证券研究报告 公 2024年04月02日 司 报 告 华润万象生活(01209) │ 行 业： 房地产/房地产服务 港 投资评级： 买入（维持） 股 当前价格： 24.75港元 - 物管商管携手高增，数字化有望创新增 公 目标价格： 34.42港元 司 事件： 点 基本数据 评 研 3月26日公司发布2023年业绩公告，全年实现营业收入147.67亿元，同 总股本/流通股本(百万股) 2,282.50/2,282.50 究 比增加22.9%；毛利率为31.8%，同比增加1.7pct；实现归母净利润29.29 流通市值(百万港元) 56,491.88 亿元，同比增加32.8%；董事会决议宣派末期股息每股0.481元。 每股净资产(元) 7.09 ➢ 物管业务高增，社区增值业务增长稳健 资产负债率(%) 43.13 2023 年公司住宅物业管理服务实现营收 96.01 亿元，同比增长 23.1%，其 一年内最高/最低(港元) 44.50/20.45 中物业管理服务营收72.45亿元，同比增长30.0%，社区增值服务营收15.26 亿元，同比增长21.5%。物管业务在管建筑面积3.55亿平方米，同比增长 股价相对走 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (1209) with a target price of HKD 43.20, indicating a potential upside of 74.2% from the current price of HKD 24.75 [1]. Core Insights - The company has demonstrated strong growth, with a 22.9% increase in revenue for 2023, reaching CNY 14.77 billion, and a core net profit growth of 32.8% to CNY 2.93 billion [1][2]. - The overall gross margin improved to 31.2% in 2023, with expectations to rise to 31.8% in 2024 [1]. - The management of commercial properties has shown significant improvement, with revenue from this segment increasing by 22.6% to CNY 5.17 billion and gross margin rising to 58.4% [1][2]. - The company is expanding its presence in high-end markets, with rental income from shopping centers growing by 50.6% to CNY 2.20 billion [1]. Financial Performance Summary - Revenue for 2023 was CNY 14.77 billion, a 22.9% increase from 2022, with projected revenues of CNY 18.85 billion for 2024 [2]. - Core net profit for 2023 reached CNY 2.93 billion, reflecting a 32.8% year-on-year growth, with expectations of CNY 3.67 billion for 2024 [2]. - The company’s earnings per share (EPS) for 2023 was CNY 1.28, with projections of CNY 1.61 for 2024 [2]. - The dividend per share is expected to increase from CNY 0.70 in 2023 to CNY 0.88 in 2024, indicating a dividend yield of 3.2% for 2023 [2]. Market Position and Strategy - The company is positioned among the top tier in the property management industry, benefiting from strong operational capabilities and a stable growth in managed area [1]. - The report highlights the synergy between property management and commercial operations as a key advantage for sustained growth [1]. - The total managed area reached 3.7 billion square meters by the end of 2023, with a significant portion coming from third-party contracts [1].

证券研究报告 ＃industryId＃ 物业管理 ＃01209.HK ＃华dy润Com万pa象ny＃生活 港股通（沪、深） ＃investSuggestion＃ ＃ 买入 维持 ( ） ＃title＃ 业绩高速增长，派息率提升 ＃createTime1＃ 2024年03月 29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 日期 2024.03.28  2023年业绩好于预期，派息率提升：公司2023年营业收入147.7亿元， 收盘价(港元) 24.75 同比增长22.9%；其中住宅物业管理和商业运营及物业管理的收入分别为 总股本(亿股) 22.82 96.0和51.7亿元，分别同比增长23.1%和22.6%。归母核心净利润为29.2 亿元，同比增长31.2%，业绩好于预期。公司末期每股派息0.481元，加 总市值(亿港元) 564.92 上中期每股派息0.223元，全年每股派息为0.704元，派息率由45%提升 总资产(亿元) 277.83 至55%。 净资产(亿元) 159.48  盈利能力持续提升：公司2023年毛利率为31.8%，同比提升1.7个百分 每股净资产(元) 6.9 ...

