Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a revenue of 4,232.24 million RMB in 2024, representing a year-on-year increase of 7.8%. The net profit attributable to shareholders was 312.09 million RMB, up 3.1% year-on-year. The board proposed a total dividend of 13.94 HKD cents per share for the year, a decrease of 26.6% compared to the previous year [7]. - The company's property management service revenue reached 3,619.42 million RMB, accounting for 85.5% of total revenue, with a year-on-year increase of 12.4%. The managed area increased to approximately 72.20 million square meters, a growth of 12.7% year-on-year [7]. - The company actively reduced non-owner value-added services, resulting in a 15.9% decline in value-added service revenue to approximately 570.93 million RMB. However, owner value-added service revenue grew by 13.8% [7]. - The gross margin decreased from 19.0% in 2023 to 18.7% in 2024, primarily due to increased competition in the external market [7]. - The company is expected to have an EPS of 0.28 RMB in 2025 and 0.31 RMB in 2026, with a target valuation range of 2.24 to 2.80 RMB (2.43 to 3.03 HKD) based on a dynamic PE of 8-10X for 2025 [7]. Financial Data and Forecast - Revenue is projected to grow from 3,926.81 million RMB in 2023 to 5,836.07 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [6]. - Net profit is expected to increase from 302.69 million RMB in 2023 to 416.29 million RMB in 2027, with a year-on-year growth rate of 9.7% in 2025 and 10.8% in 2026 [6]. - The gross margin is forecasted to decline gradually from 19.0% in 2023 to 17.3% in 2027 [6]. - The return on equity is expected to remain stable around 8.4% to 8.6% from 2024 to 2027 [6].
卓越商企服务（06989）：营收稳健增长，维持高派息水平