CICC expects the net profit of Greentown Management Holdings (09979) to be 12.4 billion yuan and 1.54 billion yuan in 2024 and 2025, respectively.
The Zhitong Finance App learned that CICC released a research report stating that while maintaining Greentown Management Holdings (09979)'s “outperforming the industry” rating, the profit forecast remains unchanged. The company's net profit for 2024 and 2025 is expected to be $12.4 billion and $1.54 billion, respectively, with a target price of HK$7.4. The company's revenue in 2023 increased 24% year on year to 3.3 billion yuan, and net profit to mother increased 31% year over year to 970 million yuan, in line with market expectations. The board of directors recommended a dividend of 0.5 yuan per share (including a special dividend of 0.1 yuan). The dividend ratio remained above 100% for two consecutive years, corresponding to the current dividend rate of 9.5%. Development trends
The bank expects Greentown Management Holdings to continue steady growth and high dividends in the future. Currently, the company has plenty of orders in hand (new orders signed in 2023/operating income reached 3.1 times). The bank expects that the company will continue to benefit from the expansion of proxy construction demand brought about by state-owned enterprise land acquisitions, financial institution projects, and the continuous promotion of the “three major projects”. The company's future revenue and profit growth is still highly certain. The company's dividend guideline ratio is not less than 80%, and the dividend payout ratio in 2022 and 23 is over 100%. The bank expects to continue to maintain a high dividend level in the future with stable operating cash flow performance.