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].

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）： 6.00 稳中有升，巩固龙头 2024.03.27 海 ——2023年业绩点评 [ 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 当前股本（百万股） 2,532 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 15,192 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 2023 年公司实现营收和归母净利润的双增，并坚持聚焦收敛的拿地策略，经营稳中 绿城中国 恒生指数 向好； ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][16] Core Insights - The company achieved a revenue of 1313.83 billion RMB in 2023, representing a year-on-year increase of 3.33%. The net profit attributable to the parent company was 30.92 billion RMB, up 19.63% year-on-year [3][6][7] - The company maintained a strong financial structure with a total debt weighted average interest cost reduced to 4.3% in 2023, down 10 basis points from 2022 [4][13] - The company has a robust land reserve with 168 projects, totaling approximately 37.2 million square meters, with 80% of the value located in first and second-tier cities [11][12] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1313.83 billion RMB, with property development revenue at 1205.80 billion RMB, hotel business revenue at 10.46 billion RMB, and project management revenue at 31.35 billion RMB [3][6][7] - The gross profit margin for 2023 was 12.99%, a decrease of 4.32 percentage points year-on-year, while the net profit margin increased to 2.35%, up 0.32 percentage points [4][14] Sales and Contracts - The company achieved a contract sales amount of 3011 billion RMB in 2023, a slight increase of 0.3% year-on-year, ranking third in the industry [8][9] - The average selling price for self-invested projects was approximately 28,334 RMB per square meter, maintaining a high industry level [8] Land Reserves and Investment - As of December 31, 2023, the company had a total land reserve of 168 projects, with a total building area of approximately 37.2 million square meters, and 80% of the value located in first and second-tier cities [11][12] - The company actively participated in land auctions in key cities, acquiring 38 new projects with an estimated new value of 1425 billion RMB [11] Management and Profitability - The management business covered 122 cities, with a net profit of 9.7 billion RMB in 2023, reflecting a year-on-year growth of 30.8% [12] - The company plans to distribute a dividend of 0.43 RMB per share for the fiscal year ending December 31, 2023 [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6] Core Views - The company has achieved revenue and profit growth against the trend, with self-investment and construction business developing in synergy. The company has abundant land reserves and a high-quality structure, while financing costs continue to decrease [6][7] - The company’s revenue for 2023 was 131.38 billion HKD, a year-on-year increase of 3.3%, and the net profit attributable to shareholders was 3.12 billion HKD, up 13.1% year-on-year [7][10] - The company’s projected net profit for 2024-2026 is estimated at 3.65 billion HKD, 4.40 billion HKD, and 5.07 billion HKD respectively, with corresponding EPS of 1.44, 1.74, and 2.00 HKD [6][10] Financial Performance - The company reported a gross profit margin of 13.0% in 2023, down from 17.3% in 2022, while the net profit margin was 5.1% [10] - The company’s cash on hand increased by 3 billion HKD to 73.4 billion HKD by the end of 2023, with a net debt ratio of 63.8% [7][10] - The company’s sales area in 2023 was 15.47 million square meters, with a sales amount of 301.1 billion HKD, representing year-on-year growth of 12.1% and 0.3% respectively [8][10] Business Development - The company’s construction management segment, which holds a 71% stake, has maintained over 20% market share for eight consecutive years, with revenue and net profit growth of 24.3% and 30.8% respectively in 2023 [9] - The company has a strong land reserve distribution in core cities, with 84% of the newly acquired land value located in first and second-tier cities [8][9]

Investment Rating - The report maintains a "Buy" recommendation for the company [3][8] Core Insights - The company achieved a revenue of 131.38 billion RMB in 2023, representing a year-on-year growth of 3.3%, while the net profit attributable to shareholders was 3.12 billion RMB, up 13.1% year-on-year [5][8] - The core net profit attributable to shareholders was 6.42 billion RMB, with a minimal increase of 0.05% year-on-year [5] - The company plans to distribute a dividend of 0.43 RMB per share [5] Financial Performance - The gross profit margin for 2023 was 13%, a decrease of 4.3 percentage points compared to the previous year [5] - The total contract sales amount for 2023 was 301.1 billion RMB, a slight increase of 0.3% year-on-year, with self-invested project sales amounting to 194.3 billion RMB, down 8.7% [5] - The company’s cash and cash equivalents at the end of 2023 were 73.44 billion RMB, with a total debt of 146.14 billion RMB [6][9] Future Projections - The projected earnings per share (EPS) for 2024 and 2025 have been revised down to 1.28 RMB and 1.40 RMB, respectively, with a new projection for 2026 at 1.53 RMB [8] - The company is expected to maintain a stable revenue growth rate of around 3% for the next few years, with net profit growth projected at 4.1% for 2024 [7][10] Debt and Cash Flow - The company’s debt structure is considered reasonable, with 22.3% of total borrowings maturing in the near term [8] - The weighted average interest cost of total borrowings was 4.3% in 2023, a decrease of 10 basis points from 2022 [6]

