证券研究报告 | 年报点评报告 2024年03月25日 绿城管理控股（09979.HK） 业绩高增全额派息，持续受益代建蓝海 事件：3月21日，公司发布2023年年报。 买入（维持） 2023 年营收同比+24.3%，归母净利润同比+30.8%，业绩高增符合预期。 股票信息 2023年公司实现营收33.0亿元，同比增长24.3%。其中商业代建收入23.5亿 元，同比增长40.5%；政府代建收入7.9亿元，同比增长0.9%；其他服务收入 行业 物业服务及管理 1.7亿元，同比减少18.3%。公司2023年实现归母净利润9.7亿元，同比增长 前次评级 买入 30.8%。业绩表现亮眼，主要得益于（1）代建逆周期优势凸显，利润率不惧行 3月22日收盘价(港元) 6.19 业波动始终维持高位，2023年公司整体毛利率52.2%；（2）在公司管理边界扩 总市值(百万港元) 12,441.90 大、复杂的市场环境下，成本管控进一步加强，销管费用率进一步下降至18.7%。 总股本(百万股) 2,010.00 公司继续保持代建市场龙头地位，规模持续增长且聚焦核心都市圈。2023年公 其中自由流通股(%) 100.00 司新拓代 ...

Investment Rating - The report maintains a "BUY" rating for Greentown Management with a target price of HK$ 9.37, reflecting a 13x 2024E PE [2][4]. Core Insights - Greentown Management achieved a net profit growth of +31% YoY in FY23, with a maintained dividend payout ratio of 100%, resulting in an 8% dividend yield [2][5]. - The company is expected to guide industry-leading growth with a revenue CAGR of +20% and net profit CAGR of +25% over the next three years, potentially outperforming the broader property market [2][8]. - The company's adaptability in business restructuring has been highlighted as a key factor in its strong performance despite a sluggish property market [2][8]. Financial Performance Summary - FY23 results showed revenue of RMB 3,302 million, a 24.3% increase YoY, and attributable net profit of RMB 974 million, up 31% YoY [3][5]. - Gross profit margin remained stable at 52%, with a slight decrease in commercial project management (PJM) margin to 52% and an improvement in government PJM margin to 45% [5][12]. - The company reported a net margin of 29.5% in FY23, reflecting a 1 percentage point increase from the previous year [5][12]. Future Projections - Revenue is projected to reach RMB 4,048 million in FY24, with a YoY growth of 22.6%, and net profit is expected to be RMB 1,250.9 million, reflecting a 28.5% increase [3][7]. - The company has a billable contract value of RMB 25 billion, with an expected annual increase of approximately RMB 10 billion [2][8]. - The forecast for net profit in FY26 is RMB 1,897.3 million, indicating a continued growth trajectory [3][12]. Market Position and Strategy - Greentown Management has expanded its business into non-residential projects, which accounted for 15% of new contracts in FY23, in response to a contracting residential market [2][8]. - The company has successfully maintained its market share in the property management sector, with newly contracted gross floor area (GFA) increasing to 35.3 million square meters in FY23 [10][11]. - The report emphasizes the company's asset-light model and high cash flow as significant advantages in the current market environment [2][8].

房地产/房地产服务 公 司 研 绿城管理控股 营收利润保持增长，代建龙头维持全额派息 究 （09979.HK） ——港股公司信息更新报告 2024年03月24日 齐东（分析师） qidong@kysec.cn 证 书编号：S0790522010002 投资评级：买入（维持）  代建行业龙头地位稳固，维持“买入”评级 港 股 日期 2024/3/22 绿城管理控股发布 2023年业绩，营收利润保持增长，合约和新签项目面积稳步 公 扩张，作为代建行业引领者，连续八年保持20%以上代建市场份额。在保障房建 司 当前股价(港元) 6.190 信 一年最高最低(港元) 7.970/4.300 设加速、城投拿地比例提升及纾困房企保交楼需求下，我们认为公司将在代建红 息 总市值(亿港元) 124.42 海竞争中稳步发展，我们上调 2024-2025 年并新增 2026 年盈利预测，预计 更 新 流通市值(亿港元) 124.42 2024-2026 年公司归母净利润分别为 12.78、16.25、20.13 亿元（2024-2025年原 报 总股本(亿股) 20.10 值为11.36、13.25亿元），对应EPS分别为0. ...

