Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][23] Core Views - The company achieved a revenue of 16.3 billion yuan in 2024, representing an 8% year-on-year growth, and a net profit of 1.5 billion yuan, which is a 7% increase year-on-year. The property management service revenue grew by 15% to 11.7 billion yuan, while community value-added service revenue was 2.7 billion yuan [1][9] - The overall gross margin for 2024 was 18.3%, down by 1.3 percentage points, and the net profit margin was 9.0%, down by 0.2 percentage points. The management expense ratio decreased to 6.9%, down by 1.2 percentage points. The dividend payout ratio reached 50%, an increase of 10 percentage points year-on-year [1][9] - The company expanded its presence to 194 cities with 2,821 managed projects and 3,230 contracted projects, covering a total area of 990 million square meters. The new contract amount for the year was 3 billion yuan, with office and public service expansions contributing 1.1 billion and 1.6 billion yuan, respectively [2][19] - Community value-added service revenue stabilized at 2.7 billion yuan, with a gross margin of 36.8%, down by 1.6 percentage points. Community life service revenue accounted for 69% of this segment, while community asset management services made up 31% [2][19] - The company reported a cash balance of 11.9 billion yuan, an 8% increase year-on-year, with operating cash flow covering net profit by 1.5 times. Trade receivables stood at 2.8 billion yuan, with over 90% due within one year [2][19] Financial Forecasts - The revenue forecast for 2025 and 2026 is adjusted to 17.5 billion yuan and 18.7 billion yuan, respectively, down from previous estimates of 19 billion yuan and 21.3 billion yuan. The net profit forecasts for the same years are 1.6 billion yuan and 1.7 billion yuan, revised from 1.8 billion yuan and 1.9 billion yuan [3][4] - The expected earnings per share (EPS) for 2025 and 2026 are 2.84 yuan and 3.05 yuan, with corresponding price-to-earnings (PE) ratios of 9.1 and 8.9 times [3][4]
保利物业：东回报提升，市拓质量并增-20250410