Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company reported a revenue increase of 20% year-on-year for 2024, reaching 3.868 billion yuan, while the net profit attributable to shareholders decreased by 27.5% to 353 million yuan due to goodwill impairment [7][8] - Excluding the impact of goodwill impairment, the core net profit increased by 5.1% year-on-year to 512 million yuan [8] - The overall gross margin decreased from 26.6% in 2023 to 23.3% in 2024, primarily due to a decline in the gross margin of value-added services [7][8] Financial Performance Summary - Revenue and Profit Forecasts: - 2023: Revenue of 3.224 billion yuan, net profit of 487 million yuan - 2024: Revenue of 3.868 billion yuan (+20% YoY), net profit of 353 million yuan (-27.5% YoY) - 2025E: Revenue of 4.656 billion yuan (+20.4% YoY), net profit of 480 million yuan (+35.9% YoY) [6][13] - Earnings Per Share (EPS): - 2024: EPS of 0.23 yuan, down 28.1% from 0.32 yuan in 2023 - 2025E: EPS expected to recover to 0.32 yuan [6][13] - Gross Margin and Return on Equity (ROE): - Gross margin for 2024 is 23.3%, down from 26.6% in 2023 - ROE for 2024 is projected at 10.1%, down from 14.1% in 2023 [15] Market Expansion and Management - The company has expanded its management scale, focusing on high-quality market development, signing 85 new projects with a total contract area of 12.95 million square meters [11] - As of December 31, 2024, the company managed projects across 48 cities, with a total contract area of 88.73 million square meters, a year-on-year increase of 6.3% [11] Shareholder Returns - The board proposed a final dividend of 0.078 yuan per share for 2024, leading to a total annual dividend of 0.169 yuan per share, an increase of 5.6% year-on-year [12] - The dividend payout ratio for 2024 is 50% based on core net profit [12]
越秀服务（06626）：商誉减值影响盈利，股东回报保持稳定