry peers[68]. - The Company aims to retain employees through the Share Award Scheme, which recognizes their contributions and provides incentives for continued operation and development[178].
绿城23年报交流
ZHONGTAI SECURITIES· 2024-04-19 04:52
绿城中国23年报交流240419中泰原文 2024年04月19日12:30 发言人100:03 大家好,欢迎参加中泰地产绿城中国2023年报及金矿交流电话会议。目前所有参会者均处于静音状 态,下面开始播报名字声明。声明播报完毕后,主持人可直接发言,谢谢。 发言人100:17 本次电话会议服务于中泰证券正式签约客户,为非公开交流活动,未经中泰证券授权,请勿对外传播 本次会议的内容包括但不限于视频、音频、文字记录内容等信息,感谢您的理解与配合。中泰证券对违 反上述要求的行为保留追究法与责任的权利。 :股市调 发言人100:37 市场有风险投资需谨慎。本会议信息仅供参考,不代表任何投资建议。本公司不对任何人因使用本会议 中的信息所引致的任何损失负担任何责任, 发言人300:52 好的,各位投资人大家早上好。欢迎参加我们今天的会议,我是中泰证券地产行业首席刘子佩。在前不 久绿城中国也是发布了2023年的年报。应该说在整个行业这样的一个形势之下,绿城中国还是取得了非 常不错的这样的一个业绩增长。 发言人301:10 发言人201:31 况,还有近期的一个经营亮点。之后我们就进入到一个交流的一个环节。首先二三年我们整体的 ...
2024年3月经营数据点评:销售改善,投资积极
股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[绿I Tnaf 城bol]e 中_Ti国tle]( 3900) [评Tab级le_:Inv est] 增持 当前价格(港元): 5.73 销售改善,投资积极 2024.04.10 海 ——2024年 3 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间(港元) 5.52-10.90 公 010-83939826 010-83939815 021-38675923 当前股本(百万股) 2,532 当前市值(百万港元) 14,508 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 ( [ Table_PicQuote] 中 本报告导读: 52周内股价走势图 国 2024 年 3 月公司自投项目销售情况显著改善,3月单月销售额降幅较 1~2月大幅收 绿城中 ...