Core Insights - The company showcased its core competitiveness through the successful management of the Guihu Yun Cui project, which was taken over by China Great Wall Asset Management after the previous developer faced financial issues [1] - The project achieved a cumulative sales rate of 65% since its launch in December 2024, with subsequent price increases for new offerings, indicating strong market acceptance [1] - The company reported a 19% year-on-year increase in new contract value for the first half of 2025, reaching 5 billion, suggesting a positive trend in business expansion [2] Financial Performance - The company's revenue for 2024 is projected at 3.44 billion, with expectations of narrowing the gap between revenue and new contract value due to improved project quality and reduced project sizes [2] - Operating cash flow for the first half of 2025 showed a significant improvement, with a ratio of 44% to net profit compared to 15% in the same period last year, indicating better cash management [2] - The company has actively repurchased shares, totaling 1,000 shares or 0.5% of total equity, and the CEO increased his stake by purchasing 500,000 shares, reflecting a strong commitment to shareholder returns [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with a target price set at 3.2 HKD, corresponding to a 12x price-to-earnings ratio for 2025 and an expected dividend yield of 8% [2] - The company is currently trading at a 11.6x price-to-earnings ratio for 2025, with an expected dividend yield of 8.7%, indicating potential upside [2]

智通财经APP获悉，中金发布研报称，维持绿城管理控股(09979)2025和2026年盈利预测不变。维持跑赢 行业评级和维持目标价3.2港元(对应12倍2025年市盈率、8%的预期股息收益率和6%上行空间)，公司目 前交易于11.6倍2025年市盈率和8.7%的预期股息收益率。 中金主要观点如下： 典型纾困项目凸显公司核心竞争力 桂湖云翠项目在前开发商出现资金问题后，由中国长城资产接手控股，并在多家竞标代建企业中优选绿 城管理作为代建执行方。绿城管理在面临项目前期债务冗杂、规划设计不合理、部分已建已售、业主集 中维权等复杂困境下，全面协调各方利益诉求，通过超越市场的产品品质和全方位的实景展示重获购房 人信任和市场认可。2024年12月，该项目开盘以来实现65%的累计去化率、加推项目实现提价。标杆项 目亦获得委托方长城资产的高度认可，双方持续探索全国范围内的更多项目合作。 经营端维持稳步筑底向好趋势 公司1H25新拓合同额同比增长19%至50亿元，该行认为全年有望延续积极势头、拓展情况好于去年 (2024年全年实现拓展93.2亿合同额、3,649万平米)。同时，随着存量问题项目清退，同时新拓项目单体 体量下降、 ...