Investment Rating - The report maintains a "Recommended" investment rating for Poly Property (6049.HK) [1][3][12] Core Views - Poly Property's 2024 revenue is projected to be 16.34 billion yuan, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders is expected to reach 1.47 billion yuan, an increase of 6.8% [4][6] - The company plans to increase its dividend payout ratio to 50%, up by 10 percentage points from the previous year, reflecting a commitment to returning value to shareholders [6][7] Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 16.34 billion yuan, with a year-on-year growth rate of 8.5% [5] - The net profit for 2024 is forecasted at 1.47 billion yuan, which is a 6.8% increase compared to the previous year [5] - The gross margin is projected to be 18.3%, while the net margin is expected to be 9.1% [5][10] Business Operations - The total managed area for 2024 is estimated at 800 million square meters, with a contract area of 990 million square meters, indicating a strengthening of scale advantages [6] - The proportion of third-party projects and non-residential types in the managed area is 65.4% and 60.9%, respectively, showing an optimized business mix [6] Growth Strategy - The company is focusing on enhancing community value-added services and has launched the "Oriental Courtesy" brand for high-end services [6] - In 2024, the revenue from third-party property management services is expected to account for 42.7% of total revenue, an increase of 1.6 percentage points year-on-year [6] Financial Projections - The projected earnings per share (EPS) for 2024 is 2.66 yuan, with estimates for 2025 and 2026 at 2.84 yuan and 3.00 yuan, respectively [5][10] - The price-to-earnings (P/E) ratio is expected to be 10.8 for 2024, decreasing to 9.2 by 2027 [10]
保利物业（06049）：业绩夯实，分红提升