Core Viewpoint - The property management industry is experiencing a slowdown in growth, leading companies to focus on service quality and stable cash flow rather than aggressive expansion [1][11]. Financial Performance - In 2024, the company reported a revenue of 14.024 billion yuan, a year-on-year increase of 7.5%, with a gross profit of 2.326 billion yuan, up 12.4% [2][4]. - The net profit attributable to ordinary shareholders was 1.511 billion yuan, reflecting a 12.5% increase [2][4]. - The gross margin improved to 16.6%, up from 15.9% the previous year [4][11]. Revenue Structure - Property management services remain the primary revenue source, contributing 10.67 billion yuan, a 13.3% increase year-on-year, accounting for 76.1% of total revenue [2][4]. - Revenue from parking space sales decreased by 27.9% to 14 million yuan, while resident value-added services grew by 7.2% to 1.38 billion yuan [2][4]. Operational Metrics - The managed area increased by 7.4% to 431 million square meters, with contributions from China State Construction and China Overseas Group at 60.6% and independent third parties at 39.4% [4][6]. - The company faced challenges in achieving its strategic goal of a 1:1 ratio of internal growth to external expansion, as it did not meet this target in 2024 [4][11]. Workforce and Cost Management - The workforce decreased by 10.19%, with a reduction of 4,385 employees, leading to a drop in employee costs from 5.424 billion yuan in 2022 to 4.512 billion yuan in 2024 [11][8]. - The company is undergoing a subcontracting reform, which raises concerns about service quality and supply chain management [11]. Market Expansion and Strategy - The company is focusing on urban services, with 1.02 million square meters of managed area coming from public and other property projects, representing a 23.7% increase [12][14]. - A new urban operations department has been established to enhance market competitiveness in urban services [12][14]. Challenges in Public Construction Market - The public construction property market is under pressure, with government procurement amounts declining and payment terms extending, which may affect cash flow and project expansion [14].
年报解读 | 中海物业2024年营收净利双增：减员超4000人，能否靠城市服务突围行业筑底期？