Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 3,441,234, representing a growth of 4.2% compared to RMB 3,302,422 in 2023[5] - The net profit attributable to the owners of the company decreased by 17.7% to RMB 801,134 from RMB 973,607 in the previous year[5] - The basic earnings per share for the year was RMB 0.41, down 18.0% from RMB 0.50 in 2023[5] - The total profit for the year was RMB 790,529 thousand in 2024, down from RMB 980,697 thousand in 2023, indicating a decrease of approximately 19.4%[23][24] - The company's income tax expense for 2024 totaled RMB 246,520,000, an increase of 25.3% from RMB 196,711,000 in 2023[30] - The pre-tax profit for 2024 was RMB 1,037,049,000, down 11.9% from RMB 1,177,408,000 in 2023[32] - The gross profit margin for the period was 49.6%, down from 52.2% in the previous year, reflecting a decline of 2.6 percentage points[47] - Net profit for the period was RMB 790.5 million, down 19.4% from RMB 980.7 million in 2023, with profit attributable to shareholders at RMB 801.1 million, a decrease of 17.7% from RMB 973.6 million in 2023[68] Revenue Breakdown - Revenue from commercial construction services was RMB 2,752,490 thousand in 2024, up from RMB 2,346,326 thousand in 2023, indicating a significant increase of about 17.3%[18] - Revenue from government construction services decreased to RMB 625,846 thousand in 2024 from RMB 788,480 thousand in 2023, reflecting a decline of approximately 20.6%[18] - The company's revenue for 2024 was RMB 3,441.2 million, representing a year-on-year growth of 4.2% compared to RMB 3,302.4 million in 2023, with commercial agency contributing 80% of total revenue[59] - Commercial construction remains the largest revenue and profit source, generating RMB 2,752.5 million, accounting for 80.0% of total revenue, up 17.3% from RMB 2,346.3 million in 2023[61] Assets and Liabilities - The total non-current assets as of December 31, 2024, were RMB 2,071,701, down from RMB 2,292,582 in 2023[8] - The total current assets increased to RMB 4,705,067 from RMB 4,440,069 in the previous year[8] - The total liabilities increased to RMB 2,793,699 from RMB 2,420,287 in 2023[8] - The company's equity attributable to owners decreased to RMB 3,810,170 from RMB 3,995,747 in the previous year[9] - The total equity as of December 31, 2024, was approximately RMB 3,941.6 million, down from RMB 4,133.6 million at the beginning of the year[72] Expenses - The administrative expenses decreased by 6.5% to RMB 481,081 from RMB 514,505 in the previous year[5] - The total administrative expenses for the year were RMB 14,668 thousand, which included research and development costs of RMB 23,591 thousand, down from RMB 31,785 thousand in 2023[29] - Other income decreased by 28.4% to RMB 111.6 million from RMB 155.8 million in 2023, primarily due to reduced equity investment dividends[63] - Service costs for the period reached RMB 1,735.7 million, an increase of 9.8% compared to RMB 1,580.1 million in 2023[60] Dividends - The company proposed a final dividend of RMB 0.24 per share, totaling RMB 482.4 million, subject to shareholder approval[4] - The company declared a final dividend of RMB 0.40 per share for the year ended December 31, 2023, totaling RMB 1,005,000,000, compared to RMB 766,361,000 in 2022[33] Operational Highlights - The total contracted project construction area increased by 5.0% to 125.6 million square meters from 119.6 million square meters in 2023[5] - The company maintained a market share of over 20% for nine consecutive years, reaffirming its leadership in the construction management industry[46] - The company achieved a delivery satisfaction rate of 95% for B-end clients and 89% for C-end clients, leading the industry in both delivery volume and customer satisfaction[53] - The area under construction increased to 53.96 million square meters, a growth of 2.9% year-on-year, with major economic regions maintaining a significant proportion of the total[51] Employee and Corporate Governance - As of December 31, 2024, the company had 2,377 employees, an increase of 15.61% from December 31, 2023, with male and female employees accounting for 76.82% and 23.18% respectively[83] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring compliance with all applicable provisions during the year ending December 31, 2024[85] Market Conditions - The construction management industry is experiencing a slowdown, with new construction area declining by 5% year-on-year, but contract signing volumes are expected to recover in the fourth quarter of 2024[48] - The proportion of new projects in first- and second-tier cities increased to 58%, up 6 percentage points from the previous year[52] Financial Reporting and Compliance - The group has not adopted any new international financial reporting standards that have been issued but are not yet effective, planning to apply them when they come into force[17] - The application of the revised International Financial Reporting Standards did not have a significant impact on the group's financial position or performance for the current and prior years[14][15][16] - The financial information disclosed does not constitute audited accounts but represents an extract of the consolidated financial statements for the year ending December 31, 2024, audited by Ernst & Young[90]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 5.6x, 4.3x, and 3.5x for the years 2024-2026 [2] Core Insights - The company has achieved a new contract building area of 36.49 million square meters in 2024, representing a year-on-year increase of 3.4%. However, the estimated construction fees for new projects have decreased by 10.1% to RMB 9.32 billion due to the impact of the real estate market [1] - The company continues to lead the industry with a market share exceeding 20% for eight consecutive years, ranking first in new contract signing among construction companies according to Yihan Research [1] - The company has a substantial business reserve with a contract sales amount of RMB 105 billion and a total construction area of 125 million square meters, providing potential growth momentum [1] - The management team has shown confidence in the company's long-term value by collectively purchasing 15.45 million shares during a specified period [2] Financial Summary - The company's projected revenue for 2024 is RMB 3.65 billion, with a growth rate of 10.51%. The net profit attributable to the parent company is expected to be RMB 1.046 billion, reflecting a growth rate of 7.44% [4] - The company’s return on equity (ROE) is projected to increase from 24.37% in 2024 to 35.03% in 2026, indicating improving profitability [4] - The PE ratio is expected to decline significantly from 5.58 in 2024 to 3.46 in 2026, suggesting that the stock may be undervalued [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.36 as of October 15, 2024 [5][6] Core Views - The company remains the industry leader in the property management sector, maintaining a 23.8% market share in new contract signings for H1 2024 [6] - Despite industry-wide challenges, the company's profitability continues to improve, with a projected 5.3% YoY growth in net profit attributable to shareholders for 2024 [6][7] - The company's dividend payout exceeded expectations, contributing to its attractiveness as an investment [4] Financial Performance - Revenue for 2023 reached RMB 3,302 million, with a projected increase to RMB 4,491 million by 2026, representing a CAGR of 10.8% [6] - Net profit attributable to shareholders grew by 30.8% YoY in 2023, reaching RMB 974 million, and is expected to reach RMB 1,350 million by 2026 [6] - The company's ROE remains strong at 29.5% for 2023, with a slight increase to 30.1% projected for 2026 [6] Market Position and Industry Trends - The company secured new contract signings of 17.46 million square meters in H1 2024, maintaining its leading position in the industry [6] - The property management industry is facing headwinds, with new project fees declining by 16.4% YoY as of September 30, 2024, due to reduced land acquisitions by potential clients [7] - The company's contracted area reached 122.8 million square meters as of June 30, 2024, with a corresponding salable value of RMB 892 billion [7] Operational Metrics - The company's gross margin stood at 52.2% in 2023, with a slight decline to 51.2% projected for 2026 [6] - Government-related projects saw a significant decline in gross margin, dropping by 4.4 percentage points to 40.4% in H1 2024 [7] - Operating cash flow decreased by 87% YoY to RMB 77.5 million in H1 2024, primarily due to delayed fee collections and slower project initiation [7] Valuation - The company's PE ratio is projected at 6.0x for 2024, 5.1x for 2025, and 4.6x for 2026, based on the closing price of HKD 3.36 as of October 15, 2024 [6] - The PB ratio is expected to decline from 1.6x in 2024 to 1.4x by 2026, reflecting the company's strong asset base and growth potential [11]

Financial Performance - For the first half of 2024, the company's revenue reached RMB 1,669.6 million, an increase of 7.8% compared to RMB 1,549.0 million in the same period last year[19]. - Gross profit for the period was RMB 860.1 million, up 6.7% from RMB 806.2 million year-on-year, with a gross margin of 51.5%, a decrease of 0.5% from the previous year's 52.0%[21]. - Net profit attributable to shareholders was RMB 501.2 million, reflecting a 5.8% increase from RMB 473.6 million in the prior year[21]. - The company achieved a total revenue of RMB 1,669.6 million for the first half of 2024, representing a year-on-year growth of 7.8% compared to RMB 1,549.0 million in the same period of 2023[37]. - The commercial construction segment remains the largest revenue source, generating RMB 1,308.3 million, which accounts for 78.3% of total revenue, with a growth rate of 22.9% year-on-year[37]. - The net profit for the period was RMB 491.2 million, an increase of 6.3% from RMB 462.1 million in the same period of 2023, with profit attributable to shareholders rising 5.8% to RMB 501.2 million[47]. - Total comprehensive income for the period was RMB 497,414 thousand, up from RMB 457,218 thousand, reflecting a growth of 8.8% year-over-year[105]. - Basic earnings per share increased to RMB 0.26 from RMB 0.24, representing an 8.3% rise[105]. Cash Flow and Financial Position - The company reported a net cash inflow from operating activities of RMB 77.5 million, with no bank debt[21]. - Net cash flow from operating activities decreased significantly to RMB 77,486,000 in 2024 from RMB 593,045,000 in 2023, a decline of about 87%[114]. - Cash and cash equivalents at the end of the period were RMB 2,152,065,000, down from RMB 2,533,742,000 in 2023, reflecting a decrease of approximately 15%[116]. - The net current asset position decreased to RMB 1,443,624 thousand