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华润万象生活：收入业绩高增，降本增效显著
01209CHINA RES MIXC(01209) 中泰证券·2024-09-05 03:12

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life, expecting a relative increase of over 15% in stock price within the next 6 to 12 months compared to the benchmark index [5]. Core Views - China Resources Vientiane Life reported a robust revenue growth of 17.1% year-on-year for the first half of 2024, achieving a main business revenue of 7.957 billion RMB [1][4]. - The company’s core net profit attributable to shareholders increased by 24.2% year-on-year, amounting to 1.766 billion RMB [1]. - The report highlights the company's effective cost control and management efficiency improvements, contributing to sustained profitability [1][2]. Financial Summary - Revenue Forecast: - 2023A: 14,798 million RMB - 2024E: 17,111 million RMB - 2025E: 19,368 million RMB - 2026E: 21,551 million RMB - Growth Rate: 2023A to 2024E is 16% [1][4]. - Net Profit Forecast: - 2023A: 2,929 million RMB - 2024E: 3,622 million RMB - 2025E: 4,278 million RMB - 2026E: 4,841 million RMB - Growth Rate: 2023A to 2024E is 24% [1][4]. - Earnings Per Share (EPS): - 2023A: 1.28 RMB - 2024E: 1.59 RMB - 2025E: 1.87 RMB - 2026E: 2.12 RMB [1][4]. - Price-to-Earnings (P/E) Ratio: - 2023A: 17.0 - 2024E: 13.7 - 2025E: 11.6 - 2026E: 10.3 [1][4]. - Price-to-Book (P/B) Ratio: - 2023A: 3.1 - 2024E: 2.9 - 2025E: 2.7 - 2026E: 2.5 [1][4]. Operational Highlights - The company’s gross margin improved to 34% in the first half of 2024, up from the previous year, driven by increased management scale and cost optimization [1]. - The commercial operation segment showed a gross margin increase, reflecting effective operational leverage [1][4]. - The report notes a decline in the gross margin of community space property management services due to increased service quality costs and a shift in revenue mix [1][4]. Market Position - China Resources Vientiane Life is positioned to maintain its competitive advantage in high-end commercial management and quality residential projects, supported by efficient organizational control [1][4].