点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点评： 物管主业增长强劲，毛利率显著提升，专业增值表现亮眼，分红比例提升 1) 物管主业增长强劲，毛利率显著提升。2024年公司在经营质量管控、资源配置优化方面取得成效，对项 目实施精准化、分类化治理，推动存量项目提质增效。2024年基础物管业务实现收入134亿元，占总收入 比重达到78.0%，其中住宅业态37.3亿元，同比增长9.7%，非住宅业态96.7亿元，同比增长11.0%，物管主 业增长强劲，同时毛利率显著提升，非住宅业态物管毛利率为10.6%，同比提升1.5pct；住宅物管毛利率为 10.9%，同比提升3.0pct。 2）外拓精准发力，年度新签约合同额维持较高水平。截至2024年末，公司总在管面积3.65亿平，在管项目 229 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [6]. Core Insights - The company achieved a revenue growth of 10% year-on-year in 2024, with a non-GAAP net profit increase of 21% [1]. - The property management segment showed strong growth, with significant improvements in gross margins and a notable performance in professional value-added services [2][3]. - The company has maintained a high level of new contract signings despite increased industry competition, with a total signed property management contract amount of 4.03 billion yuan in 2024, remaining stable compared to the previous year [3]. - The company reported a robust cash flow from operating activities of 1.84 billion yuan, with a year-end bank deposit of 4.61 billion yuan, and increased its dividend payout ratio to 29.3% [3]. Summary by Sections Revenue and Profitability - In 2024, the company achieved an operating revenue of 17.17 billion yuan, a year-on-year increase of 9.9%, and a net profit attributable to shareholders of 840 million yuan, up 14.2% [1][4]. - The gross margin for the non-residential property management segment improved to 10.6%, an increase of 1.5 percentage points year-on-year, while the residential property management gross margin rose to 10.9%, up 3.0 percentage points [2]. Market Expansion - As of the end of 2024, the company managed a total area of 365 million square meters across 2,296 projects in 162 cities, demonstrating strong market expansion capabilities [3]. - The company focused on differentiated market competitiveness, achieving a doubling of new contract amounts in the medical sector and significant growth in transportation and integrated facility management sectors [3]. Professional Value-Added Services - The professional value-added services segment generated revenue of 2.55 billion yuan, reflecting a growth of 23.8%, with standout performance in real estate brokerage, smart energy, and third-party maintenance services [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 966 million yuan and 1.1 billion yuan, respectively, with an estimated EPS of 0.91 yuan for 2025 [4][9]. - The projected P/E ratios for 2025, 2026, and 2027 are 13, 12, and 11 times, respectively, indicating an attractive valuation for this leading property management company in the A-share market [4][12].