2024 年上半年公司实现主营业务收入90.68 亿，同比+10.6%；其中物业服务实现收入60.19 亿，同比+14.6%；园区服务收入17.58 亿，同比+6.1%；咨询服务实现收入11.32 亿，同比+5.3%；科技服务实现收入1.59 亿，同比-25.5%，科技服务板块收入下降原因是委托方出现延期执行合约的情况，公司也主动优化业务结构。盈利能力方面，公司整体毛利率为19.2%，较去年同期上升0.5pct，分业务情况看，物业服务毛利率为14.9%，较去年同期上升1.1pct，园区服务板块毛利率为23.9%，较去年同期下降0.4pct，咨询服务毛利率为32.1%，较去年同期上升2.0pct，科技服务毛利率为38.7%，较去年同期上升2.1pct。此外，公司加强成本管理，2024 年上半年行政开支6.89 亿，管理费用率为7.6%，较去年同期8.2%下降0.6pct。Key points of investment
Greentown Services announced its 2024 interim results; the company achieved revenue of 9.068 billion yuan in the first half of 2024, up 10.6% year on year, achieved core operating profit of 0.893 billion, up 25.8% year on year, and net profit to mother 0.505 billion, up 21.5% year on year;
Steady revenue growth, profitability restoration, cost control efficiency
In the first half of 2024, the company achieved main business revenue of 9.068 billion yuan, +10.6% year over year; of these, property services achieved revenue of 6.019 billion, +14.6%; park service revenue of 1.758 billion, +6.1%; consulting services achieved revenue of 1.132 billion, +5.3% year over year; technology services achieved revenue of 0.159 billion yuan, -25.5% year over year. The decline in revenue in the technology services sector was due to the contractor's delay in execution of contracts As a result, the company is also actively optimizing the business structure. In terms of profitability, the company's overall gross margin was 19.2%, up 0.5 pct from the same period last year. By business situation, the gross margin of property services was 14.9%, up 1.1 pct from the same period last year, the gross margin of the park service sector was 23.9%, down 0.4 pct from the same period last year, the gross margin of consulting services was 32.1%, up 2.0 pct from the same period last year, and the gross margin of technology services was 38.7%, up 2.1 pct from the same period last year. In addition, the company strengthened cost management. In the first half of 2024, administrative expenses were 0.689 billion, and the management fee ratio was 7.6%, down 0.6 pct from 8.2% in the same period last year.
Strong external development strength, internal focus on quality improvement
In the first half of 2024, the company achieved market expansion and annual saturated revenue of 1.57 billion yuan, including benchmark projects such as Hangzhou Cainiao Yungu Enterprise Headquarters, Chengdu Wuliangye Headquarters Complex, Shanghai G60 Songjiang, Anhui Science and Technology Innovation Industrial Park, Hangzhou West Lake University, and Jinhua Central Hospital. The company's external development insisted on taking content as king, focusing on deep customer cultivation, and cooperating share/strategic customers accounted for 63.1% of the revenue; at the same time, the company focused on improving customer reputation and refining service quality in internal project management: through a fine operating model, the company managed customer reputation and refined service quality, cleaning Preserving green gold plate measurements, security measures, reforming the site model to improve timeliness of response; enhancing owners' interaction, carrying out channels such as owners' conferences and project manager reception days, and publicizing service cards, etc., so that the company can grasp real customer voices and achieve an increase of 1.0 percentage point in overall customer satisfaction.
Optimizing the business structure and increasing the share of business in continuous operation
Looking at the company's four major business segments, property services are a type of high-frequency consumption, while consulting services and technology services are highly related to the real estate cycle, while park services include both high-frequency consumer businesses and cyclical businesses. In the first half of 2024, the company's property service revenue increased by 66.4% over the same period last year. The share of park services, consulting services, and technology services revenue was 19.4%, 12.5%, and 1.8% respectively, down 0.8 pct, 0.6 pct, and 0.8 pct respectively from the same period last year. Judging from business attributes, the share of the company's revenue from real estate cycle-related businesses decreased.
Investment advice: As an established leading property company, Greentown Services withstood the pressure and steady growth in revenue and performance in the first half of 2024, and profitability improved. Considering possible impairment caused by the downturn in the real estate industry, we adjusted the company's 2024-2026 EPS to 0.23 and 0.27.0.31 yuan/share (previous values 0.24, 0.30, 0.36 yuan/share) to maintain a “buy” rating.
Risk warning: The downturn in the real estate industry exceeds expectations, there is a risk of impairment of accounts receivable, and the future property fee collection rate is lower than expected.
