---
title: "The \"Big Banks\" report lowered the target price for GREENTOWN CHINA to 9.5 yuan, maintaining a \"Hold\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/281322142.md"
description: "HSBC Research has lowered the target price for GREENTOWN CHINA to 9.5 yuan, maintaining a \"Hold\" rating. The report pointed out that GREENTOWN CHINA's net profit plummeted by 96% last year, mainly due to high minority interest distribution and losses from joint ventures. Management holds a cautious attitude towards this year's sales and land investments, expecting the stock price to remain range-bound in the short term. Considering the slowdown in sales and revenue recognition, HSBC has reduced its revenue forecasts for 2026 and 2027 by 5% and 14%, respectively, and lowered its profit forecasts by 78% and 55%"
datetime: "2026-04-01T07:31:06.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281322142.md)
  - [en](https://longbridge.com/en/news/281322142.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281322142.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/281322142.md) | [繁體中文](https://longbridge.com/zh-HK/news/281322142.md)


# The "Big Banks" report lowered the target price for GREENTOWN CHINA to 9.5 yuan, maintaining a "Hold" rating

HSBC Research published a report indicating that GREENTOWN CHINA (03900.HK) saw its net profit plummet by 96% year-on-year last year, which the market had largely anticipated, mainly due to higher minority interest distribution and losses from joint ventures. Management has a cautious outlook on sales and land investment this year, expecting the stock price to remain in a range-bound fluctuation in the short term, with potential catalysts including a sales rebound in the second quarter, stabilization of housing prices in first-tier cities, and the acquisition of quality land.

Considering the slowdown in sales and revenue recognition pace, HSBC Research has lowered its revenue forecasts for GREENTOWN CHINA for 2026 and 2027 by 5% and 14%, respectively, and adjusted the gross margin forecast down by 1 and 1.2 percentage points, while cutting the profit forecasts for the same period by 78% and 55%. The target price has been reduced from HKD 11.8 to HKD 9.5, maintaining a "Hold" rating

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- [GREENTOWN CHINA (03900.HK)](https://longbridge.com/zh-CN/quote/03900.HK.md)
- [GREENTOWN MGMT (09979.HK)](https://longbridge.com/zh-CN/quote/09979.HK.md)

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