Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (1209.HK) [2] Core Views - The company achieved a 36% year-on-year increase in net profit attributable to shareholders in H1 2024, driven by significant growth in commercial management performance and effective cost reduction measures [1] - The revenue for H1 2024 reached 8 billion RMB, representing a 17.1% year-on-year growth, with the commercial segment contributing 2.85 billion RMB, up 23.4% [1] - The report highlights the company's strong performance in shopping centers, with retail sales reaching 100.7 billion RMB, a 19.7% increase year-on-year [1] Summary by Sections Financial Performance - H1 2024 revenue: 8 billion RMB, +17.1% YoY - H1 2024 net profit: 1.91 billion RMB, +36% YoY - H1 2024 gross profit: 2.7 billion RMB, +20% YoY, with a gross margin of 34% [1] Business Segments - Commercial management revenue: 1.89 billion RMB, +34.1% YoY, accounting for 23.7% of total revenue [1] - Residential property management projects: 1,335, with a managed area of 260 million square meters, 62.6% of which comes from projects delivered by China Resources Land [1] Cost Management and Cash Flow - Administrative expenses reduced by 7.1% YoY to 410 million RMB, contributing to the strong performance [1] - Operating cash flow coverage ratio of core net profit improved by 17.9 percentage points to 89.6% [1] Profit Forecast and Valuation - Upgraded net profit forecasts for 2024-2026 to 3.53 billion, 3.94 billion, and 4.35 billion RMB, with increases of 5.4%, 4.9%, and 4.2% respectively [1] - Current price corresponds to a PE ratio of 15/14/12 for 2024-2026 [1]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company reported a resilient growth in revenue and profit, achieving a total revenue of RMB 7.957 billion in the first half of 2024, representing a year-on-year increase of 17.1%. The core net profit increased by 24.2% to RMB 1.766 billion, with a comprehensive gross margin of 34.0%, up 0.8 percentage points year-on-year [4][7]. - The company continues to expand its commercial management business, opening 7 new shopping centers, bringing the total to 108. The rental income from shopping centers increased by 19.7% year-on-year to RMB 12.6 billion [4][12]. - The membership system is progressing steadily, with a total of 52.2 million members as of June 30, 2024, a growth of 12.9% from the end of 2023 [5][12]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of RMB 7.957 billion, a 17.1% increase year-on-year. The core net profit rose by 24.2% to RMB 1.766 billion, with a gross margin of 34.0% [4][7][13]. - The company declared an interim dividend of RMB 0.279 per share, a 25.1% increase year-on-year, maintaining a stable payout ratio of 36.0% [4][7]. Business Expansion - The company opened 7 new shopping centers in the first half of 2024, leading the industry in terms of quantity and quality. The rental income from shopping centers increased by 19.7% year-on-year to RMB 12.6 billion [4][12]. - The property management segment also saw significant growth, with a total managed area of 398 million square meters and a contracted area of 446 million square meters, covering 164 cities [12][14]. Membership and Innovation - The membership program, "Wanda Star," reached 52.2 million members, with a 12.9% increase from the end of 2023. The total points issued increased by 19% to RMB 500 million, and the points redeemed rose by 21% to RMB 340 million [5][12]. Valuation - The company is projected to have an EPS of RMB 1.60 for 2024, with a valuation range of HKD 31.3 to 34.7 per share based on an 18-20 times PE ratio, corresponding to a market capitalization range of HKD 714 billion to 793 billion [5][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 31.51 [2][4] Core Views - The company's mid-year performance for 2024 exceeded expectations, with revenue of CNY 7.96 billion, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of CNY 1.91 billion, up 36.0% year-on-year [1] - The growth in revenue was driven by strong performance in the commercial management segment, which saw a revenue increase of 23.4% year-on-year, contributing 36% to total revenue [1] - The company has effectively leveraged operational efficiencies in its commercial management, resulting in a gross margin improvement of 2.4 percentage points to 60.9% [1] - The property management segment also showed robust growth, with a 13.8% year-on-year increase in revenue, contributing 64% to total revenue [1] Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of