Investment Rating - The report assigns a "Buy" rating to the company, with an expected relative return of over 20% compared to the Hang Seng Index within 6 months [14] Core Views - The company's revenue remains stable, but profits and operating cash flow are under pressure [1][2] - Management scale continues to grow steadily, with an increasing proportion of new residential projects [3] - Property management income accounts for a larger share, and community value-added services perform well [4] Financial Performance - Revenue in H1 2024 reached RMB 21.05 billion, a year-on-year increase of 1.5% [1] - Core net profit attributable to shareholders was RMB 1.84 billion, down 31.7% year-on-year [1] - Gross profit margin in H1 2024 was 21.16%, a decrease of 3.72 percentage points compared to the same period last year [2] - Net profit margin in H1 2024 was 7.34%, down 4.66 percentage points year-on-year [2] Business Segments - Property management services generated RMB 12.75 billion in revenue, accounting for 60.6% of total revenue [4] - Community value-added services revenue increased by 6.0% to RMB 1.998 billion [4] - Non-owner value-added services revenue decreased by 63.4% to RMB 356 million [4] - Three-supply-one-industry business revenue grew 23.8% to RMB 3.345 billion [4] Management Scale - Contract management area reached 1.635 billion square meters, excluding three-supply-one-industry business [3] - Charged management area increased by 9.78% to 1.006 billion square meters [3] - Residential projects contributed 48.7% of new annualized contract and entry income in H1 2024 [3] Valuation and Forecast - 2024-2026 EPS forecasts are RMB 0.34, 0.36, and 0.38 respectively [5] - 2024-2026 P/E ratios are projected at 10.69x, 9.93x, and 9.50x [5] - 2024-2026 net profit forecasts are RMB 1.121 billion, 1.207 billion, and 1.261 billion [5]
碧桂园服务：营收稳中有升，利润、现金流承压