【保利物业（6049.HK）】业绩增长保持韧性，分红比例提升至50%——2024年度业绩点评（何缅南/韦勇强）

Core Viewpoint - Poly Property achieved a revenue of 16.34 billion RMB in 2024, representing a year-on-year growth of 8.5%, with a net profit of 1.47 billion RMB, up 6.8% year-on-year [2]. Group 1: Business Performance - The company adjusted its business structure, leading to improved operational efficiency. Revenue from property management, non-owner value-added, and community value-added services reached 11.67 billion, 1.96 billion, and 2.71 billion RMB respectively, with growth rates of +15.0%, -6.4%, and -3.9% [3]. - The basic property management business maintained steady growth due to continuous expansion in managed scale, while non-owner value-added and community services slowed down due to the contraction in the real estate sector [3]. - Management expenses decreased by 8.5% year-on-year, with the management expense ratio down by 1.2 percentage points, indicating effective cost structure optimization [3]. Group 2: Market Expansion and Cash Flow - As of the end of 2024, the company managed an area of 800 million square meters, with 65.4% from third parties, and a total of 2,821 projects under management [4]. - The company achieved a record high in new third-party project contract amounts, reaching 3 billion RMB, with significant contributions from major cities like Beijing, Guangzhou, and Shanghai [4]. - The company improved cash flow management, with a net operating cash flow of 2.3 billion RMB, covering net profit by 1.55 times, and declared a dividend of 1.332 RMB per share, a 33.5% increase year-on-year, with a payout ratio of 50% [4].