Investment Rating - The report maintains a "Buy" recommendation for the company [3][6]. Core Views - The company has shown a revenue growth of 7.8% year-on-year in H1 2024, with a net profit increase of 5.8% [6]. - Despite a slowdown in growth, the company retains its leading position in the industry, ranking first in new contract signing with 17.46 million square meters in H1 2024 [6]. - The company is facing short-term pressures due to ongoing adjustments in the real estate sector and increased competition, which have led to a decline in gross margin by 0.5 percentage points to 51.5% [6]. - The company has a solid order backlog with a total saleable value of CNY 892 billion, with major city clusters accounting for 75.5% of the contract area [6]. - The company is expected to benefit from the growing scale of the construction agency industry, with government and investment-driven projects likely to enhance market penetration [6]. Financial Summary - For H1 2024, the company reported revenue of CNY 1.67 billion and a net profit of CNY 500 million [6]. - The projected earnings per share (EPS) for 2024-2026 have been revised down to CNY 0.50, CNY 0.51, and CNY 0.52 respectively, reflecting the competitive landscape and industry adjustments [6]. - The company's price-to-earnings (P/E) ratio is projected to be 5.0x, 4.9x, and 4.8x for the years 2024, 2025, and 2026 respectively [7][12].
绿城管理控股：业绩增速放缓，保持行业领先地位