from RMB 2,019,782 thousand, a decline of 28.5%[108]. - Total equity as of June 30, 2024, was approximately RMB 3,647.2 million, a decrease of about RMB 486.4 million from RMB 4,133.6 million at the end of 2023[53]. - The company had no significant borrowings during the reporting period, indicating a stable financial position[55]. Operational Highlights - The company has established a presence in 128 major cities across 30 provinces, municipalities, and autonomous regions in China[7]. - The overall new construction area in the construction agency industry has shown slow growth compared to the same period last year, with significant opportunities arising from government and state-owned enterprises[22]. - The company aims to enhance its core capabilities and expand its construction agency services through a diversified customer structure and national business layout[19]. - The construction agency model is increasingly recognized as a mature procurement model by government entities, facilitating the construction of various types of affordable housing[22]. - The company is positioned to leverage structural opportunities in the market, particularly in government services and state-owned enterprise collaborations[22]. - The company continues to focus on creating value for clients through customized solutions and high-quality services, adhering to its core values of quality, trust, efficiency, and sharing[6]. Shareholder and Governance Information - As of June 30, 2024, the major shareholder, Greentown China, holds a beneficial interest of 1,432,660,000 shares, representing 71.28% of the company's total issued share capital[82]. - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the six months ending June 30, 2024[72]. - The board and management are committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[71]. - The company has confirmed that all directors have strictly adhered to the standard code of conduct regarding securities trading during the reporting period[70]. Related Party Transactions - Total transactions with related parties amounted to RMB 156,395 thousand for the six months ended June 30, 2024, an increase of 31.6% compared to RMB 118,810 thousand in the same period of 2023[171]. - Revenue from construction management services provided to Zhejiang Green City Times Construction Management Co., Ltd. reached RMB 113,894 thousand, significantly up from RMB 10,055 thousand year-on-year[169]. - The group reported a decrease in accumulated impairment losses on receivables, amounting to RMB 2,987,000 as of June 30, 2024, down from RMB 2,996,000 as of December 31, 2023[190]. - The total amount of receivables from related parties is expected to be collected within 12 months, with no interest charged on certain non-transaction-related receivables[189].

业绩持续增长，项目稳步拓展 市场价格：3.40 港元 [Table_Title] 评级：买入（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn | --- | --- | |------------------------------|-------| | | | | 基本状况 总股本 ( 百万股 ) | 2,010 | | 流通股本 ( 百万股 ) | 2,010 | | 市价 ( 港元 ) | 3.40 | | 市值 ( 百万港元 ) | 6,834 | | 流通市值 ( 百万港元 ) | 6,834 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 2023-092023-092023-102023-112023-112023- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company has maintained a strong position in the real estate development service sector, achieving a market share of over 20% for eight consecutive years [4] - The company reported a revenue of RMB 1,669.6 million for the first half of 2024, representing a year-on-year increase of 7.8%, with a net profit of RMB 501.2 million, up 5.8% year-on-year [4][7] - The company has diversified its business model, focusing on various types of projects including public rental housing and commercial properties, with a total contracted construction area of 17.4 million square meters in new projects, a 1.1% increase year-on-year [8] Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of RMB 1,669.6 million, with a gross profit margin of 51.5%, down 0.5% year-on-year [7][8] - The net profit attributable to the parent company was RMB 501.2 million, reflecting a 5.8% increase compared to the previous year [7] - The company reported a total sales amount of RMB 411.0 billion, a 14% increase year-on-year, and successfully delivered 29,900 units [4][8] Market Position - The company has established a presence in 128 major cities across 30 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 122.8 million square meters, an 8.1% increase year-on-year [4] - The estimated total saleable value of contracted projects is RMB 674.7 billion, with significant contributions from major economic regions [4] Future Outlook - The company is projected to achieve an EPS of RMB 0.58 for 2024, with a valuation range of HKD 6.37 to 7.64 per share based on a PE ratio of 10-12 times [4][9] - The company is expected to continue its stable growth trajectory, supported by a robust business model and market demand [4][9]

绿城管理控股（09979.HK） 优于大市 归母净利增长 7.8%，行业竞争格局加剧 | --- | --- | --- | --- | --- | --- | |------------------------|----------|----------|----------|----------|----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 2,656 | 3,302 | 3,719 | 4,128 | 4,499 | | (+/-%) | 18.4% | 24.3% | 12.6% | 11.0% | 9.0% | | 净利润(百万元) | 745 | 974 | 1,058 | 1,172 | 1,282 | | (+/-%) | 31.7% | 30.8% | 8.7% | 10.7% | 9.4% | | 每股收益（元） | 0.37 | 0.48 | 0.53 | 0.58 | 0.64 | | EBIT Margin | 29.4% | 33.4% | 37.0% | 37.0% | ...

