Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 16.34 billion RMB in 2024, reflecting a year-on-year growth of 8.5%, and a net profit of 1.47 billion RMB, up 6.8% year-on-year [1]. - The company has increased its dividend payout ratio to 50%, with a proposed dividend of 1.332 RMB per share, marking a 33.5% increase from the previous year [3]. Summary by Sections Performance Overview - The company reported a revenue of 163.4 billion RMB for 2024, with a gross profit of 29.8 billion RMB, and a net profit margin of 9.1%, slightly down by 0.2 percentage points [1]. - The cash and bank balance at the end of 2024 was approximately 11.9 billion RMB, an increase of 7.8% compared to the end of 2023 [1]. Business Structure and Growth - The company has adjusted its business structure, leading to improved operational efficiency. The revenue from property management, non-owner value-added, and community value-added services was 116.7 billion RMB, 19.6 billion RMB, and 27.1 billion RMB respectively, with growth rates of +15.0%, -6.4%, and -3.9% [2]. - The company has achieved a record high in external contract amounts, with 3 billion RMB in new third-party project contracts in 2024, focusing on core cities [3]. Cash Flow and Dividend Policy - The company has effectively managed its cash flow, with a net operating cash flow of 2.3 billion RMB, covering net profit by 1.55 times. The accounts receivable net value was about 2.8 billion RMB, accounting for 17.1% of total revenue [3]. - The dividend payout ratio has been increased to 50%, reflecting a commitment to returning value to shareholders [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.57 billion RMB and 1.71 billion RMB respectively, with a new forecast for 2027 set at 1.8 billion RMB [4]. - The projected price-to-earnings ratios for the upcoming years are 11, 10, and 9 times for 2025, 2026, and 2027 respectively, indicating strong earnings visibility [4].
保利物业（06049）：2024年度业绩点评：业绩增长保持韧性，分红比例提升至50%