Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company, backed by China Resources Group, has shown impressive performance with a focus on property management and commercial management, leading to a robust growth in profits. The projected net profits for 2024-2026 are estimated at 3.5 billion, 4.1 billion, and 4.7 billion CNY respectively, with corresponding EPS of 1.54, 1.81, and 2.07 CNY. The current stock price corresponds to PE ratios of 17.7, 15.1, and 13.2 times for the respective years [6] Summary by Sections Company Overview - The company is a leading property management and commercial operation service provider in China, focusing on community living spaces, office production spaces, and urban public spaces. It aims to become the most influential urban space operation service provider [26][28] Financial Performance - For the first half of 2024, the company achieved a revenue of 7.96 billion CNY, a year-on-year increase of 17.1%. The property management and commercial management revenues accounted for 64% and 36% of total revenue, respectively [33][36] - The net profit attributable to shareholders for the first half of 2024 was 1.91 billion CNY, reflecting a year-on-year growth of 36.0% [35] Property Management - As of the first half of 2024, the company managed an area of 398 million square meters, with a contract area of 446 million square meters, representing growth of 7.5% and 4.9% respectively since the beginning of the year. The third-party management ratio increased to 61.9% [7][89] Commercial Management - The commercial management segment generated a revenue of 2.85 billion CNY in the first half of 2024, marking a year-on-year increase of 23.4%. The gross profit margin for this segment reached 60.9%, an increase of 2.4 percentage points [8][39] Growth Strategy - The company has been actively expanding its urban space management segment, with a focus on enhancing service quality and customer satisfaction, which has reached a score of 93.66 [100]
华润万象生活：公司首次覆盖报告：非凡万象，双轮共进，商管服务龙头业绩腾飞