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 current stock price corresponding to PE ratios of 6.6, 4.8, and 4.0 times. The outlook is positive for profit recovery following the completion of low-margin project turnover [5][10]. Sales Performance - In May 2025, the company launched 13 self-invested projects with a total saleable area of approximately 290,000 square meters, achieving sales of 18.6 billion CNY, a year-on-year increase of 14.8%. From January to May 2025, cumulative sales area for self-invested projects was 1.8 million square meters, down 15.1% year-on-year, with total sales amounting to 65.4 billion CNY, a decrease of 3.8% [6][10]. - The average selling price for cumulative sales was 36,333 CNY per square meter, reflecting a year-on-year increase of 13.3% [6]. Land Acquisition - In May 2025, the company acquired four new land parcels in Hangzhou, Xi'an, Foshan, and Zhoushan, adding a total of 450,000 square meters of gross floor area with an equity land acquisition cost of approximately 3.9 billion CNY. From January to May 2025, the company acquired 30 parcels, totaling 3 million square meters of gross floor area, with an equity land acquisition cost of 37.3 billion CNY, maintaining a high land acquisition intensity of 84% [7][24]. 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, which was the largest real estate USD 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 to be 13.2%, with a net margin of 4.2% [10].
绿城中国：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-20250610