Financial Performance - The company reported a revenue of RMB 3,302,422 thousand for the year ended December 31, 2023, representing an increase from RMB 2,655,992 thousand in 2022, which is a growth of approximately 24.3%[16] - The pre-tax profit for 2023 was RMB 1,177,408 thousand, up from RMB 924,601 thousand in 2022, indicating a growth of about 27.4%[16] - The profit attributable to equity holders of the parent company was RMB 973,607 thousand for 2023, compared to RMB 744,544 thousand in 2022, which is an increase of approximately 30.8%[16] - In 2023, the company achieved a net profit growth of over 30%, maintaining a dividend policy of 80% plus a special dividend of 20%[20] - The net profit for the period was RMB 980.7 million, a 33.4% increase from RMB 735.4 million in 2022, with profit attributable to shareholders rising by 30.8% to RMB 973.6 million[48] - Total revenue for the year ended December 31, 2023, was RMB 3,302,422 thousand, an increase from RMB 2,655,992 thousand in 2022, representing a growth of approximately 24.3%[189] - Gross profit for the same period was RMB 1,722,302 thousand, compared to RMB 1,388,607 thousand in 2022, reflecting a year-over-year increase of about 24.0%[189] - The total comprehensive income for the year was RMB 972,593 thousand, compared to RMB 710,381 thousand in 2022, which is an increase of around 37.0%[189] Assets and Liabilities - The net assets of the company reached RMB 4,133,606 thousand as of December 31, 2023, compared to RMB 3,873,028 thousand in 2022, reflecting an increase of approximately 6.7%[16] - The total assets of the company increased to RMB 6,732,651 thousand in 2023 from RMB 6,161,319 thousand in 2022, marking a growth of around 9.3%[16] - The total liabilities of the company stood at RMB 2,599,045 thousand in 2023, up from RMB 2,288,291 thousand in 2022, representing an increase of about 13.6%[16] - Trade and other payables increased by 7.2% to RMB 1,257.2 million from RMB 1,173.3 million at the end of 2022, mainly due to increased amounts payable for collections and employee compensation[55] - Contract assets increased by 55.2% to RMB 890.6 million from RMB 573.9 million at the end of 2022, reflecting the company's expanded operational scale[50] Market Presence and Operations - The company has established a presence in 122 major cities across 29 provinces, municipalities, and autonomous regions in China as of December 31, 2023[7] - The company maintained a market share of over 20% in the construction agency industry for eight consecutive years[29] - The total contracted construction area reached 119.55 million square meters, with an area under construction of 52.52 million square meters, and 16.07 million square meters completed in 2023[20] - The company expanded its business presence to 122 major cities across 29 provinces, municipalities, and autonomous regions in China[29] Corporate Governance - The board consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[142] - The company has complied with the corporate governance code during the reporting period, ensuring transparency and accountability to shareholders[140] - The roles of the chairman and CEO are clearly separated to delineate responsibilities between the board and management[143] - Independent non-executive directors account for one-third of the board, ensuring a balance of perspectives[146] - The company has established mechanisms to ensure the board receives independent views and opinions[146] Employee and Management - As of December 31, 2023, the company had a total of 2,056 employees, with a 34.47% increase compared to December 31, 2022, primarily due to organizational restructuring and the integration of 387 employees from Zhejiang Greentown Era[131] - The company aims to enhance gender diversity in senior management and board positions through comprehensive training for female employees[163] - The company has integrated 387 employees and 49 projects from Zhejiang Greentown Era into its direct management system, contributing to the increase in employee numbers[164] Financial Management - The group reported no significant borrowings during the reporting period, indicating a strong financial position[58] - The group’s cash flow is robust, providing strong support for future development[57] - The company reported a net cash flow from operating activities of RMB 955.1 million, indicating strong cash flow and no bank debt[27] - The company’s financing activities resulted in a net cash outflow of RMB (766,008,000), compared to RMB (400,403,000) in the previous year, indicating increased financing activities[199] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[188] - The company anticipates that the medium-term development scale of the Chinese real estate market will remain around 1 billion square meters annually, with a projected penetration rate of over 30% for the construction industry[35] Awards and Recognition - The company received nearly 30 industry awards in 2023, reinforcing its brand reputation and market value[20] - The company has been recognized as a leading enterprise in the real estate agency operation sector in China for six consecutive years from 2017 to 2023[7]