CNY 18.706 billion, reflecting a year-on-year growth of 26.7% [3] - The net profit attributable to shareholders is expected to reach CNY 3.645 billion in 2024, representing a growth of 24.4% [3] - The earnings per share (EPS) forecast for 2024 is CNY 1.60, with subsequent projections of CNY 1.88 in 2025 and CNY 2.19 in 2026 [2][3] - The gross margin is expected to stabilize around 30.0% in 2024, with a gradual increase to 31.8% by 2026 [3] Segment Performance - The commercial management segment's retail sales and rental income grew by 19.7% year-on-year, with a net operating income (NOI) increase of 20.7% [1] - The company opened 7 new shopping centers in the first half of 2024, increasing its operational shopping centers to 108 [1] - In the property management segment, the total contracted area reached 450 million square meters, with a year-on-year increase in urban space revenue of 24.9% [1]

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life, expecting a relative increase of over 15% in stock price within the next 6 to 12 months compared to the benchmark index [5]. Core Views - China Resources Vientiane Life reported a robust revenue growth of 17.1% year-on-year for the first half of 2024, achieving a main business revenue of 7.957 billion RMB [1][4]. - The company’s core net profit attributable to shareholders increased by 24.2% year-on-year, amounting to 1.766 billion RMB [1]. - The report highlights the company's effective cost control and management efficiency improvements, contributing to sustained profitability [1][2]. Financial Summary - **Revenue Forecast**: - 2023A: 14,798 million RMB - 2024E: 17,111 million RMB - 2025E: 19,368 million RMB - 2026E: 21,551 million RMB - Growth Rate: 2023A to 2024E is 16% [1][4]. - **Net Profit Forecast**: - 2023A: 2,929 million RMB - 2024E: 3,622 million RMB - 2025E: 4,278 million RMB - 2026E: 4,841 million RMB - Growth Rate: 2023A to 2024E is 24% [1][4]. - **Earnings Per Share (EPS)**: - 2023A: 1.28 RMB - 2024E: 1.59 RMB - 2025E: 1.87 RMB - 2026E: 2.12 RMB [1][4]. - **Price-to-Earnings (P/E) Ratio**: - 2023A: 17.0 - 2024E: 13.7 - 2025E: 11.6 - 2026E: 10.3 [1][4]. - **Price-to-Book (P/B) Ratio**: - 2023A: 3.1 - 2024E: 2.9 - 2025E: 2.7 - 2026E: 2.5 [1][4]. Operational Highlights - The company’s gross margin improved to 34% in the first half of 2024, up from the previous year, driven by increased management scale and cost optimization [1]. - The commercial operation segment showed a gross margin increase, reflecting effective operational leverage [1][4]. - The report notes a decline in the gross margin of community space property management services due to increased service quality costs and a shift in revenue mix [1][4]. Market Position - China Resources Vientiane Life is positioned to maintain its competitive advantage in high-end commercial management and quality residential projects, supported by efficient organizational control [1][4].

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company demonstrates continuous high-quality development with an increasing dividend payout ratio year by year [1]. - The company is positioned among the top tier in the property management industry, leveraging strong operational capabilities and resilience in performance [1]. Financial Performance Summary - For the first half of 2024, the company reported a revenue growth of 17.1%, with core net profit increasing by 24.2% to 1.77 billion RMB [1]. - The overall gross profit margin improved to 25.1%, with a dividend per share of 0.279 RMB, reflecting a payout ratio of 38.0% [1]. - The total contracted area managed by the company reached approximately 4.1 billion square meters, with a third-party management ratio increasing from 59.2% to 60.7% [1]. Business Segment Performance - The commercial management segment's revenue grew by 23.4% to 2.85 billion RMB, with a gross margin increase of 2.4 percentage points to 60.9% [1]. - The rental income from shopping centers increased by 19.7% to 12.6 billion RMB, with a net operating income (NOI) margin rising to 67.8% [1]. - The number of shopping centers in operation reached 108, maintaining a high occupancy rate of 96.7% [1]. Future Projections - The company is expected to achieve net profits of 3.78 billion RMB, 4.33 billion RMB, and 4.93 billion RMB for the years 2024 to 2026, respectively [1]. - The target price for the company's shares is set at 36.2 HKD, indicating a potential upside of 51.6% from the current price of 23.90 HKD [1].

