Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Viewpoints - The company has shown continuous improvement in profitability and steady expansion in scale, with a 9.0% year-on-year increase in overall revenue to RMB 6.838 billion in the first half of 2024 [6][11]. - The property management service revenue remains dominant, accounting for 75.5% of total revenue, while value-added service revenue has declined by 4.8% [11][14]. - The company maintains a strong focus on independent third-party projects, with 46.7% of new projects coming from this segment [9][10]. Financial Performance Summary - In the first half of 2024, the overall gross profit increased by 14.2% to RMB 1.148 billion, resulting in a gross margin of 16.8%, up 0.8 percentage points from the same period in 2023 [6][8]. - The net profit attributable to shareholders rose by 16% to RMB 738 million, with basic and diluted earnings per share at RMB 0.2245, also reflecting a 16% increase [6][8]. - The average return on equity for shareholders was 33.8%, down 3.8 percentage points compared to the same period in 2023 [6][8]. Revenue Breakdown - As of the end of the first half of 2024, the company managed 403 market projects and 2,118 property projects, covering a service area of approximately 422.7 million square meters [11][14]. - Revenue from property management services reached RMB 5.17 billion, a 14.2% increase year-on-year, while value-added services generated RMB 1.6 billion, a decline of 4.8% [11][14]. - The revenue from parking space transactions was RMB 70 million, reflecting a slight increase of 1.1% [11][14]. Dividend Policy - The company declared an interim dividend of RMB 0.085 per share for the first half of 2024, considering its dividend policy and mid-term performance [16][4]. Future Earnings Projections - The company is expected to achieve an EPS of RMB 0.47 for 2024, with a projected valuation range of HKD 6.17 to 7.71 per share based on a dynamic PE of 12-15 times [4][16].
中海物业：公司半年报点评：盈利能力持续提升，规模扩张保持稳健