Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a steady and proactive approach in acquiring land in the open market, with a significant increase in average sales price [6] - The company maintains its profit forecast, expecting net profit attributable to shareholders to be 3.654 billion, 4.397 billion, and 5.070 billion RMB for 2024-2026, with corresponding EPS of 1.44, 1.74, and 2.00 RMB [6][10] - The current stock price corresponds to a PE ratio of 6.6, 5.5, and 4.7 for the years 2024, 2025, and 2026 respectively, indicating potential for profit recovery after the completion of low-margin project transfers [6] Sales Performance - In November 2024, the company's self-invested project sales area was 520,000 square meters, a year-on-year decrease of 36.59%, with sales amounting to 17.7 billion RMB, down 13.66% year-on-year [7] - The average sales price increased to 34,298 RMB per square meter, reflecting a year-on-year growth of 31.99% [7] - Cumulatively, from January to November 2024, the company sold 5.1 million square meters, a decrease of 14.72%, with total sales amounting to approximately 148.7 billion RMB, down 11.91% year-on-year [7] Land Acquisition - In November 2024, the company added five new land reserves, including a plot in Hangzhou with a total price of 1.716 billion RMB and a floor price of 36,568 RMB/m², with a premium rate of 22.92% [8] - Other notable acquisitions include land in Beijing, Xi'an, Nanjing, and Suzhou, with varying floor prices and premium rates [8] Construction and Management - The company's construction management projects achieved a sales area of 1.09 million square meters in November 2024, a year-on-year decrease of 6.03%, with contract sales amounting to 13.4 billion RMB, a year-on-year increase of 1.52% [9] - Cumulatively, from January to November 2024, the total contract sales amount for construction management projects reached 98.1 billion RMB [9]
绿城中国：港股公司信息更新报告：公开市场拿地稳健积极，销售均价显著提升