綠城管理2020增長顯著：代建賽道寬闊，產業鏈投資成第二增長曲線
步入2021年，面臨着“兩集中”的土拍新規與“三條紅線”的落地實行，房地產行業面對着更多的不確定性。相較之下，綠城管理（9979.HK）在2020全年業績報吿中展現出了逆週期的優秀表現，凸顯出了代建行業這一賽道的廣闊空間。年報顯示，綠城管理2020年合同銷售金額745億元，合約總建築面積約7610萬平方米，其中，新拓代建項目的合約總建築面積達1870萬平方米，同比增長16.8%，同時，新拓代建項目的預估代建費亦增長22.3%至58.1億元。公司代建業務繼續保持着穩定的增長態勢，項目規模依然是行業絕對領先。
規模穩步增長的同時，綠城管理的產業孵化成效明顯，並與上下游企業間形成了良好的粘性。公司全年產業鏈投資收益達4600萬元，已成為公司發展中的第二增長曲線。據瞭解，綠城管理2020年繼續孵化產業鏈上下游公司，重點收併購輕資產模式、利潤率高、且能增強公司核心能力的產業鏈公司。目前，公司產業鏈已涵蓋規劃設計、建築設計、景觀設計、裝飾設計、全過程工程諮詢、市政管理、商業管理、營銷策劃等業務範疇，正逐步打造出“共建、共享、共榮”的產業鏈平台。公司表示，目前主營業務正不斷升級商業模式，擁有更多流量，產業鏈業務也正不斷提升價值變現能力，隨着流量業務與存量業務的相互賦能，未來將打造出全價值鏈的代建業務平台。
另一方面，綠城管理客户結構的多元化特徵在年報中得到進一步顯現，公司委託方包括了私營企業、國有企業、政府及金融機構，當期在建面積結構中，私營企業、國有企業、政府委託項目佔比分別達到了28.3%、40.5%及31.2%。輕資產的屬性使綠城管理能夠為不同區域、不同類型的委託方提供差異化的管理服務，而多元化的客户也為公司帶來了抵抗房地產行業週期風險的能力，將為綠城管理打開更為廣闊的發業務及業績增量空間。
此外，董事會建議派付截至2020年12月31日止年度末期股息每股人民幣0.17元。綠城管理是中國最大的房地產代建服務商，屬輕資產運營模式，是資本市場稀缺標的，本次高分紅無疑凸顯了這一輕資產運營模式的特質。
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