Core Viewpoint - Greentown Management maintains its leading position in the industry with strong performance in new project expansion, total order reserves, delivery scale, and construction income, while optimizing its order structure to enhance risk resilience [1][3]. Group 1: Project Expansion and Order Structure - In 2024, Greentown Management's newly expanded construction projects totaled 36.49 million square meters, a slight increase of 3.4% year-on-year, maintaining a significant lead over the second-largest competitor by 2.3 times [3][6]. - The order structure has shifted, with private enterprises becoming the largest client group for the first time, accounting for 33.2% of new projects, a year-on-year increase of 7.9 percentage points [10][7]. - The total area under management reached 125.6 million square meters, with a 5% year-on-year increase, and the company has a solid order reserve of 932.1 billion yuan [15][17]. Group 2: Financial Performance - In 2024, Greentown Management achieved a revenue of 3.442 billion yuan, a year-on-year increase of 4.21%, primarily driven by commercial construction income [4][26]. - The net profit for 2024 was 791 million yuan, a decline of 19.4% year-on-year, reflecting increased competition and challenges in profitability [4][31]. - The overall gross profit margin decreased to 49.6%, down 2.6 percentage points from the previous year, mainly due to a significant drop in the gross margin of government construction projects [28][4]. Group 3: Operational Efficiency and Cost Management - The company has implemented various reforms leading to a 7.6% reduction in sales and management expenses, while the per capita construction output value increased to 840,000 yuan per person [3][21]. - The delivery scale for 2024 reached 16.56 million square meters, a 3% increase year-on-year, maintaining the top position in the industry [21][4]. - The liquidity ratio improved to 1.68, indicating a recovery in short-term solvency, despite a decrease from the previous year [33][4].
年报点评｜绿城管理：规模稳增锚定龙头地位，利润承压倒逼管理破局