Core Viewpoint - The company is a pioneer in the light asset development model in China's real estate sector, focusing on three main construction services and three supporting services, and has become the first listed company in this field in China [1] Group 1: Business Performance - In the first half of 2025, the company achieved a 13.9% year-on-year increase in newly expanded construction projects, totaling 19.89 million square meters, maintaining its leading position in the industry [1] - The projected construction fees for newly expanded projects in 1H2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of construction fees outpaces the growth rate of newly expanded area [1] Group 2: Shareholder Returns - The company has consistently prioritized shareholder returns since its listing, with a dividend payout ratio exceeding 100% in both 2022 and 2023 [1] - For the first time, the company declared an interim dividend in 1H2025, demonstrating a proactive approach to shareholder returns [1] - Following the interim results announcement, the company has repurchased a total of 10 million shares, with a total repurchase amount of 27.91 million yuan, and these repurchased shares have been fully canceled as of October 28 [1] Group 3: Investment Outlook - The company is expected to maintain its competitive edge in the construction sector, with projected net profits for 2025-2027 of 630 million yuan, 660 million yuan, and 720 million yuan, respectively, and corresponding EPS of 0.32 yuan, 0.33 yuan, and 0.36 yuan [2] - The company is assigned a "buy" rating based on its established scale advantages and brand effects, with a projected PE ratio of 8.9, 8.5, and 7.8 for the years 2025, 2026, and 2027, respectively [2]
绿城管理控股(09979.HK)：代建龙头深耕致远 持续坚守股东回报