绿城中国（03900.HK） 优于大市 核心净利增长，销售权益提升 | --- | --- | --- | --- | --- | --- | |------------------------|----------|-----------|-----------|-----------|-----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 127153 | 131383 | 137295 | 142101 | 146364 | | (+/-%) | 26.8% | 3.3% | 4.5% | 3.5% | 3.0% | | 净利润(百万元) | 2756 | 3118 | 3196 | 3269 | 3344 | | (+/-%) | -38.3% | 13.1% | 2.5% | 2.3% | 2.3% | | 每股收益（元） | 1.09 | 1.23 | 1.26 | 1.29 | 1.32 | | EBIT Margin | 10.8% | 7.0% | 11.7% | 11.4% | 11.3% ...

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 ...

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 ...

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 | ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 26 年 月 日 绿城中国（03900.HK） 1H 拿地销售显著优于行业，合理减值出清历史包袱 事件：8 月 23 日，公司发布 2024 年中报。 2024H1 继续大力度计提减值致业绩承压，历史包袱持续出清。2024H1，公 司实现营业收入695.6亿元（同比+22.1%，下同），净利润33.2亿元（-28.5%）， 归母净利润 20.4 亿元（-19.7%），核心净利润 49.5 亿元（+27.5%）。归母净 利润有所下滑，主要是（1）毛利率承压，期内整体毛利率 13.1%（（-4.3pct）； （2）公司进一步加大计提资产及信用减值力度，上半年计提 17.5 亿元 （2023H1 计提 4.5 亿元，2023A 计提 16.2 亿元）。我们认为，伴随往年高价 地等"历史包袱"逐步减轻，以及近年来公司项目权益比持续的提升，公司未 来业绩有望逐步企稳向好。 融资渠道保持畅通，财务稳健安全边际高。公司凭借股东背景加持，以及自身 稳健的经营表现，继续保持融资渠道畅通，2024H1 公司累计发行债券 51.34 亿元。同时，公司持续优化债 ...

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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GREENTOWN CHINA HOLDINGS LIMITED 截 至2024年6月30日止六個月中期業績公告 摘 要 • 取得收入約人民幣695.62億 元，較 去 年 同 期 增 長22.1%； • 股東應佔利潤約人民幣20.45億 元；股 東 應 佔 核 心 淨 利 潤 約 人 民 幣49.49億 元，較 去 年 同 期 增 長27.5%； • 於2024年6月30日，銀 行 存 款 及 現 金（包 括 抵 押 銀 行 存 款）約 為人民幣751.33 億 元（於2023年12月31日：約 人 民 幣734.45億 元），為 一 年 內 到 期 借 款 餘 額 的2.1倍； • 總借貸加權平均利息成本為4.0%，較2023年同期的4.4%下 降40個 基 點； • 取得總合同銷售約人民幣1,265億 元；其 中，自 投 項 目 銷 售 約 ...

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].