28 Aug 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Greentown Management (9979 HK) Weakening demand + intensifying competition, what is next? Greentown Mgmt's stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the resignation of former CEO Mr. Li Jun. More importantly, the pullback was due to revenue/net profit deceleration (8%/6% YoY vs. guidance of 20%/30%), constrained by declining client p ...

28 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 绿城管理(9979 HK) 需求减弱 + 竞争加剧 ， 下一步是什么 ？ 绿地集团的股价在2024年第一季度财报公布后下跌了32%，部分原因是前CE O李先生离职后投资者对战略执行的不确定性。更为重要的是，这次回调主要 源于 收入 / 净利润 收入增速放缓（8%年对年/6%年对年，低于指导预期的20 %年对年/30%年对年），受到客户支付能力下滑和竞争加剧的限制。年对年收 入下降19%。 新合同价值 反映 土地供应减少 销售复苏缓慢 ， 挫伤了客户 的发展信心 ， 以及 由于资金不足无法启动项目。我们短期内看到房产销售快 速恢复的能见度较低，并将2024-26年的收入预期下调17%-27%，至年增长率 5%/9%/7%，利润预测下调20%-38%，至年增长率3%/9%/8%。然而，我们认 为PJM的长期需求仍然稳固，考虑到房产销售的复苏。我们将买入评级保持不 变，目标价下调41%至港币5.56元，相当于2024年市盈率的10倍。风险：应收 账款减值。 1) , 2) 3) 库存数据 Bella LI (852) 3757 6202 b ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company maintains a leading position in the construction management industry, achieving revenue and profit growth in the first half of 2024, with a steady expansion of contract and newly signed project areas. It has maintained over 20% market share for eight consecutive years [3]. - Due to short-term industry growth slowdown and increased competition leading to a decline in gross margin, the profit forecast has been revised downwards. The expected net profits for 2024-2026 are 1.106 billion, 1.320 billion, and 1.568 billion yuan respectively, with corresponding EPS of 0.55, 0.66, and 0.78 yuan [3][4]. - The company is expected to benefit from a recovery in the real estate market in the medium to long term, maintaining its "Buy" rating [3]. Financial Performance - In the first half of 2024, the company achieved revenue of 1.67 billion yuan, a year-on-year increase of 7.8%. The revenue from commercial construction, government construction, and other businesses was 1.31 billion, 330 million, and 30 million yuan respectively, with year-on-year changes of +22.9%, -16.1%, and -66.7% [3]. - The net profit attributable to shareholders for the first half of 2024 was 501 million yuan, a year-on-year increase of 5.8%. The gross margin and net margin were 51.5% and 29.4%, down 0.5 percentage points and 0.4 percentage points respectively [3]. - The company had cash on hand of 2.15 billion yuan at the end of the first half, with a current ratio of 1.4 times, and generated operating cash flow of 78 million yuan, indicating a relatively strong cash flow position [3]. Market Position and Order Growth - As of the end of the first half of 2024, the total contracted project area was 123 million square meters, a year-on-year increase of 8.1%, with an estimated total value of 892 billion yuan. The core city area accounted for 75.5%, with the Yangtze River Delta area accounting for 44.3% [3]. - The company’s new contract area in the first half of 2024 was 17.4 million square meters, a year-on-year increase of 1.1%. The estimated project management fees were 4.19 billion yuan, down 18.1% year-on-year [3].