Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 5.6x, 4.3x, and 3.5x for the years 2024-2026 [2] Core Insights - The company has achieved a new contract building area of 36.49 million square meters in 2024, representing a year-on-year increase of 3.4%. However, the estimated construction fees for new projects have decreased by 10.1% to RMB 9.32 billion due to the impact of the real estate market [1] - The company continues to lead the industry with a market share exceeding 20% for eight consecutive years, ranking first in new contract signing among construction companies according to Yihan Research [1] - The company has a substantial business reserve with a contract sales amount of RMB 105 billion and a total construction area of 125 million square meters, providing potential growth momentum [1] - The management team has shown confidence in the company's long-term value by collectively purchasing 15.45 million shares during a specified period [2] Financial Summary - The company's projected revenue for 2024 is RMB 3.65 billion, with a growth rate of 10.51%. The net profit attributable to the parent company is expected to be RMB 1.046 billion, reflecting a growth rate of 7.44% [4] - The company’s return on equity (ROE) is projected to increase from 24.37% in 2024 to 35.03% in 2026, indicating improving profitability [4] - The PE ratio is expected to decline significantly from 5.58 in 2024 to 3.46 in 2026, suggesting that the stock may be undervalued [4]
绿城管理控股：代建龙头地位稳固，受行业下行拖累