Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][20]. Core Views - The company achieved a revenue of 3.868 billion RMB in 2024, representing a year-on-year growth of 20.0%, while the net profit attributable to shareholders decreased by 27.5% to 353 million RMB [1][4]. - The growth in revenue is driven by value-added services, with community value-added service revenue increasing by 30.6% to 1.217 billion RMB, and commercial operation and management service revenue rising by 29.4% to 630 million RMB [2]. - Despite the decline in net profit due to goodwill impairment, the core net profit, excluding this impairment, still grew by 5.1% year-on-year [2]. - The company has a strong cash position, with cash and deposits totaling 4.702 billion RMB, which is 0.99 times its total market value, and a dividend yield of 5% based on the latest share price [3]. - The company plans to repurchase up to 30.44 million shares, which is 2% of the total share capital, and maintains a 50% payout ratio for dividends [3]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 3.868 billion RMB, a 20.0% increase year-on-year, while the net profit attributable to shareholders was 353 million RMB, down 27.5% [1]. Operational Analysis - Revenue growth was primarily driven by value-added services, with community services and commercial management services showing significant increases [2]. - The company’s gross margin decreased by 3.3 percentage points to 23.3%, attributed to declines in various service margins [2]. - The total managed area reached 69.31 million square meters, a 6.3% increase from 2023, while the contracted area also grew by 6.3% to 88.73 million square meters [2]. Profit Forecast, Valuation, and Rating - The profit forecast for 2025-2027 has been slightly adjusted, with expected net profits of 520 million RMB, 560 million RMB, and 610 million RMB, reflecting growth rates of 46.4%, 9.2%, and 8.1% respectively [4]. - The current stock price corresponds to a PE ratio of 9.13x, 8.36x, and 7.73x for the years 2025-2027 [4].
越秀服务：增值服务亮眼，持续重视股东回报-20250321