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]

2024 中期報告 2024 INTERIM REPORT 中 期 報 告 2024 INTERIM REPORT 綠城管理控股有限公司 目錄 | 公司簡介 | 2 | | --- | --- | | 公司資料 | 4 | | 管理層討論與分析 | 6 | | 企業管治 | 18 | | 其他事項 | 21 | | 獨立審閱報告 | 27 | | 中期簡明綜合損益及其他全面收益表 | 28 | | 中期簡明綜合財務狀況表 | 30 | | 中期簡明綜合權益變動表 | 32 | | 中期簡明綜合現金流量表 | 33 | | 中期簡明綜合財務資料附註 | 35 | | 釋義 | 71 | 1 2024年中期報告 綠城管理控股有限公司 公司簡介 本集團是中國房地產輕資產開發模式的先行者、引領者。綠城管理成立於2010年，是綠城中國的附屬公司，也是 「綠城」品牌和代建管理模式輸出的主體。2020年7月，綠城管理在香港聯交所主板上市，成為中國代建第一股。 我們於2017年至2023年連續榮獲中國房地產TOP 10研究組頒發《中國房地產代建運營引領企業》的殊榮。 綠城管理秉持「品質、信任、效益、分享」的核心價值觀，通過項 ...

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].

房地产 2024 年 08 月 26 日 推荐（维持） 事项： 股价：2.73 港元 相关研究报告 主要数据 行业 房地产 公司网址 www.lcgljt.com 大股东/持股 绿城中国/71.28% 实际控制人 国务院国有资产监督管理委员会 总股本(百万股) 2010 流通 A 股(百万股) 0 流通 B/H 股(百万股) 2010 总市值（亿元） 50.08 流通 A 股市值(亿元) 0 每股净资产(元) 1.75 资产负债率(%) 50.26 行情走势图 | --- | --- | --- | --- | --- | --- | |------------------|-------|-------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) | | | | | | | YOY(%) | | | | | | | 净利润(百万元) | | | | | | | YOY(%) | | | | | | | 毛利率(%) | | | | | | | 净利率(%) | | | | | | | ROE ...

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 MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：09979） 截至2024年6月30日止六個月 中期業績公告 綠城管理控股有限公司（「綠城管理」或「本公司」或「我們」）董事（「董事」）會（「董事會」）欣 然宣佈本公司及其附屬公司（合稱「本集團」）截至2024年6月30日止六個月（「本報告期」或「本 期」）按照國際財務報告準則編製的未經審核簡明綜合中期業績，並呈列2023年同期的比較數 字。有關中期業績已經本公司審核委員會（「審核委員會」）審閱並獲董事會批准。 | --- | --- | --- | --- | |-------------------------------------------------|--------------------------------- ...