Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 31.51 [2][4] Core Views - The company's mid-year performance for 2024 exceeded expectations, with revenue of CNY 7.96 billion, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of CNY 1.91 billion, up 36.0% year-on-year [1] - The growth in revenue was driven by strong performance in the commercial management segment, which saw a revenue increase of 23.4% year-on-year, contributing 36% to total revenue [1] - The company has effectively leveraged operational efficiencies in its commercial management, resulting in a gross margin improvement of 2.4 percentage points to 60.9% [1] - The property management segment also showed robust growth, with a 13.8% year-on-year increase in revenue, contributing 64% to total revenue [1] Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of CNY 18.706 billion, reflecting a year-on-year growth of 26.7% [3] - The net profit attributable to shareholders is expected to reach CNY 3.645 billion in 2024, representing a growth of 24.4% [3] - The earnings per share (EPS) forecast for 2024 is CNY 1.60, with subsequent projections of CNY 1.88 in 2025 and CNY 2.19 in 2026 [2][3] - The gross margin is expected to stabilize around 30.0% in 2024, with a gradual increase to 31.8% by 2026 [3] Segment Performance - The commercial management segment's retail sales and rental income grew by 19.7% year-on-year, with a net operating income (NOI) increase of 20.7% [1] - The company opened 7 new shopping centers in the first half of 2024, increasing its operational shopping centers to 108 [1] - In the property management segment, the total contracted area reached 450 million square meters, with a year-on-year increase in urban space revenue of 24.9% [1]
华润万象生活：24H1业绩高于预期，商管表现亮眼