Investment Rating - The report maintains a "Recommend" rating for Greentown China (03900 HK) with a target price of HKD 9 [1] Core Views - Greentown China's revenue grew by 22 1% YoY in H1 2024, while net profit attributable to shareholders decreased by 19 7% YoY [1] - The company's gross margin faced temporary pressure, dropping to 13 1% in H1 2024, down 4 3 percentage points YoY [1] - Greentown China adopted a cautious investment strategy, with land acquisition rights ratio increasing to 84% in H1 2024 [1] - The company improved its dividend payout ratio to 20%-50% and optimized its financing structure, reducing average financing costs to 3 9% in H1 2024 [1] Financial Performance - Greentown China achieved operating income of RMB 69 56 billion in H1 2024, with core net profit attributable to shareholders increasing by 27 5% YoY to RMB 4 95 billion [1] - The company's total land reserve value reached RMB 534 8 billion, with an average floor price of RMB 7,999 per square meter [1] - Self-invested project sales amounted to RMB 85 4 billion in H1 2024, with a sales rights ratio of 71% [1] Strategic Focus - Greentown China focused on high-tier cities, with core second-tier cities accounting for 94% of new land acquisition value [1] - The company's land acquisition strategy emphasized quality projects, with 79% of total land reserves located in first and second-tier cities [1] - Greentown China's product quality and reputation remain industry-leading, supporting its strategy of deepening core city operations [1] Future Outlook - The report forecasts Greentown China's EPS for 2024-2026 at RMB 1 31, 1 46, and 1 46 respectively [1] - The company's sales stability and operational efficiency are expected to improve, helping it navigate the industry downturn [1] - Greentown China's gross margin is projected to recover as projects acquired in 2022-2023 are delivered [1]

[Table_MainInfo] 公司研究/房地产 证券研究报告 绿城中国（3900）公司半年报点评 2024 年 08 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------|------------------| | 股票数据 | | | 0[8T月ab2l7e日_S收t盘o价ck（In港f元o]） | 5.82 | | 52 周股价波动（港元） | 4.618-9.927 | | 总股本/流通A股（亿股） | 25.32 | | 总市值/流通市值（亿港元） | 147.4/147.4 | | 相关研究 | | | [《T绿a城bl中e_国R年e报p点o评rtI_n营fo收] | 和归母净利双增， | | 财务结构稳健》2024.3.26 | | 市场表现 [Table_QuoteInfo] | --- | --- | --- | --- | |--------------------------|-------|-------|--------| | 恒生指数对比 ...

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 | ...

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].

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 ...

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]

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 ...