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 [14]. Core Insights - The company achieved a total revenue of 14,024 million HKD in 2024, reflecting a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached 1,511 million HKD, up by 12.5% [3][5]. - The improvement in profitability is attributed to an increase in property management area and enhanced value-added services, with the gross profit margin rising from 15.9% to 16.6% [5][9]. - The company proposed a dividend of 0.095 HKD per share, an increase from 0.085 HKD in 2023, indicating a commitment to shareholder returns [3][5]. Revenue Performance - The company reported a main business revenue of 14,024 million HKD for 2024, with a year-on-year growth rate of 7% projected for 2025 [2]. - The net profit attributable to shareholders is forecasted to grow from 1,511 million HKD in 2024 to 1,870 million HKD by 2026, reflecting a steady growth trajectory [2][9]. Business Segments - The property management area increased to 431 million square meters, a 7.4% growth year-on-year, with third-party project area contributing 39.4% [7]. - The revenue from property management services rose to 76.1% of total revenue, up from 72.1% in 2023, indicating a strategic focus on core business [7]. Value-Added Services - The non-residential value-added services revenue decreased by 14.7% year-on-year to 1,829 million HKD, while residential value-added services revenue grew by 7.2% to 1,385 million HKD, maintaining its share of total revenue [8][9]. - The company is actively optimizing its service structure in response to the downturn in the real estate sector [8]. Financial Projections - The earnings per share (EPS) is projected to increase from 0.46 HKD in 2024 to 0.63 HKD by 2027, reflecting a consistent growth outlook [2][9]. - The price-to-earnings (P/E) ratio is expected to decline from 9.9 in 2025 to 7.2 by 2027, indicating potential undervaluation [2][9].
中海物业：2024年业绩公告点评：毛利率改善，核心业务稳健增长-20250408