Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The construction management industry in China is experiencing a slowdown in growth, with the top 30 companies showing a total contracted area of 914 million square meters, a year-on-year increase of 23% [1][10] - The top 30 construction management companies added a new signed area of 19.3 million square meters, reflecting a 6% year-on-year growth, although the growth rate has decreased by 20 percentage points compared to 2023 [12] - The competitive landscape is characterized by a stable performance among leading companies, with the top three being Greentown Management, Blue City Group, and Jindi Management [7][8] Summary by Sections Ranking Release - The report lists the top 30 construction management companies in China, highlighting their rankings and names [2][3] Ranking Interpretation - The top companies exhibit stable performance, with Greentown Management maintaining a market share of over 20% since 2016, while Blue City Group and Jindi Management also show strong competitive advantages [7] - New entrants in the market are rapidly expanding, with companies like Xuhui Construction Management and Longfor Longzhizao emerging as significant players [8][9] - Private enterprises dominate the top 30 list, accounting for 63%, while state-owned enterprises and mixed ownership companies make up 17% and 20%, respectively [9] Market Data - The total contracted area for the top 30 companies reached 914 million square meters, with nine companies experiencing over 50% growth in their contracted scale [10] - The concentration of new contracts remains high, with the top five companies accounting for 46% of the total contracted area and new contracts [12] Competitive Landscape - The industry is facing intensified competition, prompting companies to adopt strategic transformations and innovations to adapt to market changes [17] - Many companies are extending their service chains to offer comprehensive service models, while diversifying their business areas beyond traditional residential construction [17][18]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 3.44 billion yuan in 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 to 33% in new projects [7] - The company’s dividend payout ratio has been adjusted to 60%, with a dividend of 0.24 yuan per share for 2024 [7] - The company is expected to benefit from a stabilizing real estate market, with projected net profits of 8.2 billion yuan in 2025 and 8.7 billion yuan in 2026 [7] Financial Summary - Total revenue is forecasted to grow from 3.44 billion yuan in 2024 to 4.04 billion yuan in 2027, with a compound annual growth rate of approximately 5.39% [8] - The net profit attributable to shareholders is projected to increase from 800 million yuan in 2024 to 932.8 million yuan in 2027 [8] - The earnings per share (EPS) is expected to rise from 0.40 yuan in 2024 to 0.46 yuan in 2027 [8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 6.87 in 2025 to 5.90 in 2027, indicating potential value appreciation [8]

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]

本期关注 代建大单。截至目前，润地管理已先后参与深圳、西安、温州、哈尔滨等重点城市的保障性住房项目，以及广州白云机场三期安置房、北京大兴机场临空区安置房两 项目动态 面积约1.49万平方米，项目将打造成16000座乙级体育场。3月18日龙港市体育中心结构罩棚"首吊"顺利完成，标志着项目建设又迈出关键一步，龙港市体育中心项目 企业 旭辉建管签署海南洲—水口湾人文经济活力区战略合作协议 金地管理获沈阳、东莞、呼和浩特3个代建项目 润地管理中标广州市番禺区7个保障房代建项目 项目 润地管理龙港市体育中心钢结构罩棚"首吊"顺利完成 远洋代建京山轻机高端智能装备制造产业基地项目开工 企业动态 略合作协议。本次战略合作协议的正式签署，奠定旭辉建管与佛山南海区政府、里水镇政府、乐宜里文旅开展深度合作的坚实基础，三方将以"体育+文旅+生态"为核 项目获取 市皇姑区，未来项目将以片区标杆的产品标准，打造高品质的宜居小区。金地管理表示将充分发挥北方区域沈北公司在该区域住宅项目的开发经验和管理优势，确保 容建筑面积约60800平方米，其中二号厂区计容建筑面积约33200平方米,四号厂区计容建筑面积约27600平方米。项目拟建设厂房 ...

