Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 7.02 and a 6-month rating of "Increase" [5][16]. Core Insights - The company achieved a revenue of RMB 43.99 billion in 2024, representing a year-on-year increase of 3.2%. The net profit attributable to shareholders was RMB 18.08 billion, up 518.7% year-on-year, while the core net profit attributable to shareholders was RMB 30.38 billion, down 22.9% year-on-year [2][3]. - The company plans to distribute a final dividend of HKD 0.1352 per share and a special dividend of HKD 0.1609 per share, with a dividend payout ratio of 54.7%. It also intends to use at least RMB 500 million of its available cash reserves for share buybacks in the coming year, emphasizing shareholder returns [2][3]. Financial Performance - The company's gross margin for 2024 was 19.1%, a decrease of 1.39 percentage points from 2023. The net profit margin improved to 4.26%, an increase of 3.05 percentage points from the previous year. The selling and administrative expense ratio rose by 1.08 percentage points to 10.95% [3]. - The cash flow from operating activities was RMB 3.87 billion, a year-on-year decrease of 16.1%, but showed significant improvement compared to the mid-year figure of RMB 270 million, mainly due to proactive collection of receivables [3][4]. Business Segments - Revenue from property management, community value-added services, and the "Three Supplies and One Industry" business grew by 4.9%, 11.8%, and 30.9% year-on-year, respectively. However, revenue from non-owner value-added services, urban services, and commercial operations declined by 54.6%, 14.7%, and 38.1% year-on-year [2][3]. - The company expanded its managed area to approximately 1.037 billion square meters by the end of 2024, an increase of 8.36% year-on-year, with 7,895 management projects, up by 550 from the previous year [4]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to RMB 2.22 billion and RMB 2.76 billion, respectively, and introduced a new forecast for 2027 at RMB 2.79 billion, maintaining the "Increase" rating [4].
碧桂园服务（06098）：现金流改善显著，数智化转型积极