Investment Rating - The report maintains a "Buy" rating for the company, citing its ability to achieve stable growth and improve gross margins despite challenging market conditions [2][4]. Core Insights - The company reported a revenue increase of 9.0% year-on-year to RMB 6.838 billion for the first half of 2024, slightly below market expectations [1][3]. - Three out of four business segments experienced positive year-on-year growth, with property management services showing the fastest revenue growth due to enhanced management scale [1]. - The gross margin improved by 0.8 percentage points to 16.8%, outperforming peers who generally saw declines in the same period [1][3]. - Net profit rose by 16.0% year-on-year to RMB 738 million, aligning closely with market forecasts [1][3]. - The company increased its interim dividend payout ratio to 35%, up from 25% in the previous year, with a dividend of HKD 0.085 per share, representing a 54.5% increase [1][3]. Summary by Sections Revenue and Profitability - Revenue for the first half of 2024 was RMB 6.838 billion, a 9.0% increase from the previous year [3]. - Property management service revenue grew by 14.2% to RMB 5.166 billion [3]. - Non-residential value-added services revenue decreased by 13.7% to RMB 912 million, while residential value-added services revenue increased by 10.3% to RMB 687 million [3]. - Gross profit increased by 14.2% to RMB 1.148 billion, with a gross margin of 16.8% [3]. Operational Expansion - Managed area increased by 16.4% year-on-year to 422.7 million square meters, with the proportion of non-residential projects rising from 28.2% to 30.1% [1][3]. - The company achieved a target of 1:1 for internal and external growth, with 46.7% of new contracted area coming from external sources [1][3]. Dividend and Shareholder Returns - The interim dividend payout ratio was raised to 35%, with a dividend of HKD 0.085 per share, reflecting a significant increase from the previous year [1][3].
中海物业：毛利率回升，上调中期分红比例；维持买入