Investment Rating - The report maintains a "Buy" rating with a target price of HKD 23.25 [3][7] Core Views - The company reported a revenue of CNY 36.22 billion for 2024, representing a year-on-year growth of 9%. However, the net profit attributable to the parent company decreased by 41% to CNY 1.15 billion, while the core net profit fell by 5% to CNY 2.23 billion [2][3][7] - The company's cyclical business showed steady growth, with a revenue of CNY 30.79 billion from cyclical operations, marking a 16% increase year-on-year, which now constitutes 85% of total revenue [7] - The report highlights a significant decline in the gross margin of developer-related businesses, which has dropped to 0%, indicating a potential bottoming out of core net profit [7] Financial Summary - For 2024, the company achieved a revenue of CNY 36.22 billion, with a year-on-year growth of 9.2%. The operating profit was CNY 1.70 billion, down 36.2% from the previous year. The net profit attributable to the parent company was CNY 1.15 billion, a decrease of 41.2% [4][9] - The earnings per share (EPS) for 2024 is projected at CNY 0.98, with future estimates of CNY 1.54, CNY 1.90, and CNY 2.10 for 2025, 2026, and 2027 respectively [4][9] - The gross margin is expected to decline to 13% in 2024, with a slight recovery projected in subsequent years [4][9] Business Segments - The community space, commercial city services, and technology segments generated revenues of CNY 20.9 billion, CNY 12.3 billion, and CNY 3.0 billion respectively, with year-on-year growth rates of 11.5%, 5.4%, and 8.6% [7] - The company has successfully reduced its reliance on related party transactions, with the proportion of revenue from related parties decreasing by 4 percentage points to 9.5% [7] Market Comparison - The report provides a comparison of the company's valuation metrics against peers, indicating an adjusted average PE of 14x for comparable companies in 2025 [3][8]
万物云（02602）：2024年报点评：循环业务稳健增长，主动化解关联方风险