Investment Rating - The report maintains a "Buy" rating for the company [4][5][11] Core Views - The company achieved stable growth in its performance, with a 10.2% year-on-year increase in revenue to 7.871 billion yuan and a 10.8% increase in net profit to 846 million yuan for the first half of 2024 [1][2] - The management strategy focuses on "high-quality expansion," supported by a strong resource base from its major shareholder, Poly Development [3][5] Financial Performance Summary - Revenue for H1 2024 reached 7.871 billion yuan, up 10.2% year-on-year, with property management, non-owner value-added, and community value-added services contributing 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2][3] - The overall gross margin for H1 2024 was 20.46%, a decrease of 0.71 percentage points from the same period in 2023 [2] - The net profit margin for H1 2024 was 10.86%, slightly down by 0.02 percentage points year-on-year [2] Growth and Market Position - As of the end of H1 2024, the company had a contracted and managed area of 950 million and 757 million square meters, respectively, representing year-on-year increases of 12.8% and 16.4% [3] - The company’s new third-party project contracts in H1 2024 amounted to 1.2 billion yuan, a decrease of 13.6% year-on-year, indicating a strategic shift towards high-quality development [3] Future Projections - The report projects net profits for 2024 and 2025 to be 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5]
保利物业：2024年中报点评：业绩平稳增长，践行“高质拓展”