Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates strong performance growth with improved operational efficiency and increased cash reserves, leading to a higher dividend payout ratio [2][3] - The main business segments, property management and community value-added services, show steady growth, contributing to 86% of total revenue [2] - The company has optimized its managed projects, enhancing operational efficiency and improving gross profit margins [3] - The company is backed by China Overseas Development and China State Construction Group, providing a rich resource for property management projects [4] Summary by Relevant Sections Financial Performance - In 2024, the company is projected to achieve revenue of 14 billion HKD, a year-on-year increase of 7.5%, with a gross profit of 2.33 billion HKD, up 12.4%, and a net profit attributable to shareholders of 1.51 billion HKD, reflecting a 12.5% increase [1] - The company plans to distribute a total dividend of 0.18 HKD per share for the year, a 29% increase compared to the previous year [1] Operational Efficiency - By the end of 2024, the company will manage an area of 430 million square meters, with new contracts signed for 74.1 million square meters, 63.3% of which comes from third parties [3] - The company has exited 44.5 million square meters of loss-making projects, optimizing its business structure and enhancing operational efficiency [3] Cash Flow and Dividends - As of the end of 2024, the company has cash and bank balances of 5.8 billion HKD, an increase of 13.1% from the previous year [3] - The dividend payout ratio for 2024 is set at 36.3%, an increase of 4.5 percentage points year-on-year [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.68 billion HKD and 1.87 billion HKD, respectively, with a new forecast for 2027 set at 2.04 billion HKD [4] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10, 9, and 8 times, respectively, indicating strong valuation attractiveness [4]
中海物业（02669）：跟踪报告：经营效率提升，业绩增长保障性强