Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][15]. Core Views - The company achieved a revenue of 16.34 billion RMB in 2024, representing an 8.5% year-on-year increase, and a net profit of 1.474 billion RMB, up 6.8% year-on-year [1]. - The company announced a dividend of 1.33 RMB per share, a 33.5% increase from the previous year, with a payout ratio of 50% [1]. - The company has a strong growth momentum backed by its parent company, Poly Group, with significant internal growth and stable external expansion [3]. Revenue and Profitability - In 2024, the company generated revenue from property management, non-owner value-added services, and community value-added services amounting to 11.67 billion RMB, 1.96 billion RMB, and 2.71 billion RMB respectively, with property management revenue increasing by 15% [1]. - The gross profit margin for the company was 18.26%, a decrease of 1.35 percentage points from 2023 [1]. - The company’s management expenses decreased by 1.32 percentage points to 6.94% in 2024 [1]. Contract and Project Expansion - As of the end of 2024, the company had a contracted and managed area of 988 million square meters and 803 million square meters, respectively, with a year-on-year increase of 7.1% and 11.6% [2]. - The company achieved a record high in new contracts for third-party projects, amounting to 3.01 billion RMB, a 1.2% increase year-on-year [2]. - The proportion of non-residential property management area increased by 1.1 percentage points compared to the same period last year, reaching 60.9% [2]. Service Revenue and Pricing - The average property management fee for residential properties was 2.41 RMB per square meter per month, an increase of 0.1 RMB from the previous year [3]. - Revenue from value-added services decreased by 3.9% year-on-year to 2.71 billion RMB, accounting for approximately 17% of total revenue [3]. - Non-owner value-added service revenue was approximately 1.96 billion RMB, down 6.4% year-on-year, primarily due to a reduction in the scale of certain business operations [3]. Financial Forecasts - The company’s projected net profit for 2025 and 2026 is adjusted to 1.54 billion RMB and 1.79 billion RMB, respectively, with a new forecast for 2027 at 1.93 billion RMB [3]. - The company’s earnings per share (EPS) for 2024 is projected at 2.66 RMB, with a gradual increase expected in subsequent years [4].
保利物业24年报点评：业绩稳增，分红水平、比例双升