Core Viewpoint - Goldman Sachs reported that Greentown China (03900) experienced a 90% year-on-year decline in net profit to 200 million RMB in the first half of the year, aligning with profit warnings, primarily due to uneven project delivery progress leading to reduced property delivery revenue, high relative sales and administrative expenses, and increased impairment losses compared to the same period last year, although the gross profit margin for delivered properties improved year-on-year to partially alleviate the impact [1] Group 1 - The estimated core profit, excluding foreign exchange losses and impairments, is projected to decline by 67% to 1.6 billion RMB [1] - Goldman Sachs raised the estimated net asset value per share for the company from 14 HKD to 14.9 HKD [1] - The target price was increased from 13 HKD to 13.8 HKD, reflecting a 15% discount to the projected net asset value, while maintaining a "Buy" rating [1] Group 2 - According to management guidance, Goldman Sachs adjusted the company's contract sales forecast for this year to 171 billion RMB, remaining flat year-on-year, indicating a 5% year-on-year growth in sales for the second half [1] - The firm also raised the company's contract sales forecasts for next year and the year after by 5% and 7%, respectively [1] - Adjustments were made to the core profit forecasts for the company from a decrease of 8% to an increase of 9% for the years 2023 to 2027, predicting a 4% decline in revenue this year, with revenue remaining stable at approximately 150 billion RMB for the following two years [1] - The average gross profit margin for delivered projects is expected to increase by 0.4 percentage points [1]
高盛：上调绿城中国(03900)明年及后年销售预测 目标价上调至13.8港元