Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 1.73 [4][7] Core Views - The company reported a revenue of approximately CNY 6.97 billion for 2024, which is essentially flat year-on-year; the net loss attributable to the parent company is about CNY 451 million, an increase in loss of 3.7% year-on-year; the core net profit attributable to the parent company is approximately CNY 800 million, also flat year-on-year [3][11] Financial Performance Summary - Revenue for 2022 was CNY 7.126 billion, decreasing to CNY 7.010 billion in 2023, and projected to be CNY 6.970 billion in 2024, reflecting a year-on-year decline of 0.6% [6] - The operating profit showed a loss of CNY 730 million in 2022, improving to a loss of CNY 412 million in 2023, but projected to worsen again to a loss of CNY 604 million in 2024 [6] - The net profit attributable to the parent company was a loss of CNY 482 million in 2022, a loss of CNY 435 million in 2023, and is projected to be a loss of CNY 451 million in 2024 [6] - The gross margin is expected to be 21.9% in 2024, down from 23.8% in 2023 [6] Business Segment Performance - The property management business revenue reached CNY 6.38 billion in 2024, a year-on-year increase of 3.6%, accounting for 91.5% of total revenue; community service revenue was CNY 440 million, down 6.5% year-on-year; non-owner value-added services continued to shrink, with revenue decreasing by 61.0% to CNY 147 million [11] - The company’s managed area remained stable at 291 million square meters by the end of 2024, with a year-on-year growth of 7% [11] - The company focused on core cities, with the signing amount in core cities accounting for approximately 98% of total contracts in 2024 [11] Adjustments and Provisions - The company made a provision for bad debts of CNY 1.087 billion in 2024, with a significant portion (CNY 763 million) related to receivables from related parties, which severely impacted profits [11] - After excluding the effects of provisions and amortization, the core net profit attributable to the parent company for 2024 was CNY 800 million, remaining flat year-on-year [11]
融创服务（01516）：物管业务稳健增长，关联方影响进一步消化