Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity with expected returns exceeding market benchmarks by over 15% in the next 6-12 months [6]. Core Insights - The company achieved a revenue of 17 billion RMB in 2024, reflecting a year-on-year growth of 15.4%, with a net profit of 3.63 billion RMB, up 23.9% from the previous year [1][4]. - The shopping center operations are performing exceptionally well, with the number of managed shopping centers reaching a five-year high, contributing significantly to revenue growth [2][3]. - The company has expanded its urban services segment, generating 1.82 billion RMB in revenue, a 36.3% increase year-on-year, indicating a strategic diversification of services [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.04 billion RMB, with a gross profit of 5.61 billion RMB and a gross margin of 32.9%, which is an increase of 1.1 percentage points year-on-year [1][5]. - The net profit attributable to shareholders was 3.63 billion RMB, marking a 23.9% increase compared to 2023 [1][5]. Shopping Center Operations - The company managed 118 shopping centers by the end of 2024, an increase of 20 centers from the previous year, achieving a retail sales volume of 215 billion RMB, which is an 18.7% increase year-on-year [2]. - The rental income from property owners reached 26.2 billion RMB, up 19.2% year-on-year, with an operating profit margin of 65.1% [2]. Urban Services Expansion - The urban services segment has been established, providing management services for various facilities, generating 1.82 billion RMB in revenue, which constitutes 10.7% of total revenue [3]. - The number of managed urban service projects reached 438, with a managed area of 12 million square meters, reflecting a significant increase [3]. Employee and Dividend Insights - The company employed 42,046 full-time staff by the end of 2024, with a 12.5% increase in revenue per employee and a 20.8% increase in profit per employee [3]. - The total dividend payout for 2024 was 4.8 billion RMB, resulting in a dividend yield of 6.7%, which is considered attractive [3][4].
华润万象生活（01209）：2024年度业绩点评：购物中心开业创新高，商管表现持续亮眼