Investment Rating - The investment rating for Greentown China (03900.HK) is "Buy" (maintained) [6][33]. Core Views - Greentown China has shown strong performance in land acquisition and sales, with a significant improvement in its industry ranking, maintaining a "Buy" rating. The company reported a stable sales performance in 2024, with a notable decrease in sales amount being less severe than that of the top 100 real estate companies. The company has actively acquired land in the open market and has a robust and quality land reserve structure [6][7][8]. Summary by Sections Sales Performance - In December 2024, the company's self-invested project sales area was 690,000 square meters, a year-on-year decrease of 21.6%, with a sales amount of 21.7 billion yuan, down 14.9%. The average sales price was 31,504 yuan per square meter, down 6.3% year-on-year. For the entire year, the cumulative self-invested sales area was 5.91 million square meters, down 13.8%, and the cumulative sales amount was 171.8 billion yuan, down 11.6% [7]. Land Acquisition - In December 2024, the company added 4 plots of land in key cities, with a total land area of 216,000 square meters and a total land price of 4.83 billion yuan. The total land acquisition amount for 2024 was 64.1 billion yuan, a year-on-year decrease of 19%, ranking the company among the top four in the industry for land acquisition [8][29]. Financial Summary - The projected net profit for Greentown China for 2024-2026 is 3.04 billion, 3.60 billion, and 3.99 billion yuan respectively, with corresponding EPS of 1.20, 1.42, and 1.57 yuan. The current stock price corresponds to a PE ratio of 6.5, 5.5, and 5.0 times for the respective years [6][10].
绿城中国：港股公司信息更新报告：销售拿地表现亮眼，行业排名持续攀升