Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The construction management industry in China is experiencing a slowdown in growth, with the top 30 companies showing a total contracted area of 914 million square meters, a year-on-year increase of 23% [1][10] - The top 30 construction management companies added a new signed area of 19.3 million square meters, reflecting a 6% year-on-year growth, although the growth rate has decreased by 20 percentage points compared to 2023 [12] - The competitive landscape is characterized by a stable performance among leading companies, with the top three being Greentown Management, Blue City Group, and Jindi Management [7][8] Summary by Sections Ranking Release - The report lists the top 30 construction management companies in China, highlighting their rankings and names [2][3] Ranking Interpretation - The top companies exhibit stable performance, with Greentown Management maintaining a market share of over 20% since 2016, while Blue City Group and Jindi Management also show strong competitive advantages [7] - New entrants in the market are rapidly expanding, with companies like Xuhui Construction Management and Longfor Longzhizao emerging as significant players [8][9] - Private enterprises dominate the top 30 list, accounting for 63%, while state-owned enterprises and mixed ownership companies make up 17% and 20%, respectively [9] Market Data - The total contracted area for the top 30 companies reached 914 million square meters, with nine companies experiencing over 50% growth in their contracted scale [10] - The concentration of new contracts remains high, with the top five companies accounting for 46% of the total contracted area and new contracts [12] Competitive Landscape - The industry is facing intensified competition, prompting companies to adopt strategic transformations and innovations to adapt to market changes [17] - Many companies are extending their service chains to offer comprehensive service models, while diversifying their business areas beyond traditional residential construction [17][18]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 3.44 billion yuan in 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects to 33% in new projects [7] - The company’s dividend payout ratio has been adjusted to 60%, with a dividend of 0.24 yuan per share for 2024 [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan in 2025 and 8.7 billion yuan in 2026 [7] Financial Summary - Total revenue is forecasted to grow from 3.44 billion yuan in 2024 to 4.04 billion yuan in 2027, with a compound annual growth rate of approximately 5.39% [8] - The net profit attributable to shareholders is projected to increase from 800 million yuan in 2024 to 932.8 million yuan in 2027 [8] - The earnings per share (EPS) is expected to rise from 0.40 yuan in 2024 to 0.46 yuan in 2027 [8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 6.87 in 2025 to 5.90 in 2027, indicating potential value appreciation [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.44 billion yuan for 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects in new projects to 33% [7] - The company’s dividend for 2024 is set at 0.24 yuan per share, with a dividend payout ratio adjusted to 60% [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan and 8.7 billion yuan for 2025 and 2026, respectively [7] Financial Summary - Total revenue forecast for 2024 is 3.44 billion yuan, with a projected growth rate of 5.65% in 2025 [8] - The net profit attributable to shareholders is forecasted to be 801.13 million yuan in 2024, with a slight increase to 822.77 million yuan in 2025 [8] - The company’s earnings per share (EPS) is projected to be 0.40 yuan in 2024, increasing to 0.46 yuan by 2027 [8] - The price-to-earnings (P/E) ratio is expected to decrease from 6.87 in 2024 to 5.90 in 2027 [8]

绿城管理控股 （09979.HK） 2025 年 03 月 31 日 投资评级：买入（维持） | 日期 | 2025/3/31 | | --- | --- | | 当前股价(港元) | 2.880 | | 一年最高最低(港元) | 7.980/2.570 | | 总市值(亿港元) | 57.89 | | 流通市值(亿港元) | 57.89 | | 总股本(亿股) | 20.10 | | 流通港股(亿股) | 20.10 | | 近 3 个月换手率(%) | 24.56 | 股价走势图 数据来源：聚源 -80% -40% 0% 40% 80% 2024-04 2024-08 2024-12 绿城管理控股 恒生指数 相关研究报告 《行业竞争加剧，新拓订单增速放缓 —港股公司信息更新报告》-2024.8.27 房地产/房地产服务 收入增长利润下降，新拓市占率提升 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | ...

房地产 2025 年 03 月 31 日 绿城管理控股(9979.HK) 公 司 报 告 规模领先，竞争加剧 推荐（维持） 股价：2.88 港元 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（亿港元） | 57.9 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.90 | | 资产负债率(%) | 41.84 | 行情走势图 相关研究报告 【平安证券】绿城管理控股（9979.HK）*半年报点评* 业绩增速放缓，保持行业领先地位*推荐20240826 【平安证券】绿城管理控股（9979.HK）*年报点评*高 成长与高股息兼具，配置性价比凸显*推荐20240322 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 ...

