【世茂服务（0873.HK）】关联方境外债重组落地，基础物管稳健增长——跟踪报告（何缅南/韦勇强）

Core Viewpoint - The article discusses the successful restructuring of overseas debt by Shimao Group, which received over 95% approval from creditors, indicating a positive outlook for the company's financial stability and future operations [2]. Group 1: Financial Performance - In the first half of 2024, the company achieved operating revenue of 4.03 billion yuan, a year-on-year decrease of 1.6%, with a gross profit of 810 million yuan, down 5.9%. However, the net profit attributable to the parent company increased by 18.9% to 180 million yuan [3]. - Revenue from property management, community value-added services, non-owner value-added services, and urban services were 2.76 billion, 590 million, 80 million, and 600 million yuan respectively, with year-on-year changes of +5.7%, -17.3%, -33.2%, and -7.9% [3]. Group 2: Market Expansion and Project Management - The company has a strong market expansion capability, with 75.2% of its managed area coming from third-party projects. As of June 30, 2024, the total managed area reached 250 million square meters [4]. - In the first half of 2024, the company added new contracts worth 620 million yuan and an additional managed area of 17.7 million square meters, maintaining an average management fee of 2.3 yuan per month per square meter, indicating high-quality project bidding [4]. Group 3: Impact of Real Estate Business - The impact of real estate-related businesses on the company is diminishing, with non-owner value-added services accounting for only 2.0% of total revenue and 1.7% of gross profit in the first half of 2024 [4]. - As of June 30, 2024, the total trade receivables amounted to 4.75 billion yuan, with 750 million yuan from related parties. The company has made a sufficient impairment provision of 990 million yuan [4].