Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [4][18]. Core Insights - The company reported a revenue of 439.93 billion yuan for the year 2024, representing a year-on-year growth of 3.2%. The net profit attributable to shareholders was 18.08 billion yuan, a significant increase of 518.7%, while the core net profit decreased by 22.9% to 30.38 billion yuan [1][4]. - The substantial increase in net profit was primarily due to a significant reduction in impairment losses, which decreased by 24.2 billion yuan year-on-year, leading to a 144.4% increase in operating profit. However, non-operating factors and objective circumstances contributed to the decline in core net profit [2]. - The core business, which includes property management services and community value-added services, saw a revenue increase of 9.4%, with its share of total revenue rising to 87%, up by 4.9 percentage points year-on-year [2]. Financial Performance - As of the end of 2024, the company had cash and cash equivalents of 181.8 billion yuan, a year-on-year increase of 40.5%. The operating cash flow net amount was 38.7 billion yuan, covering the core net profit by 1.3 times [3]. - The company plans to utilize 113% of its net profit for market value management, including share buybacks and dividends [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 22.3 billion yuan, 24.2 billion yuan, and 26.0 billion yuan, respectively, with expected growth rates of 23.1%, 8.7%, and 7.4% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.1x, 8.3x, and 7.8x for the years 2025 to 2027 [4].
碧桂园服务：港股公司点评：扎实修炼内功，等待风险出清-20250328