Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved a revenue of 3.87 billion yuan in 2024, representing a year-on-year growth of 20% [2]. - The core net profit attributable to shareholders increased by 5.1% year-on-year, amounting to 510 million yuan, after excluding goodwill impairment [2]. - The company actively repurchased shares, spending 7.34 million yuan to buy back 2.68 million shares, which is 0.17% of the issued shares [2][3]. Summary by Sections Financial Performance - The company reported a total revenue of 3.87 billion yuan in 2024, with non-commercial segment revenue at 3.13 billion yuan (up 19.2%) and commercial segment revenue at 730 million yuan (up 23.7%) [2]. - The gross profit margin decreased by 3.3 percentage points to 23.3%, while the net profit attributable to shareholders fell by 27.5% to 350 million yuan [2][3]. - The company recognized a goodwill impairment of 240 million yuan related to the acquisition of Guangzhou Metro Environmental Engineering Co., which is expected to have limited future impact on performance [3]. Business Segments - Revenue from property management, non-owner value-added services, community value-added services, and commercial operations reached 1.24 billion, 680 million, 1.22 billion, and 630 million yuan respectively, with year-on-year growth rates of 20.1%, 1.7%, 30.6%, and 29.7% [3]. Cash Position and Shareholder Returns - As of the end of 2024, the company had cash and cash equivalents totaling 4.7 billion yuan, indicating a strong cash position [4]. - The total dividend for 2024 was 0.169 yuan per share, amounting to 260 million yuan, which corresponds to a dividend yield of 6.4% based on the closing price on March 28, 2025 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 610 million and 680 million yuan respectively, with a new forecast for 2027 set at 750 million yuan [5]. - The company is expected to have a price-to-earnings ratio of 7, 6, and 5 times for 2025, 2026, and 2027 respectively, indicating attractive valuation [5].
越秀服务（06626）：跟踪报告：经营业绩增长稳健，积极回购与分红