【永升服务（1995.HK）】2025年初外拓积极，慷慨分红股息率具备吸引力——跟踪报告（何缅南/韦勇强）

Core Viewpoint - The company, Yongsheng Service, is actively expanding its project portfolio with over 50 new projects planned for early 2025, focusing on deepening urban engagement and diversifying service offerings to meet varied customer needs [2][3]. Group 1: Financial Performance - In the first half of 2024, the company achieved revenue of 3.37 billion yuan, a year-on-year increase of 5.9%, with a gross profit of 720 million yuan, up 11.4%, and a net profit attributable to shareholders of 265 million yuan, reflecting a growth of 10.3% [3]. - The revenue breakdown for different segments in 2024H1 shows that the core property management segment generated 2.46 billion yuan, growing by 12.4%, while community value-added services, non-owner value-added services, and urban services experienced declines [3]. - The property management segment accounted for 73.1% of total revenue, demonstrating strong resilience against cyclical downturns in the real estate sector [3]. Group 2: Project Expansion and Quality - The company has successfully expanded into over 50 high-quality property management projects, including collaborations with notable clients such as the Industrial and Commercial Bank of China and JD.com, enhancing its market position and project density in local cities [4]. - The quality of new projects is expected to help maintain profit margins and strengthen the company's competitive edge in the market [4]. Group 3: Profitability and Dividends - The gross profit margins for various segments in 2024H1 were reported as follows: property management at 20.5%, community value-added services at 37.1%, non-owner value-added services at 12.4%, and urban services at 11.7%, indicating a stabilization in profitability [4]. - The company declared an interim dividend of 0.0839 HKD per share and a special dividend of 0.0336 HKD per share, totaling approximately 200 million HKD, resulting in a dividend yield of 5.6% as of February 28, 2025, which is considered attractive [4].