Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by over 15% in the next 6-12 months [6][10]. Core Insights - The associated real estate company, Jianfa Real Estate, has shown strong performance, with significant sales and land acquisition activities, contributing to Jianfa Property's rapid growth in its core property management business [1][2]. - Jianfa Property's revenue for the first half of 2024 reached 1.6 billion RMB, reflecting a year-on-year growth of 16.7%, with net profit increasing by 11.0% to 190 million RMB [2]. - The company has a high-quality and concentrated portfolio of managed projects, with 90.6% of the managed area being residential, which supports the development of value-added services [3]. - Jianfa Property is actively expanding its non-residential property management, with 8 million square meters of contracts signed, contributing to 19% of its property management revenue in the first half of 2024 [3]. Financial Projections and Valuation - The company is projected to achieve a net profit of 420 million RMB in 2024, with an increase to 510 million RMB in 2025, and 590 million RMB in 2026, reflecting a strong growth trajectory [4][5]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 7 for 2025, indicating an attractive valuation given the company's growth prospects [4][5].
建发物业：跟踪报告：关联房企表现强势，基础物管高速增长-20250303