Investment Rating - The investment rating for the company is "Outperform the Market" [6][7]. Core Views - The company plans to initiate a share buyback program, utilizing its own funds to create value for shareholders, with a maximum budget of 5.8 billion HKD to repurchase up to 11.8 million H shares, representing 10% of the total issued H shares [6]. - The board believes that the buyback will demonstrate confidence in the company's business development and prospects, ultimately benefiting the company and its shareholders [6]. - The company has made significant progress in its strategic initiatives, having established 621 butterfly city bases and improved operational efficiency by 4.5% across 1,124 residential property projects [6]. - The company has integrated AI into its operations, enhancing space efficiency and customer engagement, with notable usage statistics for its services [6]. Financial Summary - Revenue is projected to grow from 33,183 million CNY in 2023 to 50,742 million CNY by 2026, with a year-on-year growth rate of 10.2% in 2023 and 15.6% in 2024 [8][18]. - Net profit is expected to increase from 1,955 million CNY in 2023 to 3,287 million CNY in 2026, with a significant year-on-year growth of 29.4% in 2023 [8][18]. - The company’s EPS is forecasted to rise from 1.66 CNY in 2023 to 2.80 CNY in 2026, reflecting a strong growth trajectory [18]. - The gross margin is expected to improve from 14.5% in 2023 to 15.88% in 2026, indicating enhanced profitability [18]. Valuation - The company is assigned a reasonable value range of 47.59 CNY to 53.44 CNY based on a PE valuation of 25 times the projected EPS for 2024 [9][15]. - The PS valuation for the traditional property segment is estimated at 1.7 times, leading to a market value of approximately 594.44 billion CNY for the core business [11][16]. - The total estimated market value, combining both PE and PS valuations, is approximately 628.43 billion CNY [15].
万物云：公司跟踪报告：启动回购展现信心，深耕三大战略优势