Investment Rating - Buy rating maintained for China Resources Mixc Lifestyle Services (1209 HK) [4] Core Views - The company demonstrated strong resilience in commercial operations and significant dividend payouts, showcasing robust financial strength [4] - Revenue and profit growth met expectations, with a substantial increase in dividends reflecting the company's financial capabilities [5] - The shopping center segment showed remarkable resilience, with the company leading in the number of luxury malls, further solidifying its position as an industry leader [5] - Residential and other non-commercial properties saw revenue growth driven by scale expansion, with a continuous increase in third-party managed areas [6] - The company is positioned as a long-term investment target with both a "good track" and "good company" attributes, expected to maintain strong growth in the coming years [6] Revenue and Profit Growth - 2023 revenue reached 14 77 billion (+22 9%), with net profit attributable to shareholders of 2 93 billion (+32 8%) [5] - Core net profit attributable to shareholders was 2 92 billion (+31 2%), with a comprehensive gross margin of 31 8% (+1 7pct) [5] - Dividend payout ratio increased to 55 0% (+10 0pct), with total dividends per share of 0 704 yuan (+60 4%) [5] Shopping Center Segment - Retail sales grew by 43 3% to 181 2 billion, with monthly average sales per square meter increasing by 27 0% to 2,624 yuan [5] - Rental income from property owners reached 22 billion (+38 8%), with NOI increasing by 50 6% to 14 2 billion [5] - Revenue from commercial operations and subleasing grew by 33% and 65% respectively, with gross margins of 76 4% (+12 0pct) and 67 7% (-0 6pct) [5] - The company opened 13 new shopping centers in 2023, bringing the total to 98, with 13 luxury malls, ranking first in the industry [5] Residential and Non-Commercial Properties - Managed area for property management reached 3 7 billion square meters (+24 6%), with third-party managed areas accounting for 60 4% (+3 3pct) [6] - Residential property management revenue grew by 23 1% to 9 6 billion, driven by scale expansion [6] - Gross margin for property management was 17 5% (-1 4pct), with basic property management and non-owner value-added services declining by 0 4pct and 2 2pct respectively [6] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 3 67 billion, 4 39 billion, and 5 14 billion in 2024, 2025, and 2026, with growth rates of 25%, 20%, and 17% respectively [6] - The P/E ratios for 2024-2026 are projected to be 14X, 12X, and 10X, maintaining a "Buy" rating [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][18] Core Insights - The company achieved resilient growth in operating performance, with total revenue reaching 14.767 billion RMB, a year-on-year increase of 22.9%, and net profit attributable to shareholders of 2.929 billion RMB, up 32.8% year-on-year [6][10] - The company has solidified its industry-leading position, reaching a milestone of 101 operational shopping malls, with retail sales of 181.2 billion RMB, a 43.3% increase year-on-year [6][14] - The company is actively transforming into a "city space operation service provider," managing a total area of 370 million square meters, a 24.6% increase year-on-year [6][15] - The membership program has expanded significantly, with the total number of members growing by 36% to 46.25 million, enhancing cross-industry service experiences [7][17] Financial Performance Summary - In 2023, the company reported total revenue of 14.767 billion RMB, with a year-on-year growth of 22.9% [8][10] - The net profit for 2023 was 2.929 billion RMB, reflecting a year-on-year increase of 32.8% [8][10] - The company’s EPS for 2024 is projected to be 1.48 RMB, with a valuation range of 66.3 to 73.6 billion HKD, corresponding to a share price range of 29.0 to 32.3 HKD [18][20]

