Core Viewpoint - The post-pandemic era continues to see a trend of consumption downgrade, particularly among the younger generation represented by Generation Z, leading to increased savings and more cautious spending habits, which poses challenges for large shopping centers [1] Financial Performance - The company reported a revenue of approximately 645 million, a year-on-year increase of about 1.5%, with a net profit of around 154 million, maintaining a high level [2] - Same-store traffic and sales increased by 8.1% and 8.8% respectively, indicating improved operational efficiency [2] - The company has cash and cash equivalents of 1.367 billion, demonstrating strong liquidity [2] - The proposed final dividend for 2024 is 0.083 HKD per share, leading to a total annual dividend of 0.131 HKD per share, with a payout ratio of approximately 80% [2] Revenue Breakdown - Revenue from the Greater Bay Area accounted for approximately 4.76 billion, representing 73.9% of total revenue, with a slight year-on-year decrease of 5.4% [2] - Revenue from the Long Triangle region, including cities like Shanghai and Nanjing, reached 89.988 million, a year-on-year increase of 26.7%, contributing 14% to total revenue [3] - Other regions generated a total revenue of 78.194 million, a year-on-year increase of 44.16%, accounting for about 12.1% of total revenue [3] Business Structure and Margins - The brand and management output services generated revenue of 95.713 million, while the entrusted management services saw a 5.0% increase in revenue to 426 million, driven by new project openings [3][4] - The overall gross margin decreased by approximately 6.3 percentage points, yet remained at a high level of 46.2% [4] - The company has opened 27 retail commercial property projects, with occupancy rates of 93.8% and 90.7% for COCO Park and COCO City respectively [4] Strategic Focus - The company is focusing on four core areas: regional deepening, digital transformation, project quality optimization, and operational capability enhancement [5][6] - Cost control is emphasized as a key directive for 2024, with initiatives aimed at reducing unnecessary expenditures and improving operational efficiency [5] - The company is developing a comprehensive digital platform to enhance consumer experience and operational decision-making [6] Future Outlook - The strategic focus on cost reduction and efficiency is expected to create a clear competitive advantage for the company [7] - Anticipation of entering a new growth cycle by 2025, with performance expected to meet market expectations [7]
业绩会直击丨星盛商业(6668.HK)穿越周期锚定发展根基，80%高派息彰显盈利底气