证券研究报告 | 2024年04月19日 绿城管理控股（09979.HK） 买入 代建行业领先，穿越地产周期 核心观点 公司研究·海外公司深度报告 公司简介：国内领先的代建企业。公司是代建行业龙头，先发优势显著，20 房地产·房地产服务 年上市后成为中国代建第一股，目前公司业务市占率达20%。公司股权集中， 证券分析师：任鹤 证券分析师：王粤雷 实际控制人为国资委，优质的信用背书显著助力公司的业务拓展。公司主营 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 政府代建、商业代建、资方代建，利润稳健增长，六年复合增速超25%。公 S0980520040006 S0980520030001 司连续三年维持较高比例的派息，并承诺未来三年派息比率不低于80%。 证券分析师：王静 021-60893314 行业概况：发展空间足，抗周期能力强。代建行业正处成长期，行业10年 wangjing20@guosen.com.cn 新签建筑面积复合增长率达23%。2023年TOP5企业市场占有率约为50%，市 S09805221000 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 6.44 and a target value of HKD 9.98 [2]. Core Views - The company has maintained a high dividend payout ratio exceeding 100% for two consecutive years, reflecting strong dividend value [10]. - In 2023, the company achieved a revenue of HKD 3.3 billion, a year-on-year increase of 24.3%, and a net profit of HKD 970 million, up 30.8% year-on-year, slightly exceeding expectations [10][24]. - The company’s overall gross profit margin was 52.2%, with a slight decrease of 0.1% from the end of 2022, while the gross profit for 2023 was HKD 1.72 billion, up 24.0% year-on-year [22][24]. Summary by Sections Dividend and Value - The company reported a total dividend of HKD 1.01 billion for 2023, with a payout ratio of 103.2%, indicating a strong commitment to returning value to shareholders [10]. Order Expansion and Sales Performance - The company’s new signed construction fees exceeded HKD 10.37 billion in 2023, a year-on-year increase of 20.5%, with a significant portion coming from state-owned enterprises and financial institutions [2][10]. - The commercial construction revenue reached HKD 2.35 billion, a 40.5% increase year-on-year, while government construction revenue was HKD 790 million, showing a modest increase of 1% [13][18]. Profit Forecast and Investment Recommendations - The company is projected to achieve a net profit of HKD 1.22 billion and HKD 1.52 billion in 2024 and 2025, respectively, with a growth rate of 25% for both years [2][24]. - The report suggests a price-to-earnings ratio of 15x for 2024, leading to a target price of HKD 9.98, maintaining the "Buy" rating [2][24].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 3,302 million yuan, a year-on-year increase of 24.3%. The gross margin was 52.2%, and the net profit attributable to shareholders was 974 million yuan, reflecting a 30.8% year-on-year growth [7]. - The company maintains a high dividend payout due to ample cash flow, with a net cash inflow from operations of 955 million yuan in 2023, a 31.8% increase year-on-year. The total cash and cash equivalents stood at 2,044 million yuan, up 5.8% year-on-year, resulting in a dividend per share of 0.4 yuan plus a special dividend of 0.1 yuan, corresponding to a dividend yield of 8.9% as of March 22 [7]. - The company anticipates steady growth in construction fees from new projects, with a total of 10.37 billion yuan in new project fees, a 20.5% increase year-on-year. State-owned enterprises are becoming the main clients, with a project reserve that includes approximately 52.5 million square meters under construction, representing an 11.4% year-on-year increase [7]. - The company is positioned as a leader in the construction agency industry, with sufficient project reserves and a focus on operational efficiency to ensure project conversion. Future net profits are projected to be 1,238 million yuan, 1,556 million yuan, and 1,897 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.2%, 25.7%, and 21.9% [7]. Financial Metrics Summary - Revenue (million yuan): 3,302 in 2023, projected to be 4,029 in 2024, 4,968 in 2025, and 5,977 in 2026, with year-on-year growth rates of 24.3%, 22.0%, 23.3%, and 20.3% respectively [5]. - Net profit attributable to shareholders (million yuan): 974 in 2023, projected to be 1,238 in 2024, 1,556 in 2025, and 1,897 in 2026, with year-on-year growth rates of 30.8%, 27.2%, 25.7%, and 21.9% respectively [5]. - Gross margin: 52.2% in 2023, projected to be 51.6% in 2024 and 2025, and 51.7% in 2026 [5].

