Investment Rating - The investment rating for the company is "Outperform the Market" [6][8][9] Core Viewpoints - The company's cash levels are continuously improving, and its business development is focusing on quality [3][8] - The company reported a revenue of 69.70 billion yuan for 2024, which is approximately flat year-on-year, with non-related party revenue increasing by 5.63% to 68.02 billion yuan [9][10] - The company is expected to gradually re-enter a growth phase as the macroeconomic environment stabilizes [8][9] Financial Performance Summary - Revenue and Profitability: - Total revenue for 2024 is projected at 69.70 billion yuan, a slight decrease of 0.6% from 2023 [7][11] - Net loss for 2024 is estimated at 4.51 billion yuan, an increase in loss of approximately 3.71% year-on-year [9][10] - The gross profit margin for 2024 is expected to be 21.9%, down from 23.8% in 2023 [7][10] - Segment Performance: - Property management and operation services revenue is projected at 63.80 billion yuan, a growth of 3.6% year-on-year, accounting for 91.5% of total revenue [10][11] - Non-owner value-added services revenue is expected to decline significantly by 61.0% to 1.47 billion yuan [10][11] - Community life services revenue is projected at 4.43 billion yuan, down 6.5% year-on-year [10][11] - Earnings Per Share (EPS) Forecast: - EPS for 2025 is projected to be 0.13 yuan, with a price-to-earnings (P/E) ratio estimated between 12-15 times, leading to a target price range of 1.58-1.98 yuan [8][9][10] Market Performance - The company's stock price has fluctuated between 1.44 and 3.18 Hong Kong dollars over the past 52 weeks, with a current price of 1.68 Hong Kong dollars [2][6] - The company has a total market capitalization of 51 billion Hong Kong dollars [2][6]
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