Investment Rating - The investment rating for Poly Property (06049.HK) is "Buy" (maintained) [1] Core Views - The company has shown steady growth in revenue and profit, with a notable increase in the dividend payout ratio to 50%. The management expects a recovery in profitability following business optimization adjustments [5][6] - The revenue for 2024 reached 16.34 billion HKD, representing an 8.5% year-on-year increase, while the net profit was 1.47 billion HKD, up 6.8% year-on-year. However, gross and net profit margins have slightly declined [6] - The property management revenue grew by 15.0% year-on-year to 11.67 billion HKD, accounting for 71.4% of total revenue, despite a slight decrease in gross margin [7] - The company has adjusted its earnings forecasts for 2025-2026 and introduced new estimates for 2027, projecting net profits of 1.58 billion, 1.72 billion, and 1.88 billion HKD for 2025, 2026, and 2027 respectively [5][9] Financial Summary - For 2024, the company reported a revenue of 163.42 billion HKD, with a year-on-year growth of 8.5%. The net profit was 14.74 billion HKD, reflecting a 6.8% increase. The gross margin was 18.3%, down 1.3 percentage points, and the net margin was 9.1%, down 0.2 percentage points [6][9] - The company’s cash and bank balance stood at 11.87 billion HKD at the end of 2024, a 7.8% increase year-on-year, with trade receivables rising by 4.8 billion HKD [6] - The earnings per share (EPS) for 2025 is projected at 2.86 HKD, with a price-to-earnings (P/E) ratio of 9.9 times [5][9]
保利物业（06049）：港股公司信息更新报告：营收利润平稳增长，派息比例有所提升