Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 4.73 [2][3] Core Views - The company reported a total revenue of HKD 21.05 billion for H1 2024, a year-on-year increase of 1.5%. However, the net profit attributable to the parent company decreased by 38.7% to HKD 1.44 billion, and the core net profit dropped by 31.7% to HKD 1.84 billion [1][2] - The basic property services continue to play a foundational role, with revenue from this segment reaching HKD 12.75 billion in H1 2024, up 4.6% year-on-year, accounting for 60.6% of total revenue [1] - The gross margin for basic property services declined by 3.1 percentage points to 22.9%, primarily due to increased costs for cleaning and landscaping to enhance service quality [1] - Revenue from community value-added services rose to HKD 2.00 billion, a 6.0% increase year-on-year, although the gross margin for this segment fell by 9.7 percentage points to approximately 39.0% [1] - The company is exploring new growth drivers, focusing on residential management and developing digital, AIoT, and property robotics to drive internal growth [1] Financial Summary - The company’s revenue projections for 2024-2026 have been adjusted, with net profit estimates revised to HKD 1.64 billion for 2024, HKD 2.06 billion for 2025, and HKD 2.17 billion for 2026 [2][5] - The earnings per share (EPS) for 2025 is projected at HKD 0.62, with a corresponding price-to-earnings (PE) ratio of 7x, leading to the target price of HKD 4.73 [2][5] - The report indicates a decline in gross margin from 24.8% in 2022 to 20.5% in 2023, with further projections of 19.9% in 2024, 19.2% in 2025, and 19.0% in 2026 [5][9]
碧桂园服务：基础服务、增值服务收入稳健增长，毛利率持续承压