Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company achieved a total revenue of HKD 14.024 billion in 2024, representing a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached HKD 1.511 billion, up 12.5% year-on-year [4][6]. - The company plans to distribute a dividend of HKD 0.095 per share, an increase from HKD 0.085 per share in 2023, reflecting a commitment to enhancing shareholder returns [4][6]. Revenue and Profitability - The company's revenue growth is attributed to an increase in property management area and the expansion of value-added services [6]. - The gross profit margin improved from 15.9% to 16.6% due to cost-saving measures and better management of loss-making projects [6]. - The company’s core property management business is expected to maintain steady growth, with projected revenues of HKD 15.426 billion in 2025 and HKD 16.814 billion in 2026 [10]. Business Operations - The managed area increased to 431 million square meters, a 7.4% year-on-year growth, with third-party project contributions accounting for 39.4% of this area [8]. - The company signed new contracts worth HKD 4.441 billion during the reporting period, including notable projects in Beijing, Chengdu, and Hong Kong [8]. Value-Added Services - The company’s non-residential value-added services revenue decreased by 14.7% year-on-year to HKD 1.829 billion, while residential value-added services revenue grew by 7.2% to HKD 1.385 billion [9]. - The proportion of non-residential services in total revenue fell from 16.5% in 2023 to 13.0% in 2024, indicating a shift in service focus due to market conditions [9]. Financial Projections - The report projects earnings per share (EPS) of HKD 0.51 for 2025 and HKD 0.57 for 2026, with a long-term outlook for EPS to reach HKD 0.63 by 2027 [10]. - The net asset return rate is expected to decline from 37% in 2023 to 21% by 2027, reflecting the anticipated market challenges [3].
中海物业（02669）：2024年业绩公告点评：毛利率改善，核心业务稳健增长