Core Viewpoint - The independent external expansion capability of property management companies has become a focal point in the real estate industry's deep adjustment in 2024, marking a fundamental shift in the growth logic of the property management service sector as it enters a new cycle of destocking [1] Group 1: Financial Performance - In 2024, the property management service segment of the company achieved revenue of 5.564 billion yuan, a year-on-year increase of 5.1%, accounting for 70.5% of total revenue, with a stable gross margin of 20.1% [2] - The company realized a new contract amount of 1.483 billion yuan from third-party external expansion, a year-on-year increase of 28.2%, with a new contracted building area of 43.1 million square meters, up 3.4% year-on-year [2] - The average property management fee for new projects surged to 2.9 yuan per square meter per month, a significant increase of 26.1% year-on-year, indicating a notable improvement in external expansion quality [2] Group 2: Strategic Focus and Asset Optimization - The company is actively adjusting its asset structure by exiting low-efficiency projects and focusing on technology transformation to achieve cost reduction and efficiency enhancement [4] - In 2024, the company disposed of 60% of its stake in Wuxi Jinsitian Technology, recovering 250 million yuan, thereby reducing goodwill impairment pressure [4] - The company plans to leverage AI and big data for intelligent management, aiming to enhance operational efficiency and provide better personalized services to clients [4][5] Group 3: Market Positioning and Future Outlook - The company is adopting a strategy of "selecting the best among the best" in project evaluation to ensure high-quality income and enhance brand influence and market share [3] - The aging population and rising demand in the elderly care market present new opportunities for property management companies, with the company reporting a 15.1% year-on-year increase in elderly care service revenue, reaching 187 million yuan [6][7] - The company aims to maximize unit space output while actively exploring market boundaries to achieve sustained business scale expansion [7][8]
从2024年财报，看世茂服务“舍”与“得”背后的战略清醒