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 ...

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 ...

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 ...

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 ...

业绩增长稳健，盈利能力全方位改善 绿城中国（3900.HK）/房地产 证券研究报告/公司点评 2024年4月6日 行业 [Table_Industry] [评Ta级ble：_T增itle持] （下调） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：5.63港元 指标 2022A 2023A 2024E 2025E 2026E 分析师：由子沛 营业收入（百万元） 128,152 131,947 136,104 139,308 142,259 增长率yoy% 26% 3% 3% 2% 2% 执业证书编号：S0740523020005 净利润（百万元） 2,584 3,092 3,436 3,618 3,735 Email：youzp@zts.com.cn 增长率yoy% -21% 20% 11% 5% 3% 每股收益（元） 1.02 1.22 1.36 1.43 1.48 每股现金流量 5.76 0.00 89.59 -33.23 8.91 分析师：侯希得 净资产收益率 7% 9% 9% 9% 8% 执业证书编号：S0740523080001 P/E 5.0 4.2 3.8 3.6 3.5 P/B ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company achieved a revenue of 131.38 billion RMB in 2023, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of 3.12 billion RMB, up 13.1% year-on-year [5][9] - The company plans to distribute a cash dividend of 0.43 RMB per share, with a payout ratio of 35.2% [5] - The company has a strong financial position with cash reserves of 73.4 billion RMB, a year-on-year increase of 4.3%, and a net cash inflow from operating activities of 23 billion RMB, up 57.5% year-on-year [5][21] Revenue Performance - The company's main business revenue reached 131.38 billion RMB in 2023, with a 3.3% increase compared to the previous year [5][9] - The revenue from development business was 120.58 billion RMB, a 2.6% increase, while the revenue from construction management business grew by 28.0% to 3.14 billion RMB [5] Profitability Metrics - The gross margin for 2023 was 13.0%, down 4.3 percentage points year-on-year, while the net profit margin was 5.1%, down 1.9 percentage points [11][16] - The return on equity (ROE) increased by 1.0 percentage points to 8.6% [16] Debt and Financing - The company has a total interest-bearing debt of 146.14 billion RMB, a year-on-year increase of 4.3%, with a financing cost reduced to 4.3% [5][21] - The cash-to-short-term debt ratio is 2.3X, indicating a strong liquidity position [18] Sales and Market Position - The total contract sales for 2023 were 301.1 billion RMB, a slight increase of 0.3%, with self-invested projects contributing 194.3 billion RMB, down 8.7% year-on-year [5][21] - The company maintained a strong market position in high-tier cities, with 86% of sales coming from first and second-tier cities [5] Land Acquisition and Development - The company added 38 new projects in 2023, with a total construction area of approximately 5.57 million square meters, a 36.5% increase year-on-year [5][23] - The land acquisition amount was 59.5 billion RMB, a slight decrease of 0.3% year-on-year, with a land acquisition intensity of 30.6% [5][23] Future Outlook - The company expects revenue growth of 4% in 2024, with net profit projected to increase by 2% [6][7] - The company aims to maintain its sales target of 301.1 billion RMB for 2024, with a focus on high-quality projects [6][21]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of HKD 11, compared to the current price of HKD 6.24 [2][3]. Core Insights - The company achieved a revenue of CNY 131.38 billion in 2023, representing a year-on-year growth of 3.3%, and a net profit of CNY 3.12 billion, up 13.1% year-on-year [2]. - Despite revenue and profit growth, the gross margin remains under pressure, with a comprehensive gross margin of 13% and a property sales gross margin of 11.3%, down 5 percentage points from 2022 [2][3]. - The company focuses on core cities and high equity ratio investment strategies, maintaining an advantageous land reserve structure [2][3]. Financial Performance Summary - In 2023, the company's self-invested project sales amounted to CNY 194.3 billion, a decrease of 8.7% year-on-year, with expectations to maintain around CNY 190 billion in 2024 [2][3]. - The company’s land acquisition in 2023 totaled CNY 59.5 billion, with an equity ratio of approximately 74%, an increase of 5 percentage points from 2022 [2][3]. - The average financing cost for the company in 2023 was 4.3%, a decrease of 10 basis points from the previous year [3]. Financial Projections - The projected total revenue for 2024 is CNY 137.13 billion, with a year-on-year growth rate of 3.9% [4]. - The estimated net profit for 2024 is CNY 3.20 billion, reflecting a growth of 3.3% compared to 2023 [4]. - The earnings per share (EPS) for 2024-2026 are projected to be CNY 1.26, CNY 1.41, and CNY 1.31 respectively [3][4].

海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃03900 .HK ＃绿dy城Com中pa国ny＃ 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 合预期，权＃ 益title＃ 业 绩符 提 升有望增厚利润 onC han ge ＃ ＃createTime1＃ 2024年 03月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 司ry＃ 2 023 年业绩符合预期：2023 年，公司实现营收 1313.83 亿元，同比增 司 日期 2024.03.27 长3.3%；因地产行业下行及限价影响令售价低于预期，公司年内继续计提非 跟 收盘价（港元） 6.00 金融资产减值亏损约 13.91 亿元以及预期信用亏损模式下的减值亏损 2.3 亿 踪 总股本（亿股） 25.32 元；综合毛利率也同比下降 4.3 个百分点至 13.0%，其中物业销售毛利率同 总市值（亿港元） 152 比下降5个百分点至11.3%；归母净利润为31.18亿元，同比增长13.1%，主 报 要因汇兑亏损 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved revenue growth in 2023, with operating income reaching 131.38 billion yuan, a year-on-year increase of 3.3%. However, net profit decreased by 24.9% to 6.68 billion yuan, primarily due to a decline in gross margin and asset impairment provisions [1]. - The company’s financing channels remain open, with a positive operating cash flow of 23 billion yuan in 2023. The average interest rate for bonds issued was 3.93%, and the overall financing cost decreased by 10 basis points to 4.3% [1]. - The company’s sales performance remains strong, ranking 7th among the top 100 real estate companies in China, with a contract sales amount of 301.1 billion yuan, a slight increase of 0.3% year-on-year [1]. Financial Performance Summary - In 2023, the company reported operating income of 131.38 billion yuan, with a year-on-year growth rate of 3.3%. The net profit attributable to shareholders was 3.12 billion yuan, reflecting a growth of 13.1% [2]. - The core net profit remained stable at 6.42 billion yuan, with a gross margin of 13.0%, down 4.3 percentage points from the previous year [1][2]. - The company’s earnings per share (EPS) for 2023 was 1.22 yuan, with projected EPS for 2024, 2025, and 2026 at 1.24, 1.28, and 1.35 yuan respectively [2][3]. Land Acquisition and Sales Strategy - The company focused on acquiring land in core cities, with 38 new projects added in 2023 and a land acquisition amount of 59.5 billion yuan. The sell-through ratio was 46.6%, ensuring a projected saleable value of 142.5 billion yuan [1]. - The company’s land reserves at the end of 2023 amounted to 37.2 million square meters, with a saleable area of 24.99 million square meters, of which 80% is located in first and second-tier cities [1].