Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][14]. Core Insights - The company reported a revenue of 1.602 billion yuan for the first half of 2024, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 191 million yuan, up 11.0% year-on-year [2]. - The growth in revenue and net profit aligns with expectations, although the decline in the high-margin home decoration business has impacted overall growth rates [2]. - The company has seen a shift towards more stable revenue streams, with the proportion of community value-added services, non-owner value-added services, basic property management services, and commercial operation management accounting for 22.5%, 21.5%, 53.6%, and 2.4% of total revenue, respectively [2]. - The total managed area has expanded to 67.54 million square meters, a year-on-year increase of 33.5%, with a significant concentration in first and second-tier cities [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 470 million yuan, with growth rates of 0.2%, 19.5%, and 15.6% for the years 2024, 2025, and 2026, respectively [2][5]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 7.5x, 6.3x, and 5.4x, respectively [2][5]. - The gross profit margin for the first half of 2024 is reported at 25.2%, a slight decrease of 0.4 percentage points year-on-year [2].
建发物业：业绩稳步增长，经营质量向优