证券研究报告·海外公司点评·地产(HS) 绿城管理控股（09979.HK） 2023 年业绩公告点评：业绩高增 100%分红， 2024年 03月 22日 龙头地位保持稳固 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 执业证书：S0600523020003 营业总收入（百万元） 2,657 3,303 4,150 5,155 6,322 xiaoc@dwzq.com.cn 同比 18.37% 24.34% 25.62% 24.24% 22.62% 证券分析师 白学松 归母净利润（百万元） 744.54 973.61 1,249.70 1,544.38 1,891.46 执业证书：S0600523050001 同比 31.73% 30.77% 28.36% 23.58% 22.47% baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.37 0.48 0.62 0.77 0.94 P/E（现价&最新摊 ...

2024 年 3月 21日，公司发布 2023 年全年业绩：实现营收 33.02 亿元，同比+24.3%；归母净利润9.74 亿元，同比+30.8%。 营收、归母净利润增长符合预期。公司凭借良好的绿城品牌、央 企信用、多元化客户结构、全国化核心城市业务布局，实现新拓 业务规模稳步提升，进一步巩固龙头地位，在代建行业中连续 8 年保持 20%以上的市占率。2023 年公司营收稳健增长，综合毛利 率为 52.2%，同比基本持平。随着业务持续拓展，公司整体业绩确 定性较强。 港币(元) 成交金额(百万元) 新拓逆势增长，优化客户结构。2023 年代建市场竞争加剧，公司 9.00 200 180 新拓合约建面35.3 万方，同比+25.0%，其中政府+国企+金融机构 8.00 160 140 合计占比74.7%；新拓代建费预估103.7 亿元，同比+20.5%，其中 7.00 120 100 政府+国企+金融机构合计占比69.4%。截至2023 年末，公司总合 6.00 80 60 约建面119.6 万方，其中政府占比26.8%，同比-5.8pct；国企占 5.00 40 20 比 34.2%，同比+5.9pct；金 ...

公 房地产 司 2024年03月 22日 报 绿城管理控股(9979.HK) 告 高成长与高股息兼具，配置性价比凸显 推荐（维持） 事项： 公司发布2023年年报，2023年实现营收33.02亿元，同比增长24.3%；归母 股价：5.71 港元 净利润9.74亿元，同比增长30.8%；派发末期股息0.4元/股及特别股息0.1元 /股。 公 主要数据 平安观点： 司  龙头领先，派息慷慨。截至2023年末，公司合约建筑面积、在建面积分 行业 房地产 年 公司网址 www.lcgljt.com 别为1.2、0.53亿平米，覆盖城市122个，其中四大主要城市群合约面积 大股东/持股 绿城中国/71.28% 占比76.2%、可售货值占比77.7%；根据中指研究院数据，公司市场占有 报 实际控制人 国务院国有资产监督管理委会 率连续8年超20%，在近百家品牌房企布局代建赛道环境下，规模保持绝 点 总股本(百万股) 2010 对领先。2023年经营性现金流9.55亿元，同比增长31.8%，回款能力有 流通A股(百万股) 0 保障。派发末期股息0.4元/股及特别股息0.1元/股，派息比例100%，并 评 流通B/H股(百 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 3,302,422 thousand, representing a 24.3% increase from RMB 2,655,992 thousand in 2022[2] - Net profit attributable to shareholders for the same period was RMB 973,607 thousand, a 30.8% increase compared to RMB 744,544 thousand in 2022[2] - Basic earnings per share increased to RMB 0.50, up 31.6% from RMB 0.38 in the previous year[4] - The company reported a total comprehensive income of RMB 972,593 thousand for the year, compared to RMB 710,381 thousand in 2022[4] - The profit for the year ended December 31, 2023, was RMB 980,697 thousand, compared to RMB 735,365 thousand in 2022, reflecting a year-over-year increase of about 33.3%[18][20] - The total segment performance for the year ended December 31, 2023, was RMB 1,106,023 thousand, an increase from RMB 792,602 thousand in 2022, representing a growth of approximately 39.5%[21] - The company reported a pre-tax profit of RMB 1,177,408,000 for the year ended December 31, 2023, compared to RMB 924,601,000 for the year ended December 31, 2022, marking an increase of approximately 27.5%[31] - The gross profit for the period was RMB 1,722.3 million, up 24.0% from RMB 1,388.6 million in 2022, with a gross margin of 52.2%[56] - The company maintained a gross profit margin of 52.2%, which is consistent with the previous year's margin of 52.3%[44] Revenue Breakdown - Revenue from commercial construction was RMB 2,346,326 thousand, up 40.5% from RMB 1,669,429 thousand in the previous year[15] - Revenue from government construction was RMB 788,480 thousand, slightly increased from RMB 781,054 thousand in 2022[15] - The external revenue from the commercial construction segment was RMB 1,721,278 thousand for the year ended December 31, 2023, up from RMB 1,669,429 thousand in 2022, indicating a growth of approximately 3.1%[21] - Revenue from commercial construction was RMB 2,346.3 million, accounting for 71.0% of total revenue, with a significant increase of 40.5% from RMB 1,669.4 million in 2022[54] - Government construction revenue reached RMB 788.5 million, making up 23.9% of total revenue, showing a slight increase of 1.0% from RMB 781.1 million in 2022[54] Construction Activity - The total contracted construction area reached 119.6 million square meters, reflecting a growth of 17.9% from 101.4 million square meters in 2022[2] - The total area under construction was 52.5 million square meters, an increase of 11.4% from 47.2 million square meters in 2022[2] - New construction project contracts totaled 35.3 million square meters, representing a 25.0% increase from 28.2 million square meters in 2022[2] - The total construction area of new projects reached 35.3 million square meters, representing a 25.0% increase compared to the previous year[47] - The construction area for government projects reached 32.0 million square meters, representing 26.8% of the total contracted area[47] Cash Flow and Assets - Cash inflow from operating activities was RMB 955,075 thousand, marking a 31.8% increase from RMB 724,655 thousand in 2022[2] - Total assets as of December 31, 2023, were RMB 4,440,069 thousand, up from RMB 3,857,563 