hcraeseR 股 票 研 [Table_Title] Chunli Zhan 詹春立 ytiuqE Company Report: Greentown Management (09979 HK) 中文版 究 (852)2509 7745 公司报告： 绿城管理 (09979 HK) Chinese version james.zhan@gtjas.com.hk 25 March 2024 增[Ta长ble韧_Su性mm凸ar显y] ，高派息率，维持“买入”评级 tropeR 公  我们维持“买入”评级，并下调目标价至9.40港元。我们预计绿城管 [RTaabtilne_gR: ank] Buy 理2024-2026年每股盈利分别为人民币0.615元、人民币0.773元和 司 Maintained 人民币0.950元，对应2023-2026年的年复合增长率为24.1%。我们 ynapmoC 报 下调目标价至9.40港元，相当于14.0倍的2024年市盈率。我们维持 评级： 买入 (维持) 告 “买入”评级。  2023年业绩强劲，派息率达100%，令人惊喜。在房地产下行周期中， [6T-a1b8lem_ ...

h 股 c r a 票 e s e R 研 y [Table_Title] Chunli Zhan 詹春立 tiu Company Report: Greentown Management (09979 HK) 究 q (852)2509 7745 E 公司报告： 绿城管理 (09979 HK) james.zhan@gtjas.com.hk 25 March 2024 [Table_Summary] Undisturbed Growth and High Dividend Payout, Maintain "Buy" tr 公 o  We maintain "Buy" rating and trim TP to HK$9.40. We forecast p [RTaabtlien_gR:a nk] Buy 司 e R G RMre Ben 0t .o 7w 73n aM nda n Ra Mge Bm 0.e 9n 5t 0’s r2 e0 s2 p4 eF ct- i2 v0 e2 ly6 F hE icP hS ret po eb se ntR sM aB C0. A6 G15 R, Maintain ...

Investment Rating - The investment rating for the company is "Buy" with a target price set at HKD 6.19, maintaining the rating for the next six months [6]. Core Views - The company achieved a revenue of RMB 3.302 billion in 2023, representing a year-on-year growth of 24.3%, and a net profit attributable to shareholders of RMB 974 million, up 30.8% year-on-year [2][4]. - The company is positioned as a leader in the construction management industry, maintaining a market share of 20.4% [3]. - The management has set ambitious performance guidance for the next three years, aiming for a compound annual growth rate (CAGR) of over 20% in revenue and net profit [2][4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 52.2%, consistent with the previous year, with specific margins for commercial management at 52.3%, government management at 45.2%, and other services at 82.2% [2]. - The net cash flow from operating activities reached RMB 955 million, reflecting a 31.8% increase year-on-year, indicating strong earnings quality [2]. Business Expansion - The company has expanded its project management footprint to 29 provinces and 122 cities, with a total contracted construction area of 120 million square meters, a 17.9% increase year-on-year [3]. - New project contracts in 2023 saw a total construction area of 35 million square meters, marking a 25.0% increase year-on-year, with a CAGR of 24.4% from 2021 to 2023 [3]. Organizational Changes - The company initiated organizational restructuring to enhance management efficiency, creating five new regional/city companies to improve service responsiveness [4]. - The introduction of the "Bai Chuan Plan" aims to attract city partners and high-quality projects through diversified cooperation models [4]. Future Outlook - The management has provided a positive outlook, projecting a net profit margin of over 25% and a dividend payout ratio of no less than 80% in the coming years [2][4]. - The estimated total saleable value of contracted projects in major economic regions is RMB 693.3 billion, indicating a robust pipeline for future revenue [3].

