Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue and profit growth, with an increase in gross margin and management efficiency. The project reserves are of high quality, and the company is actively expanding in the urban space sector. As a leading player in commercial management, the operational efficiency of managed shopping centers and office buildings has improved, maintaining stable profitability. The profit forecasts for 2025-2027 have been raised, with expected net profits of 4.27 billion, 4.89 billion, and 5.50 billion yuan respectively, corresponding to EPS of 1.87, 2.14, and 2.41 yuan. The current stock price corresponds to P/E ratios of 17.0, 14.9, and 13.2 times, thus maintaining the "Buy" rating [6][10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 17.04 billion yuan, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 3.63 billion yuan, up 23.9% year-on-year, while the core net profit was 3.51 billion yuan, reflecting a 20.1% increase. The improvement in profitability is attributed to a gross margin increase of 1.1 percentage points to 32.9%, and a decrease in expense ratios by 1.0 percentage points. The operating cash ratio increased by 4.4 percentage points to 25.0%, and the ratio of operating net cash flow to core net profit rose by 17.2 percentage points to 121.4%. The dividend per share increased by 31.0% to 0.922 yuan, with a special dividend of 0.614 yuan, maintaining a 100% distribution of core net profit [7] Business Segments - Property Management: Revenue reached 6.66 billion yuan, a year-on-year increase of 10.7%, with a gross margin of 14.4%, up 0.4 percentage points. As of the end of 2024, the company had a contracted area of 302 million square meters and a managed area of 271 million square meters, an increase of 8.1% year-on-year, with related party revenue accounting for 55.6% - Non-owner Value-added Services: Revenue was 718 million yuan, down 12.5% year-on-year, with a gross margin of 33.0%, down 1.3 percentage points - Owner Value-added Services: Revenue was 1.52 billion yuan, up 6.3% year-on-year, with a gross margin of 25.6%, down 1.6 percentage points - Urban Space Services: Revenue was 1.82 billion yuan, a significant increase of 36.3% year-on-year, with a gross margin of 12.9%. The managed area increased by 19.8% year-on-year to 125 million square meters [8] Commercial Management - Shopping Centers: Revenue was 4.21 billion yuan, up 30.0% year-on-year, with a gross margin of 72.6%, up 0.7 percentage points. By the end of 2024, the company managed 118 opened projects with a total built area of 12.7 million square meters. The retail sales of shopping centers reached 215 billion yuan, an increase of 18.7% year-on-year, with a NOI margin increase of 0.4 percentage points to 65.1% and an occupancy rate of 96.7% - Office Buildings: Revenue was 2.07 billion yuan, up 7.1% year-on-year, with a gross margin of 34.9%, down 0.7 percentage points. By the end of 2024, the company managed 221 projects with a managed area of 16.69 million square meters, with an overall occupancy rate down 2.7 percentage points to 80.8% [9]
华润万象生活（01209）：港股公司信息更新报告：营收利润稳健增长，维持核心净利润100%分派