Investment Rating - The investment rating for China Resources Vientiane Life is "Buy" (maintained) [1][6] Core Views - The company has demonstrated steady growth in revenue and profit, with an increase in gross margin and management efficiency. The value-added service business is being optimized, and the company is actively expanding in urban space sectors. The operational efficiency in the commercial management sector has also improved, leading to enhanced profitability. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 4.27 billion, 4.89 billion, and 5.50 billion CNY, respectively, corresponding to EPS of 1.87, 2.14, and 2.41 CNY. The current stock price corresponds to P/E ratios of 20.4, 17.8, and 15.9 times [6][7] Financial Performance - For the first half of 2025, the company reported revenue of 8.524 billion CNY, a year-on-year increase of 6.5%. The net profit attributable to shareholders was 2.030 billion CNY, up 7.4% year-on-year, while the core net profit attributable to shareholders was 2.011 billion CNY, reflecting a 15.0% increase. The improvement in profitability is attributed to a gross margin increase of 3.1 percentage points to 37.1% and a decrease in expense ratios by 0.6 percentage points to 6.3%. The interim dividend per share increased by 89.6% to 0.529 CNY, marking the first time the company has achieved a 100% distribution of core net profit for the interim period [7][8] Business Segments - Property Management: Revenue reached 3.501 billion CNY, up 8.8% year-on-year, with a gross margin of 16.6%, an increase of 1.4 percentage points. The managed area was 276 million square meters, with a contract area of 302 million square meters, of which 55.6% was from related parties [8] - Non-owner Value-added Services: Revenue was 220 million CNY, down 34.6% year-on-year, with a gross margin of 26.0%, a decrease of 11.8 percentage points [8] - Owner Value-added Services: Revenue was 487 million CNY, down 32.7% year-on-year, with a gross margin of 40.4%, an increase of 9.5 percentage points [8] - Urban Space: Revenue was 949 million CNY, up 15.1% year-on-year, with a gross margin of 14.2%, a decrease of 0.9 percentage points [8] Shopping Center and Office Performance - Shopping Centers: Revenue was 2.264 billion CNY, up 19.8% year-on-year, with a gross margin of 78.7%, an increase of 6.2 percentage points. The average occupancy rate improved to 97.1%, up 0.4 percentage points year-on-year [9] - Office Buildings: Revenue was 2.065 billion CNY, up 7.1% year-on-year, with a gross margin of 34.9%, a decrease of 0.7 percentage points. The occupancy rate increased to 74.1%, up 0.5 percentage points from the beginning of the year [9] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2023A to 2027E include: - Revenue growth from 14.798 billion CNY in 2023 to 22.561 billion CNY in 2027, with a CAGR of 8.8% - Net profit growth from 2.929 billion CNY in 2023 to 5.499 billion CNY in 2027, with a CAGR of 12.5% - EPS growth from 1.28 CNY in 2023 to 2.41 CNY in 2027, with a corresponding decrease in P/E from 29.8 to 15.9 times [10]
华润万象生活（01209）：港股公司信息更新报告：购物中心毛利率提升，首次实现中期100%分派