证券研究报告 | 2024年03月25日 绿城中国（03900.HK） 买入 业绩稳健，持续聚焦 核心观点 公司研究·海外公司财报点评 归母净利增长13%，核心净利持平。2023年公司实现营业收入1313.8亿元， 房地产·房地产开发 同比增长3.3%；归母净利润31.2亿元，同比增长13.1%；核心净利润64.2 证券分析师：任鹤 证券分析师：王粤雷 亿元，同比持平。董事会建议宣派末期股息每股人民币0.43元。 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 销售稳健，权益持续提升。2023年公司实现总销售面积1547平方米，同比 S0980520040006 S0980520030001 增长12.1%；实现总销售金额3011亿元，同比增长0.3%，其中自投销售1943 证券分析师：王静 021-60893314 亿元，归属公司权益金额为1276亿元，同比增长4%，权益比提升至66%， wangjing20@guosen.com.cn 再创新高。公司一、二线销售额占比高达86%，在北京、上海等13个重点城 S0 ...

2024年3月23日绿城中国发布2023年年报，全年实现营收1313.8 亿元，同比+3.3%；实现归母净利润 31.2 亿元，同比+13.1%；归 母核心净利润 64.2 亿元，同比持平；每股基本盈利 1.22 元，每 股股利 0.43 元，派息率35.2%，股息率约7.3%。 毛利率下滑、费用率降低，营收利润实现增长：2023 年公司结转 面积 620 万方，同比+5.5%，物业销售收入 1205.8 亿元（占总收 入91.8%），同比+2.6%，带动整体收入增长。在房地产市场下行背 景下，2023 年毛利率水平13.0%，同比下降4.3cpt，导致毛利润 同比下降22.5%，而归母净利润仍能保持增长主要因为：①结算权 益比例提升，2023 年少数股东损益35.6 亿元，同比减少25.8 亿 港币(元) 成交金额(百万元) 元；②加强管控压降费用，2023 年销售费用 27.3 亿元，同比-6.0%， 12.00 700 管理费用51.4 亿元，同比-4.6%；③计提非金融资产减值13.9 亿 11.00 600 10.00 500 元，同比少计提 1.1 亿元。 9.00 400 市场占位稳中有升，加大 ...

