Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][12]. Core Insights - The company achieved a revenue of 6.84 billion HKD in H1 2024, representing a year-on-year growth of 9%. The net profit attributable to shareholders was 740 million HKD, up 16% year-on-year, aligning with market expectations. The company also increased its dividend payout ratio to 35%, a 10 percentage point increase from H1 2023 [4][5]. - The managed area increased by 16% year-on-year, reaching 423 million square meters by the end of H1 2024. The proportion of new contracts from third parties was 56% [4][5]. - The company is focusing on expanding its urban services and enhancing its service offerings across various sectors, including residential and commercial properties [5]. Financial Performance Summary - Revenue (in million HKD) is projected to grow from 13,051 in 2023 to 18,321 by 2026, with a compound annual growth rate (CAGR) of approximately 12% [3][7]. - The net profit attributable to shareholders is expected to rise from 1,343 million HKD in 2023 to 2,126 million HKD by 2026, reflecting a CAGR of around 16% [3][8]. - The earnings per share (EPS) is forecasted to increase from 0.41 HKD in 2023 to 0.65 HKD by 2026 [3][8]. Market Position and Strategy - The company benefits from its affiliation with China Overseas Land & Investment, which provides a stable growth platform. The company is strategically positioned in major metropolitan areas, enhancing its pricing power for property management fees [4][5]. - The report highlights the company's ability to maintain a relatively stable profit margin and its potential for growth in value-added services, despite the overall industry downturn [4][5].
中海物业：业绩稳增，分红率提升，利润率修复