Jinwu Financial News | According to the Zhongtai Securities Research Report, Greentown Management Holdings (09979) was 1.67 billion in the first half of 2024, +7.8% year over year, net profit 0.5 billion, and +5.8% year over year. The company's profit growth rate was slightly lower than profit, mainly due to the company's comprehensive gross margin of 51.5%, down 0.5 pct from 52.0% in the same period last year. In addition, the company's ROE was 13.35%, up 0.25pct from the same period last year. Overall, the company's profit level is relatively stable, maintaining the number one position in the development service field, and maintaining a market share of more than 20% in the contract construction industry for 8 consecutive years.
According to the bank, by the end of June 2024, the company had deployed 128 major cities, with a total contract area of 122.8 million square meters, +8.1% over the same period. The project mainly focused on core economic zones such as the Bohai Rim, Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, Chengdu and Chongqing, with a saleable value of 674.7 billion, accounting for 75.6% of the total value. The company actively focused on the core metropolitan area to lay a solid foundation for future steady development. In the first half of 2024, the total construction area of the company's new development project was 17.4 million square meters, +1.1% over the same period, of which the government, state-owned enterprises and financial institutions accounted for 70.5%. The company adapted to the industry situation, optimized the customer structure, and maintained the number one position in the industry for Xintuo's business.
The bank said that Greentown Management Holdings, as a leader in the contract construction industry, is backed by Greentown Group. As the company with the highest market share, it has achieved steady growth in performance in recent years. The bank estimates that the company's net profit from 2024-2026 will be 1.246 billion, 1.557 billion, and 1.908 billion, respectively, and the corresponding PE will be 5.0 times, 4.0 times, and 3.3 times, respectively, maintaining the “buy” rating.