Core Viewpoint - The construction industry in 2024 is experiencing a slowdown in growth, transitioning into a phase where leading companies maintain stability while others face increasing differentiation [1] Group 1: Rankings Release - The top 30 construction companies in 2024 achieved a total contract area of 914 million square meters, representing a year-on-year growth of 23% [8] - The top 30 companies in terms of comprehensive strength signed an additional area of 19.3 million square meters, with a year-on-year growth of 6% [10][11] Group 2: Rankings Interpretation - The leading construction companies exhibit stable performance, with the top 10 companies showing a total change rate of only 10%, indicating a relatively stable market structure [5] - Green City Management, Blue City Group, and Jindi Management are the top three companies in comprehensive capability, with Green City Management maintaining a market share of over 20% since 2016 [5][6] - New entrants are rapidly expanding, leveraging unique competitive advantages to become significant players in the construction sector, with companies like Xuhui Construction Management and Longhu Longzhizao making notable progress [6][7] Group 3: Market Dynamics - Private construction companies dominate the market, accounting for 63% of the top 30 companies, while state-owned and mixed-ownership enterprises make up 17% and 20%, respectively [7] - The top five companies hold a significant market concentration, with their total contract area accounting for 46% of the overall market [11] Group 4: Industry Trends - The construction industry is facing intensified competition, prompting companies to adapt by transitioning to "light asset" models and seeking growth in niche markets [12] - Many leading companies have implemented partner programs to enhance resource integration and project execution [12] - Diversification in construction services is becoming a key development direction, with companies expanding beyond traditional residential construction into various sectors [12][13]

Company Developments - Blue乐 Group signed a "Party Building Joint Construction" project with Shaoxing Jidong Town [1] - RunDi Management won the bid for the Jiaxing City Jiashan New Intelligent Manufacturing Industrial Park project [1] - China Overseas Management is overseeing the construction of the Changcheng Asset Shanghai Yangpu Riverside luxury residential project [1] - HeSheng ChuangZhan's projected sales for January-February 2025 are estimated at 695 million RMB [1] Project Updates - Yuanyang Construction Management is making significant progress on the Taizhou Kaidi Intelligent Manufacturing Industrial Park [1] - China Merchants Construction Management has initiated the second phase of the Dongguan Biopharmaceutical Base Songhu Pharmaceutical Port project [1] - CIFI Construction Management has over 200 projects under management as of the end of 2024, covering more than 70 cities and a total construction area exceeding 30 million square meters, with over 50% of contracts from state-owned enterprises and government projects [2] Project Details - The project covers approximately 578,000 square meters, with a total land area of about 30.43 hectares, including office buildings, production facilities, warehouses, and underground parking [4] - The project in Xiong'an New Area has a contract value of approximately 282 million RMB and a total construction area of about 25,600 square meters [7] - The project in Dongguan aims to enhance the power supply capabilities of the Xiamen power grid, focusing on core functions such as storage and testing centers [9] Market Monitoring - The project in Wuxi has a development area of 23,126.25 square meters, with a contract amount of approximately 22.59 million RMB [10] - The Nanjing Liuhe project has a total area of 93,081.31 square meters, with a contract value of 19.4 million RMB [10] Additional Collaborations - Blue and Green Twin Cities signed a cooperation agreement with Zhoucun Urban Construction [11] - Huafa Group is establishing its first light-asset construction project in Wuhan [11] - China Overseas Management visited Jindi Management for benchmarking exchanges [11]

本期关注 企业 宁夏中房代建2025年度供应商招募启动 金地管理成功中标无锡锡山皇宴项目全过程委托管理服务 新城建管集团签约河南焦作龙福商业项目 武汉城建建设公司成功中标江夏低空经济示范区项目 项目 绿城管理代建桂语朝阳项目半年热销400套 国贸地产代建厦大中山医院门急诊综合大楼正式启用 企业动态 项目动态 合，为地块注入新生机。同时绿城管理也受到博兴县财金集团委托，正式承接起桂语朝阳的开发建设。绿城管理通过精准的定位能力+产品力领跑+营销能力赋能，打 建筑面积达8万余平方米，建筑主体地上22层、地下3层，规划日均门急诊量1万人次，设置住院床位430张，并配备426个停车位。未来，国贸地产建设开发公司将继续 云湾项目，石嘴山市玺悦澜庭项目，以及未来新开项目。 项目获取 集成电路先进内存制造、高阶封装测试项目及上下游产业链配套项目。 ，商业、办公及公共配套设施。 旅游于一体的综合性商业体。新城建管将整合内外部资源，提供定制化专业服务，并引入吾悦街区4.0设计理念，通过创新的空间布局和地域文化特色，打造舒适宜 能聚合"三大维度，打造国内领先的低空经济标杆工程。该项目拟引入亿航智能载人级自动驾驶飞行器，通过两期建设 ...