Investment Rating - The investment rating for Poly Property (06049.HK) is maintained at "Buy" [2][8] Core Insights - The company has demonstrated robust revenue and profit growth, with a double-digit increase in both metrics for the first half of 2024. The structure of value-added services is continuously optimizing, leading to improved profitability [2] - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 1.56 billion, 1.76 billion, and 1.98 billion yuan, respectively, with corresponding EPS of 2.82, 3.18, and 3.58 yuan. The current stock price corresponds to P/E ratios of 8.8, 7.8, and 7.0 times [2] Revenue and Profit Growth - In H1 2024, the company achieved revenue of 7.871 billion yuan, a year-on-year increase of 10.2%, and a net profit of 846 million yuan, up 10.8% year-on-year. The operating cash flow was 427 million yuan, with a gross margin of 20.46% [2] - The decline in gross margin is attributed to decreases in property management and non-owner value-added service margins [2] Property Management Performance - The property management revenue reached 5.593 billion yuan in H1 2024, reflecting a 16.1% year-on-year growth, with the revenue share increasing by 3.5 percentage points to 71.0% [2] - The total managed area and contracted area grew by 12.8% and 16.4% year-on-year, respectively, with third-party projects' share increasing to 63.2% and 64.9% [2] Value-Added Services - Non-owner value-added service revenue decreased by 2.1% year-on-year to 1.028 billion yuan, with a gross margin of 18.05%. However, engineering and other business revenues increased by 17.4% [2] - Community value-added income was 1.250 billion yuan, down 1.8% year-on-year, but the gross margin improved by 0.73 percentage points to 38.85% [2]
保利物业：公司信息更新报告：收入利润稳健增长，增值服务结构持续优化