Investment Rating - The investment rating for the company is adjusted to "Neutral" [1]. Core Views - The company has been recognized as the top property management company in Henan region, indicating its leading position in the Central Plains area [1]. - The company is actively expanding its business, covering 18 cities in Henan and managing over 1.7 billion square meters of property, with a significant portion of new contracts coming from third-party projects [1]. - Despite a decrease in revenue and profit in the first half of 2023, the company has improved its property management gross margin due to scale effects [1]. - The company is gradually reducing its reliance on real estate-related transactions, which is expected to stabilize trade receivables [1]. Summary by Sections Business Overview - The company operates in 18 cities in Henan, managing 953 properties and serving over 2.5 million owners, with a total managed area of 1.7 billion square meters, an increase of 10.98 million square meters from the end of 2022 [1]. - The company added 9.49 million square meters of contracted area in the first half of 2023, with 81.7% coming from third-party projects [1]. Financial Performance - In the first half of 2023, the company reported revenue of approximately 1.35 billion yuan, a year-on-year decrease of 13.5%, and a gross profit of 380 million yuan, down 23.7% [1]. - The gross margin for property management improved from 18.9% in the same period of 2022 to 25.7% in 2023 [1]. - The company recorded a net profit attributable to shareholders of -300 million yuan, primarily due to significant impairment provisions for trade receivables [1]. Profit Forecast and Valuation - The profit forecast for 2023-2024 has been adjusted to -320 million yuan and 320 million yuan respectively, with a new forecast for 2025 set at 350 million yuan [1]. - The expected EPS for 2023-2025 is -0.25, 0.24, and 0.27 yuan respectively [1].
跟踪报告：中原地区管理规模领先，物管毛利率显著提升