Investment Rating - The investment rating for China Resources Vientiane Life is "Buy" (maintained) [2][6]. Core Views - The company reported a significant revenue growth of 22.9% year-on-year, achieving a total revenue of RMB 14.767 billion in 2023, with a core net profit increase of 31.5% to RMB 2.92 billion [2][4]. - The company has improved its profitability, with a gross margin of 31.8%, attributed to the financial consolidation of acquired property management companies and increased operational efficiency [2][4]. - The company is expanding its commercial operations, with a focus on enhancing operational efficiency and increasing the number of managed shopping centers, which reached RMB 181.2 billion in total managed assets [2][4]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: RMB 12,037 million - 2023A: RMB 14,798 million - 2024E: RMB 18,067 million - 2025E: RMB 21,690 million - 2026E: RMB 25,601 million - Year-on-year growth rates are projected to be 23% in 2023 and 22% in 2024 [2][4]. - **Net Profit Forecasts**: - 2022A: RMB 2,206 million - 2023A: RMB 2,929 million - 2024E: RMB 3,626 million - 2025E: RMB 4,340 million - 2026E: RMB 5,086 million - Year-on-year growth rates are projected to be 33% in 2023 and 24% in 2024 [2][4]. - **Earnings Per Share (EPS)**: - 2023: RMB 1.28 - 2024: RMB 1.59 - 2025: RMB 1.90 - 2026: RMB 2.23 [2][4]. - **Return on Equity (ROE)**: - 2023: 19% - 2024: 20% - 2025: 20% - 2026: 19% [2][4]. - **Price-to-Earnings (P/E) Ratio**: - 2023: 17.5 - 2024: 14.1 - 2025: 11.8 - 2026: 10.1 [2][4]. - **Price-to-Book (P/B) Ratio**: - 2023: 3.2 - 2024: 2.6 - 2025: 2.1 - 2026: 1.8 [2][4]. Investment Recommendations - The report suggests that the company's strong developer background, high-quality residential and commercial projects, and efficient management will support sustained profitability and growth. The company is expected to maintain its competitive advantages in the commercial management sector [2][4].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of RMB 14.77 billion in 2023, a year-on-year increase of 22.9%, driven by acquisitions and market expansion, leading to significant growth in property management area and commercial operations [2] - Gross margin increased by 1.7 percentage points to 31.8%, with core net profit attributable to shareholders reaching RMB 2.92 billion, up 31.2% year-on-year [2] - The company's residential property management service revenue grew by 23.1% to RMB 9.6 billion, while commercial operation and property management service revenue increased by 22.6% to RMB 5.17 billion, with a notable gross margin improvement of 7.7 percentage points to 58.4% [2] - The company's property management scale continued to grow, with the total contracted area of residential and non-commercial properties reaching 406 million square meters, and the total managed area reaching 355 million square meters, up 15.9% and 24.6% year-on-year, respectively [2] - The company's commercial management scale expanded, with 13 new shopping centers opened in 2023, bringing the total number of shopping centers to 98, with a total gross floor area of 10.59 million square meters [3] - The company's office building occupancy rate increased by 3.2 percentage points to 83.9%, with 195 office projects under management, covering 14.82 million square meters [3] Business Performance - Residential property management service revenue: RMB 9.6 billion, up 23.1% year-on-year, with a gross margin of 17.5%, down 1.4 percentage points [2] - Commercial operation and property management service revenue: RMB 5.17 billion, up 22.6% year-on-year, with a gross margin of 58.4%, up 7.7 percentage points [2] - Community value-added services revenue: RMB 1.53 billion, up 21.5% year-on-year, driven by the growth in property management scale and rapid development of services such as decoration and butler services [2] - Urban space operation revenue: RMB 1.34 billion, up 42.6% year-on-year, with a managed area of 104 million square meters, up 51.7% year-on-year [2] Commercial Management - Total retail sales of shopping centers reached RMB 181.2 billion, up 43.3% year-on-year, with 82 projects ranking in the top three in their local markets [3] - The number of high-end luxury shopping centers increased to 13, maintaining the leading position in the industry [3] - The company's membership program, "Wanxiang Star," saw a 36% increase in members to 46.25 million, with monthly active users of the "Yidian Wanxiang" app increasing by 52% [3] Financial Projections - Revenue is expected to grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2026, driven by steady growth in management scale and the company's unique position as a listed commercial management company [3] - Net profit is projected to grow at a CAGR of 20.2% from 2024 to 2026, with EPS expected to increase from RMB 1.28 in 2024 to RMB 2.23 in 2026 [4][8] Valuation Metrics - The company's PE ratio is expected to decrease from 20.03 in 2024 to 10.07 in 2026, reflecting strong earnings growth [4] - ROE is projected to increase from 18.36% in 2023 to 21.72% in 2026, indicating improving profitability [4][8]

