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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.77 billion yuan for 2023, representing a year-on-year growth of 22.9%, and a net profit attributable to shareholders of 2.93 billion yuan, up 32.8% year-on-year, exceeding market expectations [3] - The company maintains a strong position as a commercial management leader with robust control over core resources, having opened 13 new shopping centers in 2023 and managing a total of 101 projects [3] - The company emphasizes shareholder returns, with a 60.4% increase in dividends per share to 0.704 yuan and a significant rise in the dividend payout ratio to 55% [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 12,016, for 2023A was 14,767, and projections for 2024E, 2025E, and 2026E are 18,587, 23,078, and 28,286 respectively, showing a growth rate of 35.39%, 22.89%, 25.87%, 24.16%, and 22.57% [2] - Net profit attributable to shareholders (in million yuan) for 2022A was 2,206, for 2023A was 2,929, with projections for 2024E, 2025E, and 2026E at 3,619, 4,414, and 5,314 respectively, reflecting growth rates of 27.90%, 32.76%, 23.57%, 21.95%, and 20.39% [2] - The latest diluted EPS for 2023A is 1.28 yuan, with projections for 2024E, 2025E, and 2026E at 1.59, 1.93, and 2.33 respectively [2] - The P/E ratio for 2023A is 16.69, with projections for 2024E, 2025E, and 2026E at 13.51, 11.08, and 9.20 respectively [2] Business Segment Performance - The property management segment generated revenue of 9.6 billion yuan in 2023, accounting for 65% of total revenue, with a year-on-year growth of 23.1% [3] - The commercial management segment achieved revenue of 5.17 billion yuan, growing by 22.6% year-on-year [3] - The overall gross margin for 2023 was 31.8%, an increase of 1.7 percentage points year-on-year, with the property management gross margin at 17.5% and the commercial management gross margin at 58.4% [3] Market Position and Strategy - The company has a strong market presence, with 82 projects ranking in the top three for retail sales in their respective locations, representing 81.2% of managed projects [3] - The company has increased its third-party management area by 5.652 million square meters in 2023, with 60.4% of managed area coming from third-party contracts [3] - The company continues to enhance its service offerings, with community value-added services contributing significantly to revenue [3]

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 商场零售高增，高比例分红 2024年03月26日 华润万象生活 (01209.HK) 买入 23年归母净利润同比+33%、核心同比+31%，略超市场预期，利润率高位提升。据公告，23年 维持 公司实现营业收入147.7亿元，同比+22.9%；其中，住宅物管收入占比65%，同比+23%，商业 运营及物管收入占比 35%，同比+23%。毛利润 46.9 亿元，同比+30.0%，其中商管占比 65%、 同比+5pct；归母净利润29.3亿元，同比+32.8%；核心净利润29.2亿元，同比+31.2%；基本每 市场数据：2023年03月25日 股收益1.28元，同比+32.7%。报告期内，毛利率和归母净利率为31.8%和19.8%，分别同比+1.7pct 收盘价（港币） 24.35 和+1.5pct；三费费率9.2%，同比-1.6pct，其中销售、管理和财务费率分别为1.9%、6.4%和0.8%， 恒生中国企业指数 5,755 同比分别+0.7pct、-2.3pc ...