Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 48.50, representing a potential upside of 15.0% from the current price of HKD 42.24 [2][4]. Core Insights - The company has solidified its leading position in the commercial management sector, with a significant increase in operational efficiency and a high dividend payout ratio [4]. - The commercial management segment reported a revenue increase of 14.6% year-on-year, with a gross margin improvement of 5.2 percentage points to 66.1% [4]. - The property management segment has seen a slight revenue growth of 1.1%, with urban space revenue increasing by 15.1% [4]. - The company has achieved a core net profit growth of 15.0% in the first half of 2025, with a total revenue of HKD 85.24 billion, reflecting a year-on-year increase of 6.5% [4]. Financial Summary - Revenue projections for the company are as follows: - 2023A: 14,766,952 thousand RMB - 2024A: 17,042,658 thousand RMB - 2025E: 18,326,302 thousand RMB - 2026E: 20,224,277 thousand RMB - 2027E: 22,407,889 thousand RMB - The growth rates are 22.9%, 15.4%, 7.5%, 10.4%, and 10.8% respectively [3][5]. - The projected net profit for the years 2025 to 2027 is as follows: - 2025E: 3,998,766 thousand RMB - 2026E: 4,596,336 thousand RMB - 2027E: 5,259,012 thousand RMB - The growth rates are 10.2%, 14.9%, and 14.4% respectively [3][5]. - The company plans to distribute a mid-term dividend of HKD 0.53 per share and a special dividend of HKD 0.35 per share, achieving a mid-term payout ratio of 100% based on core net profit [4].
华润万象生活（01209）：商管航道龙头地位进一步巩固，物管航道提质增效，持续高比例派息