【华润万象生活（1209.HK）】购物中心开业创新高，商管表现持续亮眼——2024年度业绩点评（何缅南/韦勇强）

Core Viewpoint - The company is projected to achieve a revenue increase of 15% year-on-year in 2024, with a net profit growth of 24% [2] Group 1: Financial Performance - The company expects to generate revenue of 17 billion yuan in 2024, reflecting a year-on-year increase of 15.4%. The commercial segment is anticipated to contribute 6.27 billion yuan, up 21.4%, while the property segment is expected to generate 10.72 billion yuan, an 11.6% increase [2] - The gross profit is projected to reach 5.61 billion yuan, representing a 19.5% increase, with a gross margin of 32.9%, up 1.1 percentage points year-on-year. The net profit attributable to shareholders is expected to be 3.63 billion yuan, a 23.9% increase [2] Group 2: Operational Highlights - The company has achieved outstanding performance in shopping center operations, with the number of managed shopping centers reaching a five-year high of 118, an increase of 20 centers from the previous year. The retail sales of managed shopping centers are projected to be 215 billion yuan, up 18.7%, with rental income from owners at 26.2 billion yuan, a 19.2% increase [3] - The operating profit margin for owners is expected to be 65.1%, an increase of 0.4 percentage points year-on-year. The shopping center-related business segment is projected to generate revenue of 4.21 billion yuan, a 30% increase, contributing 24.7% to total revenue [3] Group 3: Expansion and Services - The company is expanding its urban services segment, managing 1,385 residential projects with a total area of 270 million square meters, of which 55.6% comes from projects delivered by China Resources Land. Revenue from residential property management is expected to be significantly supported by high-quality projects from this partner [4] - The urban services segment, which includes traditional property management services and value-added services, is projected to generate 1.82 billion yuan in revenue, a 36.3% increase, accounting for 10.7% of total revenue [4] Group 4: Employee and Dividend Insights - The total number of employees is expected to reach 42,046 by the end of 2024, an increase of 1,069 from the previous year. The average revenue per employee is projected to grow by 12.5%, while average profit per employee is expected to increase by 20.8% [7] - The total dividend payout for 2024 is projected to be 4.8 billion yuan, resulting in a dividend yield of 6.7% based on the closing price on April 1, 2025, indicating strong attractiveness for investors [7]