Investment Rating - The report maintains a "Buy" recommendation for the company [2][3] Core Insights - The company reported a revenue of 6.84 billion HKD for the first half of 2024, representing a 9% increase compared to the same period in 2023. The net profit attributable to shareholders was 740 million HKD, reflecting a 16% growth year-on-year. A mid-term dividend of 0.085 HKD per share is proposed [3][4] - The company's revenue from property management services reached 5.17 billion HKD, a 14.2% increase year-on-year. Non-residential value-added services generated 910 million HKD, down 13.7%, while residential value-added services saw a 10.3% increase to 690 million HKD. The parking space sales business generated 70 million HKD, up 1.1% [3][4] - The company expanded its operational scale with new external contracts amounting to 1.03 billion HKD, a 9.3% increase year-on-year, and added 40.96 million square meters of new contracted area. Notably, new projects with annual contract amounts exceeding 100 million HKD increased by 111.5% [4] Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.47 HKD, 0.55 HKD, and 0.63 HKD for the years 2024, 2025, and 2026 respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 8.9x, 7.7x, and 6.7x for the same years [4][5] - Revenue is expected to grow from 11.25 billion HKD in 2024 to 21.06 billion HKD by 2026, with year-on-year growth rates of 18% in 2024, 17.8% in 2025, and 16.1% in 2026 [5][9]
中海物业：收入利润稳健增长，经营规模持续扩张