In "The Big Banks," CICC lowers the target price for GREENTOWN CHINA to 14 yuan, reducing the profit forecast for this year and next year by about 40%

AASTOCKS
2026.04.02 08:45

CICC's research report indicates that GREENTOWN CHINA (03900.HK) will see its operating revenue decline by 2.3% year-on-year to RMB 155 billion in 2025 (same below), with property development revenue remaining flat year-on-year at RMB 147.2 billion, and gross margin slightly decreasing by 0.9 percentage points to 11.9%.

During the period, provisions for inventory and credit impairment amounted to RMB 2.9 billion and RMB 2 billion, totaling RMB 10 billion for 2024 to 2025. Ultimately, the net profit attributable to the parent company is expected to be RMB 70 million, compared to RMB 1.6 billion in 2024, roughly in line with market expectations.

Due to considerations regarding the volume of billable resources, the bank has lowered its earnings forecasts for 2026 and 2027 by 39% and 41%, to RMB 200 million and RMB 960 million; it maintains an "outperform industry" rating and lowers the target price by 8% to HKD 14

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