Jingu Financial News | Zhongtai Securities issued a research report stating that China Resources Mixc (01209) achieved main business income of 7.957 billion in the first half of 2024, a year-on-year increase of 17.1%, with shareholders' attributable core net income of 1.766 billion, a year-on-year increase of 24.2%; the board of directors decided to distribute an interim dividend of RMB 0.279 per share and a special dividend of RMB 0.575 per share.
The bank continued to point out that as of the first half of 2024, the company's revenue from property management services was 3.217 billion, up 13.1% year-on-year, accounting for 40.4% of total revenue. The company manages 1335 community spaces, an increase of 177 from the same period last year, with a total managed area of 0.26 billion square feet, an increase of 0.031 billion square feet from the same period last year. In terms of value-added services, revenue from value-added services for developers in the first half of 2024 was 0.337 billion, a decrease of 16.2% year-on-year, mainly due to the slowdown in overall progress in developer acquisition and delivery, leading to a decrease in business income from pre-delivery preparations, marketing services, consultant services, etc.; revenue from community value-added services in the first half of 2024 was 0.723 billion, up 25.6% year-on-year, mainly due to the rapid growth in services provided to community residents such as butler services and Run Wu Direct Selection.
The bank stated that the company achieved high-speed revenue and performance growth in the first half of 2024. The bank believes this is due to the company's strong background in developers, scarce high-end commercial management formats, high-quality residential and commercial projects, and efficient organizational control, all contributing together. The advantages of the company's commercial management formats are expected to be maintained in the long term. Taking into account macro-environmental changes and the impact of the downturn in the real estate industry, the bank slightly adjusted the company's EPS for 2025-2026 to 1.87 and 2.12 yuan per share (from 1.90 and 2.23 yuan per share), maintaining a "buy" rating.
