This Equity Research Report focuses on China Vanke (02202 HK), a leading real estate developer in China. The report highlights that the company's 2021 revenue increased by 8.0% YoY, but its underlying shareholders' profit declined by 44.4% YoY, mainly due to lower gross profit margin, lower profit contribution from JVs and associates, and sufficient inventory provisions. Despite this, the management is confident that earnings can stabilize or rebound in 2022. The report also notes that Vanke-H is expected to maintain a solid sales scale in the next few years, with a leading market position. The company has made significant progress in business diversification, including property management, rental housing, retail operations, logistics and warehousing services, hotels, education, and healthcare. The report initiates coverage with a "Buy" rating.
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