Financial Performance - Revenue for the year ended December 31, 2023, was approximately RMB 131.38 billion, an increase of 3.3% compared to the previous year[2]. - Net profit attributable to shareholders was approximately RMB 3.12 billion, representing a growth of 13.1% year-on-year; core net profit was approximately RMB 6.42 billion[2]. - The total comprehensive income for the year was RMB 6.35 billion, compared to RMB 8.66 billion in the previous year[5]. - The company reported a gross profit of RMB 17.07 billion, down from RMB 22.02 billion in the previous year[3]. - The company reported a net profit of RMB 8,894,964 for the year, showing a strong financial performance[20]. - The company's profit before tax for 2023 was RMB 9,724,646,000, a decrease of 26.5% compared to RMB 13,256,317,000 in 2022[36]. - The basic and diluted earnings per share for 2023 were RMB 3.09, an increase from RMB 2.58 in 2022, representing a growth of 19.9%[38]. - The company declared a final dividend of RMB 0.43 per share for the year ending December 31, 2023, down from RMB 0.50 per share in 2022[37]. Assets and Liabilities - As of December 31, 2023, bank deposits and cash (including pledged bank deposits) amounted to approximately RMB 73.4 billion, up from RMB 70.4 billion as of December 31, 2022[2]. - Non-current assets totaled RMB 71.81 billion, a slight decrease from RMB 72.71 billion in 2022[7]. - Current liabilities total RMB 303,248,079, a decrease from RMB 304,754,486 in the previous year, reflecting a reduction of approximately 0.5%[8]. - Total non-current liabilities amounted to RMB 118,353,787, slightly up from RMB 113,935,108, indicating an increase of approximately 3.7%[8]. - The total equity increased to RMB 113,935,108 from RMB 111,412,918, showing a growth of around 2.3%[8]. - The total assets of the company as of December 31, 2023, were RMB 535,536,974, a slight increase from RMB 535,076,992 in 2022[21]. - The total borrowings amounted to RMB 146.142 billion, up from RMB 140.121 billion in the previous year, with a net debt of RMB 72.697 billion[79]. - The net debt to equity ratio stood at 63.8%, slightly up from 62.6% in 2022[79]. Revenue Streams - Total contract sales reached approximately RMB 301.1 billion, with a collection rate exceeding 100%[2]. - The company achieved a total of RMB 131,383,150 in external segment revenue, demonstrating robust market demand[19]. - Property sales revenue reached RMB 120.58 billion, up 2.6% from RMB 117.54 billion in 2022, with a total area of 6,197,536 square meters recognized, a 5.5% increase from 5,877,103 square meters in 2022[63][64]. - The hotel business segment's revenue was RMB 10,620,113, compared to RMB 10,206,819 in the previous year, indicating growth[21]. - The group achieved project management service revenue of RMB 3.135 billion, a 28.0% increase from RMB 2.450 billion in 2022, due to an increase in commercial project numbers[65]. Operational Efficiency - The company is committed to enhancing its operational efficiency and exploring new market opportunities as part of its growth strategy[14]. - The company reported a significant increase in cash and cash equivalents, reaching RMB 36,130,383 compared to RMB 36,023,757 in the previous year, a rise of about 0.3%[8]. - The company optimized management expenses, resulting in a 4.6% year-on-year decrease in management fees and a 6% decrease in sales expenses[54]. - The company’s operational efficiency improved by 18%, with project timelines from land acquisition to commencement reduced to an average of 2.2 and 4.7 months[54]. - The company maintained a high profit margin for new projects, with an average equity ratio further increasing to approximately 74%[48]. Market Presence and Strategy - The company has established a strong presence in the residential property market in China, focusing on development and sales[10]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. - The company has been recognized as a top 10 comprehensive strength enterprise in China's real estate industry for 20 consecutive years[46]. - The company will focus on improving product quality through multi-dimensional efforts including product iteration, innovation, and quality delivery[62]. - The company’s marketing strategy has led to a 22% year-on-year increase in commercial property turnover[52]. New Projects and Developments - The company added 38 new projects with a total construction area of approximately 5.57 million square meters, expected to have a saleable value of about RMB 142.5 billion, with first and second-tier cities accounting for 84%[2]. - A total of 38 new projects were added in 2023, with a total construction area of approximately 5.57 million square meters, at a cost of about RMB 59.5 billion[47]. - The total contracted sales area for the company in 2023 reached approximately 15.47 million square meters, with a total contracted sales amount of approximately RMB 301.1 billion, reflecting a slight increase of 0.3% year-on-year[51]. - The company achieved a delivery area of 17.77 million square meters in 2023, representing a year-on-year growth of 24%[53]. - The company plans to complete approximately 12.68 million square meters of projects in 2024, with a cumulative unrecognized sales amount of approximately RMB 256.5 billion as of December 31, 2023[62]. Compliance and Governance - The company has adhered to the corporate governance code as per the listing rules throughout the year[89]. - The audit committee reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2023[91]. - The company has adopted the standard code for securities transactions by directors as per the listing rules[90]. - The company acknowledges the importance of forward-looking statements and their inherent risks and uncertainties[92]. - The company expresses gratitude to shareholders, customers, suppliers, banks, professional advisors, and all employees for their continued support[98].

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）： 6.05 持续深耕杭州 2024.03.11 海 ——2 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 当前股本（百万股） 2,532 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 15,319 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 公司发布2月经营数据，自投项目销售规模继续同比下滑，而代建项目出现销售额涨 绿城中国 恒生指数 香 幅走阔；在拿 ...