Investment Rating - The report maintains a "Recommended" investment rating for the company [3][7]. Core Views - The company, Poly Property (6049.HK), reported a revenue of 7.87 billion yuan for H1 2024, reflecting a year-on-year growth of 10.2%, and a net profit of 850 million yuan, up 10.8% year-on-year [4][7]. - Despite challenges in the upstream real estate sector and tightening public fiscal spending, the company demonstrated resilience with double-digit growth in revenue and profit [4][7]. - The company continues to strengthen its scale advantages, with managed and contracted areas reaching 9.5 billion and 7.6 billion square meters, respectively [4][7]. - The company is actively optimizing its service offerings, with a focus on community value-added services and non-owner value-added services, which have shown initial positive results [5][7]. Financial Summary - For H1 2024, the company maintained a stable net profit margin despite slight declines in gross margins for property management and non-owner value-added services [4][5]. - The projected revenue growth rates for the upcoming years are 10.0% for 2024, 14.5% for 2025, and 11.5% for 2026 [6][9]. - The net profit is expected to grow from 1.38 billion yuan in 2024 to 1.92 billion yuan by 2026, with corresponding EPS estimates of 2.84 yuan, 3.15 yuan, and 3.47 yuan for the same years [6][9]. - The company’s financial ratios indicate a stable gross margin of 19.6% and a net margin of 9.3% for 2024, with a projected ROE of 15.8% [9].
保利物业：业绩延续双位数增长，业务改革持续优化