Core Viewpoint - The company, Wanwu Cloud, reported a 9.2% year-on-year increase in revenue for 2024, reaching 36.22 billion yuan, while core net profit decreased by 4.8% to 2.23 billion yuan. The management emphasized the importance of high dividends to reassure shareholders amid uncertainties in the property sector [2][3][9]. Financial Performance - Wanwu Cloud's total revenue for 2024 was 36.22 billion yuan, with a 9.2% increase compared to the previous year. Core net profit was 2.23 billion yuan, reflecting a 4.8% decline [2][3]. - The company maintained a dividend policy of distributing 100% of core net profit, resulting in a total dividend of 2.227 billion yuan, equating to a dividend yield of approximately 9.3% based on the closing price at the end of 2024 [9]. Business Segments - The revenue from the circular business segment, which includes residential property services and facility management, reached 30.79 billion yuan, marking a 15.5% increase and accounting for 85% of total revenue [3]. - Residential property service revenue was 19.229 billion yuan, up 13.1%, while non-residential property service revenue was 9.971 billion yuan, increasing by 20.1% [3][4]. Market Position and Strategy - Wanwu Cloud's annualized saturated revenue from managed residential properties was 27.297 billion yuan, reflecting an 11.85% increase. The company managed 4,261 residential projects, with a net increase of 451 projects [4]. - The company is focusing on enhancing asset management capabilities, AI applications, and green low-carbon initiatives as key strategic directions for future growth [2]. Independence from Developers - The proportion of revenue from related party transactions decreased to 9.5% in 2024, down from 19.2% in 2021, indicating a move towards greater business independence [6]. - The company aims to further reduce reliance on developer-related income, projecting that by 2025, the growth of core (non-developer) business will surpass the decline in related party business [6]. Cash Flow and Financial Health - As of the end of 2024, Wanwu Cloud had cash reserves of 13.43 billion yuan and generated over 1.9 billion yuan in operating cash flow, indicating a strong cash position [9]. - The company reported a provision for bad debts of 337 million yuan, which significantly impacted current profits, but core net profit still met performance guidance [7].
股息率9.3％！万物云2024年核心净利润全派