thousand in 2022[6] - The company has no bank debt and reported a net cash flow from operating activities of RMB 955.1 million[44] - Cash and cash equivalents amounted to RMB 2,044.4 million, an increase from RMB 1,933.1 million in 2022, with a current ratio of 1.83[65] Dividends - The company proposed a final dividend of RMB 0.40 per share and a special dividend of RMB 0.10 per share, totaling RMB 1,005 million[1] - The total dividend declared for the year ended December 31, 2023, was RMB 1,005 million, an increase from RMB 763.8 million in 2022, representing a growth of approximately 31.6%[34] Expenses and Losses - The company reported a loss of RMB 75,878 thousand from other income and losses for the year ended December 31, 2023, compared to a loss of RMB 49,114 thousand in 2022, representing an increase in losses of about 54.5%[26] - Interest income from bank balances decreased to RMB 30,438 thousand in 2023 from RMB 46,961 thousand in 2022, a decline of approximately 35%[24] - The company incurred financing costs of RMB 5,493 thousand for the year ended December 31, 2023, slightly down from RMB 6,922 thousand in 2022, a decrease of about 20.6%[27] - The company’s administrative expenses for the year ended December 31, 2023, were RMB 26,779 thousand, compared to RMB 25,401 thousand in 2022, reflecting an increase of approximately 5.4%[18][20] - Other income decreased by 6.3% to RMB 155.8 million, primarily due to lower interest income from bank deposits[57] - Sales and marketing expenses amounted to RMB 104.5 million, a decrease of 13.1% compared to RMB 120.2 million in 2022, primarily due to enhanced performance assessment and cost control measures[59] - Administrative expenses increased by 5.3% to RMB 514.5 million from RMB 488.6 million in 2022, driven by the expansion of regional management personnel[60] Taxation - The company's income tax expense for the year ended December 31, 2023, was RMB 196,711,000, compared to RMB 189,236,000 for the year ended December 31, 2022, reflecting an increase of approximately 6.5%[31] - The effective corporate income tax rate for the eligible subsidiaries in China was 5% for the year ended December 31, 2023, down from 25% in 2022, due to small and micro enterprise tax incentives[30] Corporate Governance and Compliance - The company has adopted corporate governance principles to ensure high levels of ethics, transparency, and accountability[69] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2023, confirming compliance with applicable accounting principles and regulations[73] - Deloitte has verified the figures in the preliminary announcement related to the group's consolidated financial position and results for the year ending December 31, 2023, against the audited financial statements approved by the board on March 21, 2024[74] Workforce and Organizational Changes - The workforce increased by 34.47% to 2,056 employees, with a focus on building a platform-based organization and restructuring regional markets[68] - The company managed over 500 projects in real-time in 2023, indicating an increase in management complexity and the need for organizational restructuring[49] Market Position and Strategy - The company has expanded its client base, with government and state-owned enterprises accounting for 74.7% of new project contracts[47] - The company initiated the "Bai Chuan Plan" to attract urban partners and quality projects amid a backdrop of workforce reductions in the real estate sector[49] - The company established the China Real Estate Industry Association's Construction Sub-Committee in 2023 to promote industry standards and facilitate communication with government entities[50]

Financial Performance - The company's revenue reached RMB 1,549.0 million, a 23.1% increase from RMB 1,258.5 million in the same period last year[17]. - Gross profit amounted to RMB 806.2 million, up 27.0% from RMB 634.7 million year-on-year, with a gross margin of 52.0%, an increase of 1.6 percentage points from 50.4%[17]. - Net profit attributable to shareholders was RMB 473.6 million, representing a 31.3% growth compared to RMB 360.8 million in the previous year[17]. - Revenue for the first half of 2023 was RMB 1,549.0 million, representing a year-on-year growth of 23.1% compared to RMB 1,258.5 million in the same period of 2022[30]. - Revenue from commercial construction was RMB 1,064.8 million, accounting for 68.8% of total revenue, with a growth rate of 39.2% year-on-year[31]. - Net profit for the period was RMB 462.1 million, a 26.4% increase from RMB 365.7 million in the same period of 2022, while net profit attributable to shareholders rose 31.3% to