Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The restructuring of the offshore debt of the related party has been approved by over 95% of creditors, which is expected to stabilize the company's financial situation [1]. - The company's core property management business has shown steady growth, while value-added services have faced some adjustments due to market conditions [2]. - The impact of real estate-related businesses on the company has diminished, with a low proportion of non-owner value-added service revenue [3]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.03 billion yuan, a year-on-year decrease of 1.6%, with a gross profit of 810 million yuan, down 5.9%. However, the net profit attributable to the parent company increased by 18.9% to 180 million yuan [2]. - The revenue breakdown includes property management at 2.76 billion yuan (+5.7%), community value-added services at 590 million yuan (-17.3%), non-owner value-added services at 80 million yuan (-33.2%), and urban services at 600 million yuan (-7.9%) [2]. - The company has a strong market expansion capability, with 75.2% of its managed area coming from third parties, and 73.3% of residential properties located in first-tier, new first-tier, and second-tier cities [3]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 340 million yuan and 420 million yuan, respectively, with a new forecast for 2026 set at 500 million yuan [4]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are 0.14 yuan, 0.17 yuan, and 0.20 yuan, respectively [4]. - The company is expected to maintain a strong independent development capability, with over 70% of its managed area from third-party projects [4].
世茂服务：跟踪报告：关联方境外债重组落地，基础物管稳健增长-20250303