Investment Rating - The report maintains a "Recommend" rating for China Resources Mixc Lifestyle Services (01209 HK) with a target price of HKD 34 2 [1] Core Views - The company's shopping malls demonstrate strong stability with a high dividend payout enhancing its appeal as a dividend stock [1] - Shopping center gross margin increased to 72 5% contributing 50 7% of the total gross profit [1] - The company plans to open 14 new shopping centers in the second half of 2024 ensuring continued growth [1] - Property management revenue grew by 13 8% despite a slight decline in collection rate [1] - Office leasing revenue growth slowed due to increased vacancy rates in urban areas [1] - Mid-term dividend increased by 25 1% with a special dividend boosting the 2023 payout ratio to 100% [1] Financial Performance - Revenue for H1 2024 reached RMB 7 597 billion up 17 1% YoY [1] - Gross profit was RMB 2 703 billion up 20% YoY with a gross margin of 34% up 0 8 percentage points YoY [1] - Net profit attributable to shareholders was RMB 1 908 billion up 36% YoY [1] - Shopping center retail sales grew by 19 7% YoY with luxury projects up 9 6% and non-luxury projects up 26 7% [1] - Property management contracted area and managed area were 3 98 billion sqm and 4 46 billion sqm respectively [1] - Office leasing managed area was 15 23 million sqm with revenue of RMB 960 million up 6 6% YoY [1] Future Projections - EPS for 2024-2026 is projected to be RMB 1 58 1 88 and 2 25 respectively [1] - The company's fair market value is estimated at HKD 78 billion based on a residual income model [1] - Revenue growth is expected to be 18% in 2024 and 2025 and 15% in 2026 [2] - Net profit growth is forecasted at 23% in 2024 19% in 2025 and 20% in 2026 [2] Operational Highlights - The company managed 108 shopping centers with 46 ranking first in local retail sales and 85 ranking in the top three [1] - Foot traffic exceeded 640 million visits up 25% YoY with an average occupancy rate of 96 7% [1] - Rental income per sqm increased by 2 9% YoY with total rental income up 19 7% [1] - The company's strong brand partnerships and flexible rental strategies reinforce its market position [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 7.957 billion HKD for the first half of 2024, representing a year-on-year increase of 17.1%. The gross margin was 34.0%, up by 0.8 percentage points, and the net profit attributable to shareholders was 1.908 billion HKD, an increase of 36.0% year-on-year. The commercial management business generated revenue of 2.850 billion HKD, growing by 23.4%, while the property management business achieved revenue of 5.102 billion HKD, a 13.8% increase [2][6][4] Summary by Sections Financial Performance - The company achieved a revenue of 79.57 billion HKD in H1 2024, with a gross margin of 34.0% and a net profit of 19.08 billion HKD. The commercial management segment saw revenue growth of 23.4%, while the property management segment grew by 13.8% [2][6] - The company declared an interim dividend totaling 1.949 billion HKD [6] Business Segments - The commercial management business generated 2.850 billion HKD in revenue, with shopping center revenue reaching 1.890 billion HKD, a 34.1% increase. The occupancy rate for shopping centers was 96.7%, up by 0.6 percentage points from the end of 2023 [6] - The property management segment reported revenue of 5.102 billion HKD, with community and urban space revenues of 4.277 billion HKD and 0.824 billion HKD, respectively. The total managed area reached 398 million square meters, a 7.5% increase year-on-year [6] Cost Management and Cash Flow - The company effectively managed costs, with a selling and administrative expense ratio of 6.5%, down by 1.5 percentage points. Operating cash flow net amount was 1.582 billion HKD, a 55.2% increase year-on-year [6] - The company maintained a strong cash position with cash and short-term bank deposits totaling 12.614 billion HKD [6] Future Projections - Revenue projections for 2024-2026 are 17.805 billion HKD, 