Investment Rating - The investment rating for the company is "Buy" [1][14]. Core Views - The company achieved a revenue growth of 31% year-on-year, with a dividend payout ratio increased to 55% [1][2]. - The net profit attributable to shareholders reached 2.93 billion yuan, reflecting a year-on-year increase of 33% [1][2]. - The core net profit was 2.92 billion yuan, also up by 31% year-on-year, with a core net profit margin of 19.8%, an increase of 1.3 percentage points [1][2]. - The company emphasized shareholder returns, with a weighted ROE of 19.3%, up by 3.5 percentage points year-on-year, and a dividend per share of 0.704 yuan, a 60% increase year-on-year [1][2]. Revenue and Profitability - The company reported total revenue of 14.77 billion yuan for 2023, a year-on-year increase of 23% [1][2]. - The core net profit margin improved to 19.8%, with a gross profit margin of 31.8%, up by 1.7 percentage points year-on-year [1][2]. - Management efficiency improved, with the management expense ratio decreasing by 2.3 percentage points to 6.8% [1][2]. Business Segments - Residential property management revenue accounted for 65% of total revenue, while commercial property management contributed 35% [5][9]. - The residential property management revenue was 9.6 billion yuan, growing by 23% year-on-year, although the gross margin slightly decreased to 17.5% [5][9]. - The commercial property management revenue was 5.2 billion yuan, also up by 23% year-on-year, with a gross margin of 58.4%, an increase of 7.7 percentage points [9][10]. Future Outlook - The company maintains its profit forecast for 2024-2025, expecting net profits of 3.65 billion yuan and 4.41 billion yuan, respectively [14]. - Corresponding earnings per share are projected to be 1.60 yuan and 1.93 yuan, with PE ratios of 13.3 and 11.0 [14].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[华I Tnaf 润bol]e 万_Ti象tle]生 活（1209） [评Tab级le_：Inv est] 增持 当前价格（港元）： 24.35 行稳致远，规模迈上新台阶 2024.03.26 海 ——华润万象生活 2023年年报点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 白淑媛(分析师) 黄可意(研究助理) 52周内股价区间（港元） 20.80-43.80 当前股本（百万股） 2,282 公 010-83939826 021-38675923 010-83939815 当前市值（百万港元） 55,579 司 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 证书编号 S0880518010002 S0880518010004 S0880123070129 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司规模上新台阶，各项业绩跑赢大势。商管航道持续巩固行业领先地位，迈入“百 国 华 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][12]. Core Insights - The company reported a revenue of 14.767 billion RMB for the year 2023, representing a year-on-year increase of 22.9%. The net profit attributable to shareholders was 2.929 billion RMB, up 36.5% year-on-year, while the core net profit was 2.920 billion RMB, reflecting a 31.2% increase [2]. - The company's overall gross margin improved by 1.7 percentage points to 31.8% in 2023, with a significant increase in the gross margin of commercial management, which rose by 7.7 percentage points to 58.4% [2]. - The company has seen growth in its management scale, with a contracted area of 425 million square meters and an area under management of 370 million square meters, marking increases of 16.2% and 24.6% year-on-year, respectively [2]. - The company has enhanced its community value-added services, achieving a 21.5% increase in overall revenue from these services to 1.526 billion RMB, with notable growth in specific services such as "Lazy Renovation" (71.0% increase) and "One Call Housekeeper" (77.7% increase) [2]. - The company solidified its leadership position in the commercial management sector, operating 101 shopping centers, including 13 luxury shopping centers, maintaining a high average occupancy rate of 96.1% [2]. - The company has significantly increased its dividend payout, with a payout ratio of 55.0%, up 10 percentage points year-on-year, and a per-share dividend of 0.704 RMB, reflecting a 60.4% increase [2]. Financial Summary - For 2023, the company achieved a revenue of 14,767 million RMB, with a growth rate of 22.89%. The net profit attributable to shareholders was 2,929 million RMB, with a growth rate of 32.76% [5]. - The projected net profits for 2024-2026 are 3,651 million RMB, 4,177 million RMB, and 4,747 million RMB, with year-on-year growth rates of 24.7%, 14.4%, and 13.6%, respectively [2][5]. - The company's price-to-earnings (P/E) ratios for 2024-2026 are projected to be 14.05x, 12.28x, and 10.80x, respectively [2][5].