Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's core business has shown steady growth, with a cautious approach to impairment provisions leading to a recorded loss. In the first half of 2024, the company's revenue was 3.48 billion yuan, a year-on-year increase of 3%, primarily driven by growth in property management and operational services [6][8] - The overall gross margin has remained stable, with a notable increase in the gross margin of value-added services. The gross margin for the first half of 2024 was 25.5%, up 0.5 percentage points from the same period in 2023 [6][8] - The company has maintained a stable growth in managed scale, with a total managed area of 282 million square meters in the first half of 2023 [6][8] Summary by Sections Financial Performance - In the first half of 2024, the company's total revenue was 3.48 billion yuan, with a gross profit of 888 million yuan, reflecting a 5% increase year-on-year. However, the net loss attributable to shareholders was 472 million yuan, compared to a net profit of 340 million yuan in the same period of 2023 [6][8][11] - The gross margin for property management and operational services was 23.8%, a decrease of 0.9 percentage points year-on-year, while the gross margin for non-owner value-added services increased significantly to 38.0%, up 22.3 percentage points [6][8] Revenue and Profit Forecast - The company forecasts revenues of 7.50 billion yuan for 2024, with an expected EPS of 0.01 yuan, and 8.26 billion yuan for 2025, with an expected EPS of 0.23 yuan. The estimated P/E ratio for 2025 is projected to be between 9-10 times, corresponding to a reasonable value range of 2.11-2.34 yuan, or 2.29-2.55 HKD per share [6][11] Market Comparison - The company's market capitalization is 5.2 billion HKD, with a P/E ratio of -13 for 2023, indicating a challenging market position compared to peers [10][11]
融创服务：2024年中报点评：主营业务稳健发展，报表坚守谨慎原则