Investment Rating - The investment rating for the company is "Recommended" [1][6][11] Core Views - The company reported a revenue of 645 million HKD for 2024, reflecting a year-on-year growth of 1.5%, while the net profit attributable to shareholders was 154 million HKD, a decrease of 9.7% [3][6] - The company maintains a high dividend payout, with a final dividend of 8.3 HKD cents per share and a total annual dividend of 13.1 HKD cents per share, indicating a payout ratio of 80% [3][6] - The company has a solid operational foundation, with same-store traffic and sales increasing by 8.1% and 8.8% respectively, and a rental rate of 92.4%, which is above the industry average [6] Financial Performance Summary - Revenue projections show a gradual increase from 645 million HKD in 2024 to 679 million HKD by 2027, with corresponding year-on-year growth rates of 1.5% to 2% [5][10] - Net profit is expected to recover slightly from 154 million HKD in 2024 to 167 million HKD by 2027, with a projected year-on-year growth of 3.1% in 2027 [5][10] - The gross margin is projected to improve from 46.2% in 2024 to 48.0% by 2027, while the net margin is expected to stabilize around 23% to 24% [5][10] Operational Highlights - The company has successfully opened new projects in Guangzhou and Shanghai, contributing to its strategic focus on the Greater Bay Area and national expansion [6] - As of 2024, the company has a contracted area of approximately 2.71 million square meters and an operational area of about 1.65 million square meters, with 27 projects opened and 18 in preparation [6] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 8.1 for 2024, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [5][10] - The price-to-book (P/B) ratio is expected to remain stable at around 1.0 in 2024, decreasing to 0.8 by 2027 [5][10]
星盛商业（06668）：高分红凸显配置性价比，扎实经营基石稳固