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[Brokerage Focus] Huafu Securities initiates a “Buy” rating on GREENTOWN CHINA (03900), indicating that its contract construction Business maintains a leading position and has sufficient available sales value reserves.
Jinwu Financial News | Huafu Securities Research pointed out that GREENTOWN CHINA (03900) achieved revenue of 131.4 billion yuan in 2023, a year-on-year increase of 3.3%; the net income attributable to the parent company, excluding preferred stock dividends, was 3.09 billion yuan, a year-on-year increase of 19.6%. The bank noted that the company's holding subsidiary, GREENTOWN MGMT, is the first stock in the Chinese construction industry. With its first-mover advantage and good reputation, it has maintained a market share of over 20% for eight consecutive years, firmly holding its leading position in the Industry. In 2023, GREENTOWN MGMT's revenue and net income attributable to the parent company were 3.3 billion yuan and 0.97 billion yuan respectively, with growth rates of 24.3% and 30.8% respectively, and a sales net margin of 2.
According to the Central Finger Research Institute: In November, the average transaction price of second-hand Residences in 100 cities fell by 0.57% month-on-month, while the Volume in Shenzhen doubled year-on-year.
Data monitoring shows that in November 2024, the average price of second-hand Residences in 100 cities is 14,278 yuan per square meter, a month-on-month decrease of 0.57%, narrowing the decline by 0.03 percentage points compared to October; a year-on-year decrease of 7.29%.
Keari Real Estate Research: In November, the Residence market transactions maintained a high level for the year.
In November, the supply scale grew month-on-month and year-on-year, with the supply volume in 100 typical cities at 15.07 million square meters, a year-on-year decrease of 26.3%, but a month-on-month increase of 43.4%.
[Brokerage Focus] SWHY expects the Real Estate Industry to bottom out and maintains a 'Bullish' rating on Real Estate and property management.
Gold Eagle Financial News | SWHY stated that over the past three years, China's Real Estate sector has undergone deep adjustments, and the effects of relaxed policies during this period have been limited. The bank believes that the core issue lies not in insufficient demand, but in the weakening of residents' balance sheets. The statements in September to 'stop the decline and stabilize' and in December to 'stabilize the Real Estate and stock markets' clarified the policy approach to repairing residents' balance sheets, demonstrating stronger policy effectiveness than before. The policy has entered a more targeted trajectory, and it is expected that more proactive and substantial policies will be introduced subsequently, with the Industry likely to reach a bottom. Considering that mid-term demand has support but short-term supply has constraints, the bank forecasts that the total will still be skewed next year.
Statistics Bureau: From January to November, national Real Estate Development investment decreased by 10.4% year-on-year.
Today, the National Bureau of Statistics released data showing that from January to November, national Real Estate Development investment was 9363.4 billion yuan, a year-on-year decrease of 10.4%; among which, Residence investment was 7119 billion yuan, a decrease of 10.5%.
CITIC SEC: The policy framework continues in 2025, with increased policy support helping the Real Estate sector stabilize and rebound.
In the medium to long term, China's real estate market has a broad base of genuine demand, and the supply-side reform has basically been completed, providing a promising development prospect for high-quality Real Estate Development companies.
