Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The company is projected to achieve a revenue of RMB 36.2 billion in 2024, reflecting a year-on-year growth of 9.2%. However, the core net profit is expected to decline by 4.8% to RMB 2.23 billion [1][2]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of 100%, amounting to RMB 2.23 billion in total dividends for 2024 [3][2]. Summary by Sections Financial Performance - For 2024, the company expects to generate revenue of RMB 36.2 billion, with a gross profit of RMB 4.7 billion, a decrease of 2.4% year-on-year. The net profit attributable to shareholders is projected at RMB 1.15 billion, down 41.2% from the previous year [1][4]. - The core net profit, adjusted for certain non-recurring items, is forecasted at RMB 2.23 billion, a decline of 4.8% year-on-year [1][4]. Business Segments - The residential property services, commercial property and facility management, and urban services segments are expected to generate revenues of RMB 19.2 billion, RMB 10 billion, and RMB 760 million, respectively, with growth rates of 13.1%, 20.1%, and 10.9% [2]. - The company has a robust contract backlog, with residential and commercial property management contracts valued at RMB 327 billion and RMB 186 billion, respectively, providing a revenue coverage of 1.7x and 1.9x for 2024 [2]. Risk Management - The company has effectively managed its exposure to real estate-related risks, with trade receivables from related party Vanke Real Estate totaling RMB 2.45 billion, unchanged from 2023. The company has also implemented asset offset transactions to mitigate risks [2][3]. - A total of RMB 1.2 billion in receivables from related parties was offset in 2024, significantly reducing real estate-related risks [2]. Valuation and Forecast - The company is projected to achieve net profits of RMB 1.64 billion and RMB 2.09 billion in 2025 and 2026, respectively, with a new forecast for 2027 set at RMB 2.3 billion. The corresponding price-to-earnings ratios are estimated at 15, 12, and 11 times for 2025, 2026, and 2027 [3][4].
万物云（02602）：跟踪报告：地产关联风险降低，业绩增长保障性较强