Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's revenue growth is driven by an increase in managed area, with property management service revenue reaching HKD 1,713.98 million in the first half of 2024, accounting for 82.3% of total revenue, representing a year-on-year increase of 9.5% [3] - The company has a strong presence in high-value cities, with 75.4% of its managed area located in first-tier and new first-tier cities, and 62.9% in the core economic regions of the Greater Bay Area and Yangtze River Delta [3] - The company has proposed an interim dividend of HKD 0.0766 per share, yielding a dividend rate of 5.63% [6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of HKD 2,082.48 million, a year-on-year increase of 13.2%, with net profit attributable to shareholders at HKD 170.5 million, remaining stable compared to the same period in 2023 [6] - The gross profit margin slightly decreased from 21.4% in 2023 to 20.3% in 2024, primarily due to a decline in the gross margin of commercial services [6] - The company expects EPS for 2024 and 2025 to be HKD 0.27 and HKD 0.30, respectively, with a target valuation range of HKD 2.36 to HKD 2.95 [6] Revenue Breakdown - The company's value-added services revenue increased by 32.8% year-on-year to approximately HKD 349.15 million, accounting for 16.8% of total revenue [4] - Other business revenue surged by 82.2% year-on-year to HKD 19.36 million, representing 0.9% of total revenue [4] Market Position - The company is well-positioned in the property management sector, with a focus on high-quality growth in the Greater Bay Area and Yangtze River Delta [3] - The company’s managed area reached approximately 68.12 million square meters, a year-on-year increase of 12.7% [3]
卓越商企服务：公司年报点评：在管面积持续推升营收，增值服务表现优良