Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in revenue and profit, with an increase in gross margin and management efficiency. The project reserves are of high quality, and the company is actively expanding in urban space services. 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 respectively, corresponding to EPS of 1.87, 2.14, and 2.41. The current stock price corresponds to P/E ratios of 17.0, 14.9, and 13.2, thus maintaining the "Buy" rating [6][7][10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 17.04 billion, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 3.63 billion, up 23.9%, while the core net profit was 3.51 billion, 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, with a special dividend of 0.614, maintaining a 100% distribution of core net profit [7][10] Property Management - The property management segment generated revenue of 6.66 billion, a year-on-year increase of 10.7%, with a gross margin of 14.4%. 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, reflecting an 8.1% year-on-year increase, with 55.6% from related parties [8] Urban Space Services - The urban space service segment reported revenue of 1.82 billion, a significant year-on-year increase of 36.3%, with a gross margin of 12.9%. The managed area in this segment reached 125 million square meters, up 19.8% year-on-year [8] Commercial Management - The commercial management segment, which includes shopping centers, generated revenue of 4.21 billion, a year-on-year increase of 30.0%, with a gross margin of 72.6%. 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 in shopping centers reached 215 billion, up 18.7%, with a net operating income margin of 65.1% and an occupancy rate of 96.7% [9]
华润万象生活：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-20250326