Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company achieved a revenue of 1.67 billion yuan in the first half of 2024, representing a year-on-year growth of 7.8%, while the net profit attributable to the parent company was 500 million yuan, up 5.8% year-on-year [5][11]. - The commercial construction revenue was 1.31 billion yuan, showing a significant increase of 22.9%, and its revenue share rose by 9.5 percentage points to 78.3%. In contrast, government construction revenue fell by 16.1% to 330 million yuan [5][11]. - The overall gross margin for the first half of 2024 was 51.5%, a decrease of 0.7 percentage points from the end of the previous year, with commercial construction gross margin at 54.2% (up 1.9 percentage points) and government construction gross margin at 40.4% (down 4.8 percentage points) [5][11]. Summary by Sections Financial Performance - The company has a solid order backlog, with total contracted building area reaching 120 million square meters, an increase of 8.1% year-on-year, and the area under construction at 50 million square meters, also up 8.2% [10]. - The total saleable value of contracted projects is 892 billion yuan, with significant contributions from the Bohai Rim and Beijing-Tianjin-Hebei regions (24.9% and 32.9% respectively) [10]. - New construction projects added in the first half of 2024 totaled 1.7 million square meters, with government construction, state-owned enterprises, private enterprises, and financial institutions contributing 30.7%, 26.5%, 29.5%, and 13.3% respectively [10]. Earnings Forecast and Valuation - Revenue forecasts for 2024 and 2025 have been adjusted to 3.72 billion yuan and 4.13 billion yuan respectively, down from previous estimates of 4.15 billion yuan and 5.11 billion yuan [11]. - The projected net profit for 2024 and 2025 is now 1.06 billion yuan and 1.17 billion yuan, respectively, compared to earlier estimates of 1.23 billion yuan and 1.51 billion yuan [11]. - The earnings per share (EPS) for 2024 and 2025 are expected to be 0.53 yuan and 0.58 yuan, with corresponding price-to-earnings (PE) ratios of 5.2 and 4.7 times [11].
绿城管理控股：归母净利增长7.8%，行业竞争格局加剧