SHLG(SH:600848) EBSCN·2025-04-30 14:43Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's operating performance slightly exceeded expectations, with total revenue of 11.103 billion RMB in 2024, a year-on-year increase of 57.2%, and a net profit attributable to shareholders of 1.097 billion RMB, a year-on-year increase of 3.1% [1] - The rental income per unit has steadily increased, with the rental income per square meter reaching 92.1 RMB/month in 2024, a year-on-year increase of 15.5% [2] - The company continues to provide stable dividends, proposing a cash dividend of 2.00 RMB per 10 shares for 2024, with a payout ratio of approximately 46.0% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.103 billion RMB, with a year-on-year growth rate of 57.44% [4] - The net profit attributable to shareholders for 2024 was 1.097 billion RMB, with a growth rate of 3.39% [4] - For Q1 2025, total revenue was 1.581 billion RMB, a year-on-year decrease of 17.1%, and net profit was 172 million RMB, a year-on-year decrease of 16.5% [1] Rental Business - The company rented out approximately 2.699 million square meters in 2024, a year-on-year decrease of 13.9% [2] - The rental business generated revenue of 2.983 billion RMB, a year-on-year decrease of 0.87% [2] - The unit rental income has increased from 61.1 RMB/square meter/month in 2020 to 92.1 RMB/square meter/month in 2024, reflecting a compound annual growth rate (CAGR) of approximately 10.8% [2] Dividend Policy - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares for 2024, totaling approximately 504 million RMB [2] - The average payout ratio from 2020 to 2024 has been around 46.3% [2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted to 1.130 billion RMB and 1.178 billion RMB, respectively [3] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 0.45, 0.47, and 0.49 RMB, respectively [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 20.4, 19.6, and 18.6 for 2025-2027 [3]