Core Viewpoint - Consumption is a key driver of economic development and is a focal point for investors, with overseas institutions believing that stimulating consumption will have a more sustainable impact on the economy [1] Economic Context - The government work report has signaled a clear intention to enhance consumption capacity, increase quality supply, and improve the consumption environment, aiming to unleash diverse and differentiated consumption potential [1] - In the first two months of this year, the total retail sales of consumer goods reached 83,731 billion yuan, a year-on-year increase of 4.0%, accelerating by 0.5 percentage points compared to the previous year [1] Company Overview - Starry Commercial (6668.HK) is positioned as a leading commercial property operation service provider in the Greater Bay Area, showing resilience in its recent 2024 annual performance report [2] Financial Performance - The company reported revenue of approximately 645 million yuan, a year-on-year increase of about 1.5%, with a gross profit of approximately 298 million yuan and a gross margin of 46.2% [3] - Same-store traffic and sales increased by 8.1% and 8.8% year-on-year, respectively, outperforming the expected retail sales growth of 3.5% for 2024 [3] Market Position - Starry Commercial's vacancy rate is 7.6%, significantly lower than the market average of 9.8%, indicating strong operational performance [3] - The company has opened 27 projects by the end of 2024, focusing on high-quality project openings to drive steady growth [4] Strategic Focus - The company emphasizes sustainable and potential market development, continuously optimizing operational measures to promote organic growth [4] - Starry Commercial has introduced over 500 new brands and more than 150 first stores within its system, with a brand replacement rate exceeding 25% [5] Consumer Trends - The company is capitalizing on the increasing trend of Hong Kong and Macau consumers traveling north, with a significant rise in cross-border vehicle checks [6] - The "Big Grab Festival" and "Hi Star Carnival" events have led to a 42% increase in traffic and a 37% increase in sales during the festival period [5] Investment Appeal - Starry Commercial is well-positioned to benefit from macro policies aimed at boosting consumption, with a focus on service consumption as a new engine for economic growth [8] - The management maintains confidence in the company's long-term growth, proposing a final dividend of 8.3 Hong Kong cents per share, resulting in an annual dividend of 13.1 Hong Kong cents, with a payout ratio of approximately 80% [9] Conclusion - Starry Commercial demonstrates steady operational performance and a clear value logic in the context of macro policies, industry trends, and fundamentals, making it an attractive investment target with a good safety margin [11]
星盛商业(6668.HK)：基本面稳健叠加80%高派息，兼具确定性和成长性的价值标的