Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [7]. Core Insights - The company reported a 3.3% year-on-year increase in main business revenue for the first half of 2024, amounting to 2.77 billion HKD, with a net profit of 302 million HKD, reflecting a 2.7% increase year-on-year [2][4]. - The overall gross profit margin improved from 26.8% in the same period of 2023 to 27.2% in 2024, with specific segments showing stable performance [2]. - The report highlights a decline in the value-added services segment, with a 22.3% drop in revenue from developer value-added services and an 8.8% decrease in community value-added services, attributed to a strategic slowdown in growth and changes in business structure [2][4]. Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 5,433 million HKD in 2023 to 6,277 million HKD by 2026, with growth rates of 5% in 2023 and 7% in 2024 [1]. - Net profit is expected to increase from 445 million HKD in 2023 to 561 million HKD by 2026, with a year-on-year growth of 12% in 2024 [1][4]. - Earnings Per Share (EPS) is forecasted to rise from 0.51 HKD in 2023 to 0.64 HKD by 2026 [1][4]. - The Price-to-Earnings (P/E) ratio is projected to decrease from 5.3 in 2023 to 4.2 by 2026, indicating a potentially undervalued stock [1][4].
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