Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady sales performance with a high land acquisition intensity, maintaining a robust land reserve structure. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 3.33 billion, 4.54 billion, and 5.43 billion CNY, respectively. The corresponding EPS is projected to be 1.31, 1.79, and 2.14 CNY, with the current stock price reflecting a PE ratio of 6.6, 4.8, and 4.0 times [5] Sales Performance - In May 2025, the company launched 13 self-invested projects with a total saleable area of approximately 290,000 square meters, achieving a sales area of 420,000 square meters, a year-on-year decrease of 14.3%. The sales amount reached 18.6 billion CNY, a year-on-year increase of 14.8% [6] - From January to May 2025, the cumulative sales area for self-invested projects was 1.8 million square meters, down 15.1% year-on-year, with a total sales amount of 65.4 billion CNY, a decrease of 3.8% year-on-year. The equity sales amount was 44.4 billion CNY, with a sales equity ratio of 68% [6] Land Acquisition - In May 2025, the company acquired 4 new land parcels in Hangzhou, Xi'an, Foshan, and Zhoushan, adding a total construction area of 450,000 square meters with an equity acquisition cost of approximately 3.9 billion CNY. From January to May 2025, the company acquired 30 parcels, adding 3 million square meters of construction area with an equity acquisition cost of 37.3 billion CNY, maintaining a high land acquisition intensity of 84% [7] Financing - The company successfully issued three tranches of medium-term notes totaling 3 billion CNY from January to May 2025, with interest rates ranging from 4.2% to 4.37%, maintaining low financing costs. Additionally, a three-year 500 million USD senior note was issued in February, marking the largest real estate dollar bond in Asia since 2022, with a subscription multiple of 4.3 times, indicating high market recognition [8] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 161.76 billion CNY, with a year-on-year growth of 2.0%. The net profit for 2025 is expected to be 3.33 billion CNY, reflecting a significant year-on-year increase of 108.3%. The gross margin is projected at 13.2%, and the net margin at 4.2% [10]
绿城中国（03900）：港股公司信息更新报告：单月销售金额实现增长，拿地强度保持高位