Core Viewpoint - The company, Wanwu Cloud (02602.HK), has demonstrated resilience and strategic innovation amidst the deep adjustment in the real estate industry, showcasing a transformation from a traditional property giant to a "space technology service provider" [1] Financial Performance - In 2024, Wanwu Cloud achieved operating revenue of 36.22 billion yuan, a year-on-year increase of 9.2%. Core net profit was 2.23 billion yuan, down 4.8% year-on-year. Despite the profit decline, overall business performance remains strong [2] - The core cyclical business revenue reached 30.79 billion yuan, growing by 15.5% and accounting for 85% of total revenue, serving as a stabilizing factor for performance. The gross profit from cyclical business was 3.74 billion yuan, up 10.0%, representing 79.5% of total gross profit [2] Cash Flow and Financial Health - The company reported a healthy cash flow with operating net cash flow of 1.92 billion yuan for the year. By the end of 2024, cash and cash equivalents totaled 13.43 billion yuan, indicating a stable financial structure [3] Risk Management - Wanwu Cloud accelerated risk clearance, significantly reducing reliance on related parties. The proportion of related transactions decreased from 19.2% in 2021 to 9.5% in 2024 [4] - By the end of 2024, trade receivables from related parties amounted to 2.45 billion yuan, a decrease of 40 million yuan from the beginning of the year. The company proactively recognized credit impairment losses of 610 million yuan to mitigate risk exposure [5] Dividend Policy - The company adopted a unique dividend policy, distributing 100% of core net profit as dividends, resulting in an annual dividend of 1.9 yuan per share, with a dividend yield exceeding 9%. This approach reflects management's confidence in future cash flow and long-term development, potentially attracting long-term investors [6][7] Strategic Focus - Wanwu Cloud plans to focus on "capability building" from 2025 to 2027, emphasizing three core capabilities: deep application of artificial intelligence, real estate asset management, and energy management. The management aims to position the company as a leader in AI applications within the industry [8] - The "Butterfly City" strategy targets high-density, high-quality areas, with the number of Butterfly Cities reaching 666 by the end of 2024, with expectations to exceed 1,000 in the next three years [9][10] Technological Innovation - The company is leveraging AI to enhance operational efficiency and service quality. By the end of 2024, 657 residential projects had implemented the "Ling Stone" edge server, achieving a 99.7% device online rate and 15-minute fault response time. The "Feige" system was deployed in 1,360 residential projects, creating the largest real-time response network in the industry [12] - Revenue from AIoT and BPaaS solutions reached 3.02 billion yuan, growing by 8.6%, showcasing strong technological output and monetization capabilities [12] Conclusion - Wanwu Cloud's strategic clarity, financial resilience, and shareholder returns are rare in the industry. The current short-term performance pressures are reflected in the stock price, while the ongoing growth potential in AI applications and cyclical business may present opportunities for valuation reconstruction [14][15]
万物云(02602.HK)：蹲实筑底，拥抱革新