Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [8]. Core Views - The company reported a revenue of 9.068 billion, a year-on-year increase of 10.6%, with core operating profit rising by 25.8% to 893 million, and net profit attributable to shareholders increasing by 21.5% to 505 million [2]. - The company has shown robust revenue growth and improved profitability, with effective cost management reflected in a decrease in administrative expenses as a percentage of revenue [2]. - The company has successfully expanded its market presence, signing new contracts worth 1.57 billion in annualized revenue, focusing on quality improvement and customer satisfaction [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of 9.068 billion, with property services contributing 6.019 billion (up 14.6%), park services 1.758 billion (up 6.1%), consulting services 1.132 billion (up 5.3%), and technology services 159 million (down 25.5%) [2]. - The overall gross margin improved to 19.2%, with property services at 14.9%, park services at 23.9%, consulting services at 32.1%, and technology services at 38.7% [2]. - Administrative expenses were 689 million, with a management expense ratio of 7.6%, down from 8.2% in the previous year [2]. Business Structure and Strategy - The company has optimized its business structure, with property services accounting for 66.4% of total revenue, an increase of 2.3 percentage points year-on-year [2]. - The company emphasizes quality improvement in internal project management, enhancing customer interaction and satisfaction [2]. - The company’s focus on high-frequency consumption services has reduced the revenue proportion from real estate cycle-related businesses [2]. Future Outlook - The report adjusts the company's EPS forecasts for 2024-2026 to 0.23, 0.27, and 0.31 yuan per share, respectively, reflecting the potential impact of the real estate industry's downturn [2]. - The company is positioned as a leading property service provider, demonstrating resilience and growth in a challenging market environment [2].
绿城服务：收入业绩高增长，业务结构持续优化