Glonghui, Oct. 12 | According to the Guangfa Securities Research Report, Greentown Management Holdings (9979.HK) had sales of 61.6 billion yuan in the first three quarters of 23 billion yuan, an increase of 13% over the previous year. On a quarterly basis, the company's sales growth rate in Q1, Q2, and Q3 was +14%, +38%, and -4%. The Q3 growth rate weakened. Among them, Q3's sales amount was 25.6 billion yuan, an increase of 8% over Q2. Since listing, the company's annual order absorption capacity is 2 to 3 billion yuan. Currently, the estimated cost for new quarterly orders is close to the annual order digestion capacity since listing. In the short term, the focus for the company may be on how to better release order digestion capacity to better handle the increase in new orders. The company has light assets, high growth, and high dividends. The dividend rate for 22 years was as high as 100%, and the cumulative dividend rate for the three years of listing was as high as 85%. The dividend rate is at the leading level among listed companies. As of 23H1, the company currently has a cumulative unconfirmed revenue scale of 23.4 billion yuan, and future performance growth is highly certain. The bank granted the company 20XPE for 23 years, with a reasonable total value of $19.4 billion, and a reasonable value of HK$10.50 per share (exchange rate 0.92) per share, maintaining a “buy” rating.