Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 7.957 billion RMB for the first half of 2024, representing a year-on-year increase of 17.1%. The net profit attributable to shareholders was 1.908 billion RMB, up 36.0% year-on-year, while core net profit rose by 24.2% to 1.766 billion RMB [2][3]. - The company achieved a higher growth rate in net profit compared to revenue, driven by efficiency improvements and cost reductions. The gross margin for the commercial segment increased by 2.4 percentage points to 60.9%, contributing to an overall gross margin increase of 0.8 percentage points to 34.0% [2][3]. - The company distributed a special dividend, raising the payout ratio to 100% for 2023, with a mid-year payout ratio of 36.0% for 2024, reflecting a 0.2 percentage point increase year-on-year [2]. Financial Performance - The company expects net profits for 2024, 2025, and 2026 to be 3.6 billion RMB, 4.21 billion RMB, and 4.81 billion RMB, respectively, with year-on-year growth rates of 22.8%, 17.1%, and 14.3% [3]. - The company’s total contracted area reached 446 million square meters, a 4.9% increase from the end of 2023, while the total managed area grew by 7.5% to 398 million square meters [2][3]. - The average occupancy rate of shopping centers was 96.7%, an increase of 0.6 percentage points from the end of 2023, indicating strong operational performance [2]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 13.5x for 2024, 11.5x for 2025, and 10.1x for 2026 [3].
华润万象生活：业绩高质量增长，派发特别股息