Investment Rating - The report maintains a "Buy" rating for Greentown Management Holdings (9979.HK) [1][3] Core Views - The company has shown steady growth in business scale, with 2023 revenue reaching 3.302 billion RMB, a year-on-year increase of 24.3%, and net profit of 970 million RMB, up 30.8% [2][3] - Greentown continues to lead the light-asset development sector in real estate, maintaining over 20% market share in the construction agency market for eight consecutive years [2] - The company has diversified its client base, with 74.7% of new construction agency projects coming from government and state-owned enterprises [2] Summary by Sections Business Performance - In 2023, the company achieved a total revenue of 3.302 billion RMB, with a gross profit of approximately 1.72 billion RMB, maintaining a gross margin of about 52.2% [2] - The cash flow from operating activities was 960 million RMB, reflecting a 31.8% increase year-on-year [2] Market Position - As of the end of 2023, Greentown's construction agency projects spanned 122 major cities across 29 provinces, with a total contracted area of 119 million square meters, a 17.9% increase from the previous year [2] - The estimated total saleable value of contracted projects is approximately 693.3 billion RMB, with significant contributions from key economic regions [2] Client Diversification - The company has adapted its business structure to deepen opportunities with state-owned enterprises and financial institutions, resulting in a 25% year-on-year increase in new contracted area [2] - The breakdown of new projects shows that government projects account for 26.8%, state-owned enterprises for 34.2%, and private enterprises for 31.7% of the total contracted area [2] Profit Forecast - The forecast for net profit for 2024-2026 is 1.253 billion RMB, 1.546 billion RMB, and 1.874 billion RMB respectively, with EPS projected at 0.62, 0.77, and 0.93 RMB [3][4]
2023年年报点评：业务规模稳健增长，多元客户助增长