Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][17]. Core Insights - The company achieved a comprehensive revenue of 170.43 billion RMB in 2024, representing a year-on-year increase of 15.4%, with core net profit growing by 20.1% to 35.07 billion RMB [7][8]. - The comprehensive gross margin and net profit margin attributable to the parent company were 32.91% and 21.30%, respectively, both showing improvements compared to the previous year [7][8]. - The board declared a final dividend of 0.643 RMB per share, an increase of 33.7% year-on-year, maintaining a total payout ratio of 100% for 2024 [7][8]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 14,767 million RMB in 2023 to 19,797 million RMB in 2025, with a compound annual growth rate (CAGR) of 16.2% [6]. - Net profit is expected to increase from 2,929 million RMB in 2023 to 4,300 million RMB in 2025, reflecting a CAGR of 18.5% [6]. - The fully diluted EPS is forecasted to rise from 1.28 RMB in 2023 to 1.88 RMB in 2025 [6]. - Margins and Returns: - The gross margin is expected to improve from 31.8% in 2023 to 32.91% in 2025, while the return on equity (ROE) is projected to increase from 18.4% to 21.96% over the same period [6][16]. Business Segment Performance - Commercial Segment: - The commercial segment achieved retail sales of 215 billion RMB in 2024, a year-on-year increase of 18.7%, outperforming the retail sales growth of the broader market [11][12]. - The company opened 21 new shopping centers in 2024, bringing the total to 122 operational centers, with 50 centers leading in local market sales [11][12]. - Property Management Segment: - The total managed area reached 413 million square meters, a year-on-year increase of 11.6%, with a focus on expanding in first and second-tier cities [13]. - The company signed 3,485 million square meters of new third-party contracts, enhancing its market position [13]. - Membership Business: - The membership program saw a 32.0% increase in total members, reaching 61.07 million, with significant growth in cross-industry point redemption [17]
华润万象生活（01209）：核心业绩稳健增长，股东回报再创新高