Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company is experiencing short-term performance pressure but is actively positioning itself in core cities [1][5] - Despite a cooling real estate market, the company reported a revenue increase of 20.7% year-on-year for 2024, reaching approximately RMB 158.55 billion [5] - The company's net profit attributable to shareholders for 2024 was RMB 1.60 billion, a decrease of 48.8% compared to 2023 [5] - The company has focused on acquiring land in core cities, with 92% of its new saleable value located in first and second-tier cities [5] - The average financing cost has decreased to 3.7%, down from 4.1% in 2023, indicating improved debt management [5] Financial Performance Summary - Revenue for 2023 was RMB 131.95 billion, with a projected decline to RMB 152.99 billion in 2025, reflecting a -4% year-on-year growth rate [1] - The net profit for 2023 was RMB 3.09 billion, with a forecasted increase to RMB 2.55 billion by 2027 [1] - Earnings per share (EPS) are projected to be RMB 0.74 in 2025, RMB 0.86 in 2026, and RMB 1.00 in 2027 [1][5] - The company's price-to-earnings (P/E) ratio is expected to decrease from 15.5 in 2024 to 9.7 by 2027 [1][5] Market Positioning - The company has maintained a strong sales performance, with a sales area of 14.09 million square meters in 2024, despite an 8.9% year-on-year decline [5] - The company has successfully launched 42 new projects in 2024, with a total saleable value of approximately RMB 108.8 billion [5] - The company’s gross margin for 2024 was reported at 12.76%, a slight decrease from the previous year [5]
绿城中国（03900）：年报点评：短期业绩承压，积极布局核心城市