Core Viewpoint - Citigroup's report indicates that Greentown China has shown impressive performance in the first half of the year, ranking among the top five in sales and top three in land acquisitions, which boosts confidence in the company's profit forecasts [1] Group 1: Company Performance - Greentown China's sales for 2025 are projected to reach 170 billion yuan, maintaining its position among the industry's top five [1] - The company is expected to maintain a stable ownership ratio of 70% [1] - The target price for Greentown China has been raised from 12.3 HKD to 13.5 HKD, reflecting a target price-to-earnings ratio increase from 8 times to 9 times [1] Group 2: Financial Metrics - The gross profit margin for Greentown China in 2025 is anticipated to remain under pressure, particularly due to impairments from projects in lower-tier cities, with a new sales gross profit margin estimated at around 15% [1] - The estimated net asset value per share for the company this year is projected to be 18.96 HKD, based on assumptions regarding property completion progress, sales pipeline, and average selling prices [1]
大行评级｜花旗：绿城中国上半年表现亮眼 目标价上调至13.5港元