Investment Rating - The report maintains a "Buy" rating for the company [4][5] 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 in 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][4] - The company has shown resilience in community value-added services despite challenges, with a stable increase in property management unit prices [3][2] 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 service revenues at 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2] - 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] - The company’s management expenses decreased, with the selling and administrative expense ratio dropping by 1.07 percentage points to 6.27% [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] - The company’s residential and non-residential property management areas accounted for 39.5% and 60.5% of the total managed area, respectively, with the non-residential share increasing by 2.0 percentage points from the previous year [3] Future Outlook - The report projects net profits for 2024 and 2025 to be adjusted to 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5] - The company is expected to continue benefiting from its strong backing by Poly Group, with robust internal growth and proactive external expansion strategies [3][4]
保利物业2024年中报点评：业绩平稳增长，践行“高质拓展”