证券研究报告 | 2024年03月25日 绿城管理控股（09979.HK） 买入 业绩增长 31%，派息率 100% 核心观点 公司研究·海外公司财报点评 归母净利增长30.8%，派息率100%。2023年公司实现营业收入33.0亿元， 房地产·房地产服务 同比增长24.3%；实现归母净利润9.7亿元，同比增长30.8%，归母净利润 证券分析师：任鹤 证券分析师：王粤雷 增速高于收入增速的主要原因为高毛利的商业代建业务占比提升。分类别 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 看，公司商业代建收入为23.5亿元，同比增长40.5%,收入占比增长8.1pct S0980520040006 S0980520030001 至71.0%；政府代建业务收入7.9亿元，同比增长1.0%；其他业务收入1.7 证券分析师：王静 亿元。2023公司整体毛利率为52.2%，较上年末基本持平，其中商业代建毛 021-60893314 wangjing20@guosen.com.cn 利率为52.3%，政府代建毛利率为45.2%，其 ...

Investment Rating - The report maintains a "Buy" rating for Greentown Management Holdings (9979.HK) [1][3] Core Views - The company has shown steady growth in business scale, with 2023 revenue reaching 3.302 billion RMB, a year-on-year increase of 24.3%, and net profit of 970 million RMB, up 30.8% [2][3] - Greentown continues to lead the light-asset development sector in real estate, maintaining over 20% market share in the construction agency market for eight consecutive years [2] - The company has diversified its client base, with 74.7% of new construction agency projects coming from government and state-owned enterprises [2] Summary by Sections Business Performance - In 2023, the company achieved a total revenue of 3.302 billion RMB, with a gross profit of approximately 1.72 billion RMB, maintaining a gross margin of about 52.2% [2] - The cash flow from operating activities was 960 million RMB, reflecting a 31.8% increase year-on-year [2] Market Position - As of the end of 2023, Greentown's construction agency projects spanned 122 major cities across 29 provinces, with a total contracted area of 119 million square meters, a 17.9% increase from the previous year [2] - The estimated total saleable value of contracted projects is approximately 693.3 billion RMB, with significant contributions from key economic regions [2] Client Diversification - The company has adapted its business structure to deepen opportunities with state-owned enterprises and financial institutions, resulting in a 25% year-on-year increase in new contracted area [2] - The breakdown of new projects shows that government projects account for 26.8%, state-owned enterprises for 34.2%, and private enterprises for 31.7% of the total contracted area [2] Profit Forecast - The forecast for net profit for 2024-2026 is 1.253 billion RMB, 1.546 billion RMB, and 1.874 billion RMB respectively, with EPS projected at 0.62, 0.77, and 0.93 RMB [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][15]. Core Views - The company reported a robust revenue growth of 24.3% year-on-year, achieving an operating income of 3.302 billion RMB in 2023, with a 100% dividend payout [6][13]. - The company continues to hold the leading position in the real estate development service sector, maintaining over 20% market share for eight consecutive years [6][7]. - The company has optimized its client structure and expanded its business boundaries, with new project contracts covering a total building area of 35.3 million square meters, a 25% increase from the previous year [6][7]. Financial Performance - The company achieved a gross profit of 1.722 billion RMB and a net profit attributable to shareholders of 974 million RMB in 2023, representing year-on-year increases of 24.0% and 30.8%, respectively [6][13]. - The comprehensive gross profit margin remained stable at 52.2%, consistent with the previous year [6][14]. - The company has no bank debt and reported a net cash flow from operating activities of 955 million RMB, indicating strong cash flow [6][7]. Business Expansion - The company has expanded its project layout across 122 major cities in 29 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 119.6 million square meters, a year-on-year increase of 17.9% [6][7]. - The estimated total saleable value of contracted projects in 2023 reached 693.3 billion RMB, accounting for 77.7% of the overall saleable value [6][7]. Future Outlook - The company is projected to have an EPS of 0.60 RMB for 2024, with a valuation range of 185-212 billion HKD, corresponding to a reasonable value range of 9.23-10.55 HKD per share [7][15].