RMB 473.6 million from RMB 360.8 million[41]. - Basic earnings per share for the six months ended June 30, 2023, was RMB 0.24, compared to RMB 0.19 for the same period in 2022[87]. - The company reported a total comprehensive income of RMB 457,218 thousand for the period, compared to RMB 365,641 thousand in the same period last year[87]. Cash Flow and Financial Health - The net cash flow from operating activities was RMB 593.0 million, with no bank debts and sufficient cash flow[17]. - Cash and cash equivalents amounted to RMB 2,533.7 million, up from RMB 1,933.1 million at the end of 2022, with a current ratio of 1.48[49]. - The company experienced a net cash outflow from investing activities of RMB 367,491 thousand for the six months ended June 30, 2023, compared to a net cash outflow of RMB 13,153 thousand in 2022[93]. - The financing activities resulted in a net cash outflow of RMB 6,203 thousand for the six months ended June 30, 2023, significantly improved from a net cash outflow of RMB 394,310 thousand in the same period of 2022[94]. - The company’s cash and cash equivalents increased by RMB 600,643 thousand during the six months ended June 30, 2023, compared to a decrease of RMB 398,273 thousand in 2022[94]. Market Position and Growth Strategy - The company has expanded its construction projects to 123 major cities across 28 provinces, municipalities, and autonomous regions in China as of June 30, 2023[3]. - The company continues to maintain its leading position in the construction industry, focusing on upgrading its business model and optimizing customer structure[14]. - The company maintained a market share of over 20% in the real estate light asset development sector for seven consecutive years, with a total construction area of contracted projects reaching 113.6 million square meters, a year-on-year increase of 20.4%[22]. - The company is expected to maintain and expand its leading effect in the industry, with a projected market scale of 1 billion square meters in the mid-term, where government-led affordable housing and rental properties will account for over 30%[29]. - The company plans to continue exploring new market opportunities and expanding its service offerings to enhance revenue growth in the future[91]. Operational Efficiency and Internal Measures - The company has implemented internal optimization measures to enhance operational realization and client satisfaction, including establishing an operational realization evaluation mechanism and simplifying decision-making processes[25]. - The introduction of the "M Mountain Model" aims to standardize B-end services and enhance service awareness among construction teams, promoting knowledge sharing across the industry[26]. - The company is actively promoting the establishment of a construction association to enhance industry communication and value promotion, contributing to the overall scale improvement of the construction sector[28]. Shareholder and Corporate Governance - The major shareholder, Greentown China, holds 1,432,660,000 shares, representing 71.28% of the company's equity[69]. - The company has complied with all applicable corporate governance codes during the six months ending June 30, 2023[54]. - The board of directors is committed to maintaining high standards of corporate governance to protect shareholder interests[54]. - The company has adopted two share incentive plans, namely the 2020 and 2022 share incentive plans, allowing eligible participants, including directors, to participate[70]. Related Party Transactions - The company engaged in related party transactions, providing construction management services totaling RMB 118,810,000 in the first half of 2023, compared to RMB 131,174,000 in the same period of 2022[169]. - The total receivables from related parties as of June 30, 2023, were RMB 6,465 thousand, down from RMB 21,484 thousand at the end of 2022, indicating a decrease of 70%[184]. - The total payables to related parties increased to RMB 310,099,000 as of June 30, 2023, compared to RMB 221,366,000 at the end of 2022, reflecting a growth of 40%[197]. Accounting and Financial Reporting - The application of new accounting standards, including IFRS 17, did not have a significant impact on the financial position or performance of the group during the reporting period[100]. - The group has adopted a retrospective application of new accounting policies for lease transactions occurring on or after January 1, 2022[102]. - The company has not reported any significant changes in accounting estimates or policies that would materially affect the financial statements during the reporting period[101].

