Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company has maintained a strong position in the real estate development service sector, achieving a market share of over 20% for eight consecutive years [4] - The company reported a revenue of RMB 1,669.6 million for the first half of 2024, representing a year-on-year increase of 7.8%, with a net profit of RMB 501.2 million, up 5.8% year-on-year [4][7] - The company has diversified its business model, focusing on various types of projects including public rental housing and commercial properties, with a total contracted construction area of 17.4 million square meters in new projects, a 1.1% increase year-on-year [8] Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of RMB 1,669.6 million, with a gross profit margin of 51.5%, down 0.5% year-on-year [7][8] - The net profit attributable to the parent company was RMB 501.2 million, reflecting a 5.8% increase compared to the previous year [7] - The company reported a total sales amount of RMB 411.0 billion, a 14% increase year-on-year, and successfully delivered 29,900 units [4][8] Market Position - The company has established a presence in 128 major cities across 30 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 122.8 million square meters, an 8.1% increase year-on-year [4] - The estimated total saleable value of contracted projects is RMB 674.7 billion, with significant contributions from major economic regions [4] Future Outlook - The company is projected to achieve an EPS of RMB 0.58 for 2024, with a valuation range of HKD 6.37 to 7.64 per share based on a PE ratio of 10-12 times [4][9] - The company is expected to continue its stable growth trajectory, supported by a robust business model and market demand [4][9]
绿城管理控股：公司半年报点评：营收净利双增，稳居行业第一身位