Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6][10]. Core Insights - The associated real estate company, Jianfa Real Estate, has shown strong performance, contributing to Jianfa Property's rapid growth in its core property management business [2][4]. - Jianfa Property's revenue for H1 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 into non-residential property management, with 8 million square meters of contracts signed, contributing 19% to its property management revenue in H1 2024 [3]. Summary by Sections Company Performance - Jianfa Property's revenue growth rates for its core property management business from 2021 to 2023 were 31.1%, 36.6%, and 36.8%, respectively, with a continued growth rate of 31.4% in H1 2024 [2]. - The company is expected to maintain strong growth due to the ongoing delivery of quality projects from its associated real estate company [4]. Financial Projections - The projected net profit for 2024 is adjusted to 419 million RMB, with further estimates of 508 million RMB for 2025 and 586 million RMB for 2026 [4][5]. - The company's revenue is expected to grow from 3.577 billion RMB in 2024 to 4.294 billion RMB in 2025, reflecting a growth rate of 20.0% [5]. Market Position - Jianfa Property holds a strong market position in Fujian and surrounding areas, benefiting from a high management density and the rapid expansion of its associated real estate company [4].
建发物业（02156）：关联房企表现强势，基础物管高速增长