Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 7.957 billion HKD for the first half of 2024, representing a year-on-year increase of 17.1%. The gross margin was 34.0%, up by 0.8 percentage points, and the net profit attributable to shareholders was 1.908 billion HKD, an increase of 36.0% year-on-year. The commercial management business generated revenue of 2.850 billion HKD, growing by 23.4%, while the property management business achieved revenue of 5.102 billion HKD, a 13.8% increase [2][6][4] Summary by Sections Financial Performance - The company achieved a revenue of 79.57 billion HKD in H1 2024, with a gross margin of 34.0% and a net profit of 19.08 billion HKD. The commercial management segment saw revenue growth of 23.4%, while the property management segment grew by 13.8% [2][6] - The company declared an interim dividend totaling 1.949 billion HKD [6] Business Segments - The commercial management business generated 2.850 billion HKD in revenue, with shopping center revenue reaching 1.890 billion HKD, a 34.1% increase. The occupancy rate for shopping centers was 96.7%, up by 0.6 percentage points from the end of 2023 [6] - The property management segment reported revenue of 5.102 billion HKD, with community and urban space revenues of 4.277 billion HKD and 0.824 billion HKD, respectively. The total managed area reached 398 million square meters, a 7.5% increase year-on-year [6] Cost Management and Cash Flow - The company effectively managed costs, with a selling and administrative expense ratio of 6.5%, down by 1.5 percentage points. Operating cash flow net amount was 1.582 billion HKD, a 55.2% increase year-on-year [6] - The company maintained a strong cash position with cash and short-term bank deposits totaling 12.614 billion HKD [6] Future Projections - Revenue projections for 2024-2026 are 17.805 billion HKD, 20.792 billion HKD, and 24.129 billion HKD, representing year-on-year growth rates of 20.6%, 16.8%, and 16.1%, respectively. Net profit projections for the same period are 3.568 billion HKD, 4.189 billion HKD, and 4.859 billion HKD, with corresponding growth rates of 21.8%, 17.4%, and 16.0% [6][7]
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