Investment Rating - The investment rating for the company is "Accumulate" [8][15]. Core Views - The company demonstrates significant growth potential, with its business in the robotic ecosystem and parking asset management achieving breakthroughs. In 2024, both segments drove high revenue growth and provided unexpected dividends to shareholders [4][8]. - The company is expected to continue focusing on "asset circulation + intelligent operation" in 2025, with anticipated earnings per share (EPS) of HKD 0.08, 0.10, and 0.12 for 2025 to 2027, respectively. A price-to-earnings (PE) ratio of 30X is applied for 2025, suggesting a target price of HKD 2.44 [8][9]. Financial Summary - Revenue for 2024 is projected at HKD 1.215 billion, a year-on-year increase of 37.5%. The revenue from asset operation is expected to be HKD 921 million, up 40%, while asset financing revenue is projected at HKD 294 million, a 30.7% increase. Gross profit is estimated at HKD 507 million, reflecting a 41% increase [7][8]. - The net profit attributable to the parent company is forecasted at HKD 410 million, a slight increase of 1.6% year-on-year, primarily due to a decline in dividend income from Shougang Resources and changes in the fair value of investment properties [8][9]. - The company maintains a strong cash reserve, with cash and cash equivalents expected to reach HKD 4.625 billion by 2025, supporting its business expansion [9]. Business Growth - The company is building a robust robotic ecosystem, planning to invest in 40 to 50 top robotic companies over the next 2 to 3 years to enhance product deployment and service offerings [8][9]. - In parking asset management, the company is expanding its "parking + charging" asset scale, with new projects at major transportation hubs, which is expected to drive dual growth in parking and charging revenues [8][9]. Dividend Policy - The total dividend payout for 2024 is projected to be approximately HKD 1.096 billion, exceeding market expectations, reflecting the company's confidence in its long-term investment value [8][9].
首程控股（00697）：2024年年度业绩点评：成长性亮眼，高分红超预期