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。 | --- | --- | --- | --- | |-------------------------------------------------|--------------------------------- ...

Investment Rating - Buy rating (initiated) with a market price of HKD 6.84 [1] Core Views - Greentown Management Holdings is a leader in China's real estate light-asset development model, with a unique "3+3" business model that includes government, commercial, and capital-side project management, along with financial, industrial, and supply chain services [4] - The company has a concentrated shareholding structure, with Greentown China Holding Limited holding 71.28% of the shares, and has implemented two equity incentive plans to align management and shareholder interests [4] - Strong growth in core businesses, with 2023 revenue reaching RMB 3.3 billion, up 24.3% YoY, and net profit attributable to shareholders of RMB 974 million, up 30.8% YoY [4] - The company has a diversified customer base, with government, state-owned enterprises, and financial institutions accounting for 69.4% of new project contracts in 2023 [4] Business Overview - Greentown Management Holdings is a pioneer in China's real estate light-asset development model, starting with urban village reconstruction in Hangzhou in 2005 and officially established in 2010 [8] - The company went public on the Hong Kong Stock Exchange in July 2020, becoming the first listed company in China's project management sector [8] - The "3+3" business model includes government, commercial, and capital-side project management, along with financial, industrial, and supply chain services [9] Financial Performance - Revenue in 2023 was RMB 3.3 billion, up 24.3% YoY, with net profit attributable to shareholders of RMB 974 million, up 30.8% YoY [4] - Commercial project management is the main revenue driver, contributing RMB 2.35 billion in 2023, up 40.6% YoY [4] - The company's projects cover 122 cities across 29 provinces, with a total contracted construction area of 119.6 million square meters, up 17.9% YoY [4] Growth Prospects - The company is expected to achieve net profit attributable to shareholders of RMB 1.246 billion, RMB 1.557 billion, and RMB 1.908 billion in 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to a PE ratio of 10.0x, 8.0x, and 6.5x for 2024, 2025, and 2026, respectively [5] Market Position - Greentown Management Holdings has maintained a market share of over 20% in the project management industry for eight consecutive years, ranking first in the industry [10] - The company's projects are concentrated in economically developed regions, with the Yangtze River Delta, Bohai Rim, and Pearl River Delta regions accounting for 77.7% of the total estimated salable value [25] Valuation - The company's valuation is supported by its strong market position, diversified customer base, and robust growth prospects, with a buy rating initiated [5]

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 ...