20.792 billion HKD, and 24.129 billion HKD, representing year-on-year growth rates of 20.6%, 16.8%, and 16.1%, respectively. Net profit projections for the same period are 3.568 billion HKD, 4.189 billion HKD, and 4.859 billion HKD, with corresponding growth rates of 21.8%, 17.4%, and 16.0% [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 7.957 billion RMB for the first half of 2024, representing a year-on-year increase of 17.1%. The net profit attributable to shareholders was 1.908 billion RMB, up 36.0% year-on-year, while core net profit rose by 24.2% to 1.766 billion RMB [2][3]. - The company achieved a higher growth rate in net profit compared to revenue, driven by efficiency improvements and cost reductions. The gross margin for the commercial segment increased by 2.4 percentage points to 60.9%, contributing to an overall gross margin increase of 0.8 percentage points to 34.0% [2][3]. - The company distributed a special dividend, raising the payout ratio to 100% for 2023, with a mid-year payout ratio of 36.0% for 2024, reflecting a 0.2 percentage point increase year-on-year [2]. Financial Performance - The company expects net profits for 2024, 2025, and 2026 to be 3.6 billion RMB, 4.21 billion RMB, and 4.81 billion RMB, respectively, with year-on-year growth rates of 22.8%, 17.1%, and 14.3% [3]. - The company’s total contracted area reached 446 million square meters, a 4.9% increase from the end of 2023, while the total managed area grew by 7.5% to 398 million square meters [2][3]. - The average occupancy rate of shopping centers was 96.7%, an increase of 0.6 percentage points from the end of 2023, indicating strong operational performance [2]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 13.5x for 2024, 11.5x for 2025, and 10.1x for 2026 [3].

Investment Rating - The report maintains a "Buy" rating for China Resources Mixc Lifestyle Services (1209.HK) [1] Core Views - The company achieved a revenue of 7.96 billion RMB in the first half of 2024, representing a year-on-year growth of 17.1%, with a net profit attributable to shareholders of 1.91 billion RMB, up 36.0% year-on-year [2] - The property management segment continues to grow, with a total managed area of 398 million square meters, an increase of 7.5% compared to the end of 2023 [2] - The company is actively expanding its urban space operations, with a managed urban space area growing by 18.2% to 123 million square meters [2] Summary by Sections Financial Performance - The company reported a core net profit of 1.77 billion RMB, a year-on-year increase of 24.2% [2] - The overall gross margin slightly decreased by 1.2 percentage points to 18.9% due to a decline in non-owner value-added service revenue [2] - The commercial segment's revenue increased by 23.4% to 2.85 billion RMB, with a gross margin improvement of 2.4 percentage points to 60.9% [2] Business Growth - The company has a total of 108 operating projects with a managed area of 11.85 million square meters [3] - The average occupancy rate of shopping centers remains high at 96.7%, an increase of 0.6 percentage points from the end of 2023 [3] - The retail sales for the first half of the year grew by 19.7% to 100.7 billion RMB, with 46 projects ranking first in local market sales [3] Future Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 20.2% in net profit from 2024 to 2026 [3] - The report emphasizes the company's steady growth in management scale and its status as a rare listed commercial management company [3]

2024 年 08 月 28 日 华润万象生活 (01209) ——业绩靓眼，商场零售可观，高比例派息 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 归母净利润同比+36%、核心同比+24%，略超市场预期，利润率高位提升。据公告， | --- | --- | |------------------------|------------------| | 市场数据： | 2024 年 08 月 28 | | 收盘价（港币） | 23.25 | | 恒生中国企业指数 | 6225.99 | | 52 周最高/最低（港币） | 37.35/20.45 | | H 股市值（亿港币） | 530.68 | | 流通 H 股（百万股） | 2,282.50 | | 汇率（人民币/港币） | 1.0956 | 一年内股价与基准指数对比走势： -38% -18% 2% 22% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 华润万象生活 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yu ...