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。 — 1 — 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2023年6月30日止六個月 中期業績公告 及 2022年年度報告補充公告 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2023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2022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。 | --- | --- | --- | --- | |-----------------------------------------------------|------- ...

Financial Performance - Total revenue for 2022 reached RMB 2,655,992 thousand, representing a 18.3% increase from RMB 2,243,158 thousand in 2021[9] - Profit before tax for 2022 was RMB 924,601 thousand, up 28.0% from RMB 722,242 thousand in 2021[9] - Net profit attributable to shareholders for 2022 was RMB 744,544 thousand, an increase of 31.7% compared to RMB 565,224 thousand in 2021[9] - Gross profit reached RMB 1,388.6 million, up 33.4% from RMB 1,040.7 million year-on-year, with a gross margin of 52.3%, an increase of 5.9 percentage points from 46.4%[21] - The company reported a net profit attributable to shareholders of RMB 744.5 million for the year 2022, contributing to the increase in equity[45] - The company reported a significant increase in other income, amounting to RMB 166,246 thousand, compared to RMB 116,322 thousand in the previous year[156] - The company incurred total operating expenses of RMB 664,968 thousand, which included selling and marketing expenses of RMB 120,195 thousand and administrative expenses of RMB 488,643 thousand[156] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 6,161,319 thousand, a growth of 17.5% from RMB 5,244,163 thousand in 2021[9] - Total liabilities increased to RMB 2,288,291 thousand in 2022, up 22.2% from RMB 1,872,452 thousand in 2021[9] - The company's net asset value reached RMB 3,873,028 thousand, reflecting a 14.8% increase from RMB 3,371,711 thousand in 2021[9] - The total equity of the group reached approximately RMB 3,873.0 million as of December 31, 2022, up by approximately RMB 501.3 million from RMB 3,371.7 million at the beginning of 2022[45] - The company's cash and cash equivalents decreased to RMB 1,933,099 thousand in 2022 from RMB 2,137,648 thousand in 2021, a decline of 9.6%[157] - The total liabilities increased to RMB 201,093 thousand in 2022 from RMB 28,565 thousand in 2021, reflecting a substantial rise of 603.5%[158] Market Position and Strategy - The company maintained a market share of 25.5% in the construction agency sector, continuing to lead the industry for seven consecutive years[12] - The total area of contracts exceeded 100 million square meters, making the company the first in the industry to achieve this milestone[12] - The company plans to enhance its business model and optimize customer structure, focusing on three main construction agency services and three supporting services[20] - The company will continue to innovate and expand its services, including government, commercial, and financial services, to adapt to the evolving real estate market[19] - The company has established a presence in 120 major cities across 28 provinces, municipalities, and autonomous regions in China[5] Dividends and Shareholder Returns - The company has proposed a final dividend of RMB 0.30 per share and a special dividend of RMB 0.08 per share, subject to shareholder approval[18] - The board proposed a final dividend of RMB 0.30 per share and a special dividend of RMB 0.08 per share, subject to shareholder approval[68] Operational Highlights - The company reported a net cash flow from operating activities of RMB 724.7 million, indicating strong liquidity with no debt[21] - The company completed the acquisition of Zhejiang Shangle Construction Management Co., Ltd., with the first-year operational targets successfully met[28] - The company has over 1,200 strategic partners across various sectors, enhancing its supply chain capabilities[24] - The company has implemented a new stock incentive plan linked to operational performance, aimed at stabilizing the core management team[30] Employee and Governance - The company has 1,529 employees as of December 31, 2022, with a gender distribution of 75.7% male (1,158) and 24.3% female (371), reflecting a 4.06% increase from December 31, 2021[104] - The board of directors consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors, ensuring a diverse range of business experience and expertise[115] - The company has maintained sufficient public float as per listing rules, ensuring compliance with regulatory requirements[105] Financial Reporting and Compliance - The company's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, reflecting a true and fair view of the group's financial position as of December 31, 2022[147] - The group has applied the revised International Financial Reporting Standards (IFRS) for the first time in preparing consolidated financial statements, effective from January 1, 2022, with no significant impact on the financial position and performance for the current and prior periods[168] - The company continues to focus on enhancing its internal controls and audit processes to ensure the accuracy of financial reporting and compliance with relevant standards[155] Future Outlook - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating a projected growth of 25%[25] - The company anticipates a steady growth in demand for construction services, with an industry penetration rate expected to exceed 30%[31]