Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company reported a resilient growth in revenue and profit, achieving a total revenue of RMB 7.957 billion in the first half of 2024, representing a year-on-year increase of 17.1%. The core net profit increased by 24.2% to RMB 1.766 billion, with a comprehensive gross margin of 34.0%, up 0.8 percentage points year-on-year [4][7]. - The company continues to expand its commercial management business, opening 7 new shopping centers, bringing the total to 108. The rental income from shopping centers increased by 19.7% year-on-year to RMB 12.6 billion [4][12]. - The membership system is progressing steadily, with a total of 52.2 million members as of June 30, 2024, a growth of 12.9% from the end of 2023 [5][12]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of RMB 7.957 billion, a 17.1% increase year-on-year. The core net profit rose by 24.2% to RMB 1.766 billion, with a gross margin of 34.0% [4][7][13]. - The company declared an interim dividend of RMB 0.279 per share, a 25.1% increase year-on-year, maintaining a stable payout ratio of 36.0% [4][7]. Business Expansion - The company opened 7 new shopping centers in the first half of 2024, leading the industry in terms of quantity and quality. The rental income from shopping centers increased by 19.7% year-on-year to RMB 12.6 billion [4][12]. - The property management segment also saw significant growth, with a total managed area of 398 million square meters and a contracted area of 446 million square meters, covering 164 cities [12][14]. Membership and Innovation - The membership program, "Wanda Star," reached 52.2 million members, with a 12.9% increase from the end of 2023. The total points issued increased by 19% to RMB 500 million, and the points redeemed rose by 21% to RMB 340 million [5][12]. Valuation - The company is projected to have an EPS of RMB 1.60 for 2024, with a valuation range of HKD 31.3 to 34.7 per share based on an 18-20 times PE ratio, corresponding to a market capitalization range of HKD 714 billion to 793 billion [5][15].
华润万象生活：公司半年报：收入利润稳增长，商业毛利率高位攀升