Core Viewpoint - The company is experiencing a shift in its business structure, with a significant increase in commercial construction management, projected to reach 72% by 2024, while facing challenges in the overall construction management industry due to market adjustments and increased competition [1][2]. Group 1: Business Performance - In 2024, the company's revenue reached 3.441 billion yuan, representing a year-on-year growth of 4.2%, with a maintained net profit margin of 23% [2]. - The company expanded its project coverage to 130 cities, an increase of 8 cities from the end of 2023, with a total contracted building area of 125.6 million square meters, up by 6 million square meters, a growth of 5% [2]. - The company achieved a new signed area of 36.49 million square meters, growing by 3.4% despite a 5% decline in the overall new contracts in the construction management industry, maintaining a market share of 22.1%, an increase of 1.7 percentage points from 2023 [2]. Group 2: Project Delivery and Quality - The company delivered 118 projects, totaling 800,200 households, with a delivery area increase of 3% year-on-year, accounting for 52% of the total delivery volume in the top 10 of the construction management industry [2]. - The company achieved high customer satisfaction rates, with a 95% satisfaction rate for B-end clients and 89% for C-end clients, indicating strong product capability [2]. Group 3: Strategic Initiatives - The company is focusing on innovation in product standards, optimizing supply chains, and enhancing operational management to improve efficiency and quality [3]. - The company is addressing low-price competition in the market by maintaining stable overall fee rates, which, while slightly decreased, remain above the industry median [3]. - The company plans to enhance its operational strategy for 2025, focusing on quality expansion, product iteration, and improving organizational capabilities to ensure sustainable growth [4][5].

Group 1 - The company reported a total revenue of 3.441 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 4.2% [1] - Gross profit was 1.706 billion RMB, with a net profit attributable to shareholders of 800 million RMB, resulting in a basic earnings per share of 0.41 RMB [1] - The company proposed a final dividend of 0.24 RMB per share [1] Group 2 - The company maintained its position as the leading player in the real estate agency service sector, achieving a market share of 22.1%, an increase of 1.7 percentage points from 2023 [1] - The company received multiple accolades, including "Top 1 in China's Real Estate Agency Operations for 2024" and "Top 1 in Comprehensive Strength of Real Estate Agency Enterprises" [1] - As of December 31, 2024, the company had established agency projects in 130 major cities across 30 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 126 million square meters, a 5.0% increase year-on-year [1] Group 3 - The estimated total saleable value of contracted projects in major economic regions reached 720.1 billion RMB, accounting for 77.3% of the overall saleable value, remaining stable compared to the previous year [2] - The building area in first and second-tier cities reached 55.3 million square meters, representing 44.0% of the total building area, an increase of 7.6% year-on-year [2] - The company achieved the largest new project scale in the industry, with a total contracted area of new projects reaching 36.5 million square meters, a year-on-year growth of approximately 3.4% [2] Group 4 - The estimated agency fee for new projects was 9.32 billion RMB, a decrease of approximately 10.1% compared to the previous year, but the overall order quality improved [2] - The price of new projects stabilized from 240 RMB per square meter in the first half of 2024 to 255 RMB per square meter for the entire year [2] - The proportion of projects in first and second-tier cities increased to 58%, up 6 percentage points from the previous year [2]

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]

Core Viewpoint - The construction industry in 2024 is experiencing a slowdown in growth, transitioning into a phase where leading companies maintain stability while others face increasing differentiation [1] Group 1: Rankings Release - The top 30 construction companies in 2024 achieved a total contract area of 914 million square meters, representing a year-on-year growth of 23% [8] - The top 30 companies in terms of comprehensive strength signed an additional area of 19.3 million square meters, with a year-on-year growth of 6% [10][11] Group 2: Rankings Interpretation - The leading construction companies exhibit stable performance, with the top 10 companies showing a total change rate of only 10%, indicating a relatively stable market structure [5] - Green City Management, Blue City Group, and Jindi Management are the top three companies in comprehensive capability, with Green City Management maintaining a market share of over 20% since 2016 [5][6] - New entrants are rapidly expanding, leveraging unique competitive advantages to become significant players in the construction sector, with companies like Xuhui Construction Management and Longhu Longzhizao making notable progress [6][7] Group 3: Market Dynamics - Private construction companies dominate the market, accounting for 63% of the top 30 companies, while state-owned and mixed-ownership enterprises make up 17% and 20%, respectively [7] - The top five companies hold a significant market concentration, with their total contract area accounting for 46% of the overall market [11] Group 4: Industry Trends - The construction industry is facing intensified competition, prompting companies to adapt by transitioning to "light asset" models and seeking growth in niche markets [12] - Many leading companies have implemented partner programs to enhance resource integration and project execution [12] - Diversification in construction services is becoming a key development direction, with companies expanding beyond traditional residential construction into various sectors [12][13]

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]