Investment Rating - The investment rating for the company is "Recommended" [1][8] Core Views - The company achieved a revenue of 158.55 billion yuan in 2024, representing a year-on-year growth of 20.7%. However, the profit attributable to shareholders was 1.6 billion yuan, a decline of 48.8% year-on-year. A final dividend of 0.3 yuan per share is proposed for the 2024 fiscal year [4][7] - The company faced profit pressure due to increased impairment losses and decreased investment income. The gross profit margin slightly decreased to 12.8%, while the sales and management expense ratio improved to 4.9%, down by 1.1 percentage points year-on-year [7][8] - The total contract sales amount for 2024 was 276.8 billion yuan, a decrease of 8.1% year-on-year, with a sales return rate of 104%, maintaining a high level [7][8] - The company added 42 new projects in 2024, with a total construction area of 4.18 million square meters and an average floor price of 14,383 yuan per square meter. The average equity ratio for new projects increased to 79% [7][8] Financial Summary - The company's revenue and net profit projections for 2025 and 2026 have been revised downwards due to higher-than-expected impairment provisions and declines in investment income. The EPS forecast for 2025 is adjusted to 0.65 yuan and for 2026 to 0.84 yuan, with a new forecast for 2027 at 1.08 yuan [8][11] - The financial ratios indicate a gross margin of 12.8% for 2024, with a net margin of 2.6% and a return on equity (ROE) of 4.4% [11][12] - The company's total assets are projected to reach 507.79 billion yuan in 2024, with total liabilities of 394.30 billion yuan, resulting in a debt-to-asset ratio of approximately 77.65% [1][9]
绿城中国（03900）：聚力深耕，经营稳健