Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.44 billion yuan for 2024, representing a year-on-year growth of 4.2%, while the net profit attributable to shareholders decreased by 17.7% to 800 million yuan [7] - The company has maintained a market share of over 20% for nine consecutive years, with a new project area of 36.49 million square meters in 2024, reflecting a year-on-year increase of 3.4% [7] - The company has adjusted its project structure in response to market conditions, increasing the proportion of private enterprise projects in new projects to 33% [7] - The company’s dividend for 2024 is set at 0.24 yuan per share, with a dividend payout ratio adjusted to 60% [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan and 8.7 billion yuan for 2025 and 2026, respectively [7] Financial Summary - Total revenue forecast for 2024 is 3.44 billion yuan, with a projected growth rate of 5.65% in 2025 [8] - The net profit attributable to shareholders is forecasted to be 801.13 million yuan in 2024, with a slight increase to 822.77 million yuan in 2025 [8] - The company’s earnings per share (EPS) is projected to be 0.40 yuan in 2024, increasing to 0.46 yuan by 2027 [8] - The price-to-earnings (P/E) ratio is expected to decrease from 6.87 in 2024 to 5.90 in 2027 [8]

Group 1 - The company reported a total revenue of 3.441 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 4.2% [1] - Gross profit was 1.706 billion RMB, with a net profit attributable to shareholders of 800 million RMB, resulting in a basic earnings per share of 0.41 RMB [1] - The company proposed a final dividend of 0.24 RMB per share [1] Group 2 - The company maintained its position as the leading player in the real estate agency service sector, achieving a market share of 22.1%, an increase of 1.7 percentage points from 2023 [1] - The company received multiple accolades, including "Top 1 in China's Real Estate Agency Operations for 2024" and "Top 1 in Comprehensive Strength of Real Estate Agency Enterprises" [1] - As of December 31, 2024, the company had established agency projects in 130 major cities across 30 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 126 million square meters, a 5.0% increase year-on-year [1] Group 3 - The estimated total saleable value of contracted projects in major economic regions reached 720.1 billion RMB, accounting for 77.3% of the overall saleable value, remaining stable compared to the previous year [2] - The building area in first and second-tier cities reached 55.3 million square meters, representing 44.0% of the total building area, an increase of 7.6% year-on-year [2] - The company achieved the largest new project scale in the industry, with a total contracted area of new projects reaching 36.5 million square meters, a year-on-year growth of approximately 3.4% [2] Group 4 - The estimated agency fee for new projects was 9.32 billion RMB, a decrease of approximately 10.1% compared to the previous year, but the overall order quality improved [2] - The price of new projects stabilized from 240 RMB per square meter in the first half of 2024 to 255 RMB per square meter for the entire year [2] - The proportion of projects in first and second-tier cities increased to 58%, up 6 percentage points from the previous year [2]

2024年代建行业增速持续放缓，进入头部企业格局稳定、其他企业加速分化的新阶段。2024年30强企 业的总合约面积达到9.14亿平方米，同比增长23%；综合实力TOP30代建企业新增签约面积1.93亿平 方米，同比增长6%。在此背景下，克而瑞研究中心从经营发展能力、产品竞争力、资源整合力以及品 牌信誉力等多维度综合考虑分析，对代建企业进行测评，以供参考和借鉴。 ◎ 克而瑞研究中心 PART1 榜单发布 头部企业整体表现稳定，绿城管理、蓝城集团、金地管理稳居综合能力前三 0 1 PART2 榜单解读 从2024年中国房地产企业代建综合能力TOP30来看，总体呈现三个特征： 第一，代建头部企业强者恒强，表现稳定。 一方面综合能力TOP10企业总体变动率仅为10%，格局相对稳 定；另一方面， 绿城管理、蓝城集团、金地管理呈现三强鼎立的态势，润地管理以政府代建优势稳居第一 梯队， 这些企业均在代建领域深耕多年，作为先行者，业务优势、管理优势、品牌优势等较为突出。 其中，绿城管理作为首家上市的代建企业，规模稳居行业首位，市场份额持续领先，2016年以来连年保持 20%以上的市占率。在"3+3"全方位的代建业务模式下，龙 ...

企业 本期关注 蓝乐集团与绍兴稽东镇签约"党建联建"项目 润地管理中标嘉兴市嘉善中新智能制造产业园项目 中海管理代建长城资产上海杨浦滨江豪宅项目 合生创展2025年1-2月代建销售额6.95亿 项目 远洋建管台州凯地智能制造产业园全力推进 招商建管代建东莞生物产业基地松湖药港二期启动 企业动态 项目合同额约2.82亿元，项目位于河北省雄安新区北京林业大学雄安校区东北角，项目总建筑面积约2.56万平方米；住总集团中标3项单个合同额超2亿元的项目，北京 项目动态 。旭辉建管截止2024年末累计在管项目数量200+，累计项目覆盖城市70+，累计在管总建筑面积3000+万平方米，其中国企政府类代建合同金额占比超50%。 产业导入、运营管理等方面的优势，以党建引领，凝聚发展合力，以产业赋能，激发乡村活力。 约57.8万㎡，总占地面积约30.43公顷，分为两个地块建设，建设内容包括办公楼（研发）、生产类用房、仓库、附属配套用房、地下车库等。 即中海地产）的全资子公司，即中海代建平台中海管理。 、临港六院、锦江大酒店等，区位优势明显。项目总建筑面积约4万㎡，拟规划演艺剧场、超市、市集等多元功能，打造室内外结合、文娱一体的特 ...