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]

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 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 华润万象生活（1209）公司年报点评 2024年03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 韧性增长，商业规模迈入百座里程碑 股票数据 [Table_Summary] 3[T月ab29le日_S收t盘oc价kI（n港fo元] ） 24.75 投资要点： 52周股价波动（港元） 20.45-43.79 总股本（百万股） 2283 总市值（亿港元） 565 ⚫ 经营业绩韧性增长，再创新高。2023年，公司实现综合收入 147.67 亿元， 相关研究 同比+22.9%；归母净利润29.29亿元，同比+32.8%；营业现金比率同比+4.9 [《Ta华b润le万_R象e生p活o（rtI0n1f2o0] 9.HK）2023年中期业 个百分点至 20.6%，经营性净现金流/核心净利润同比+19.2 个百分点至 104.2%，各项核心业绩指标取得稳健增长；市值、市盈率稳居行业第一。董 绩点评：：经营业绩韧性增长，业务版图加速 扩张》2023.09.14 事会决议宣派末期股息每股人民币 0.481 元，按年增长 54.2 ...

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]

业绩稳健增长，分红高位提升 华润万象生活（1209.HK）/物 证券研究报告/公司点评 2024年3月28日 业服务行业 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：24.75港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 12,037 14,798 18,067 21,690 25,601 分析师：由子沛 增长率yoy% 35% 23% 22% 20% 18% 执业证书编号：S0740523020005 净利润（百万元） 2,206 2,929 3,626 4,340 5,086 Email：youzp@zts.com.cn 增长率yoy% 28% 33% 24% 20% 17% 每股收益（元） 0.97 1.28 1.59 1.90 2.23 每股现金流量 0.83 1.47 2.11 2.36 2.73 分析师：李垚 净资产收益率 16% 19% 20% 20% 19% 执业证书编号：S0740520110003 P/E 23.2 17.5 14.1 11.8 ...

证券研究报告 | 2024年03月28日 华润万象生活（01209.HK） 买入 全年业绩增长 31%，派息率提升至 55% 核心观点 公司研究·海外公司财报点评 业绩增长31%，派息率提升至55%：2023全年，公司实现营业收入148亿元， 房地产·房地产服务 同比+23%；归母净利润29.3亿元，同比+33%；核心净利润29.2亿元，同比 证券分析师：任鹤 证券分析师：王粤雷 +31%；核心净利率19.8%，同比提升1.3个百分点，主要是毛利率31.8%， 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 同比提升1.7个百分点。此外得益于管理效率提升，管理费率6.8%，同比下 S0980520040006 S0980520030001 降2.3个百分点。2023年，公司加权ROE为19.3%，同比提升3.5个百分点。 证券分析师：王静 公司重视股东回报，2023年每股派息0.704元，同比+60%；派息率55%，同 021-60893314 wangjing20@guosen.com.cn 比提升10个百分点。 ...

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 ...

2024 年 3月 26日，公司发布 2023 年全年业绩：实现营收 147.67 亿元，同比+22.9%，归母净利润 29.29 亿元，同比+36.5%；核心 净利润为29.20亿元，同比+31.2%。 收入略低于预期，归母净利润超预期。公司整体收入略低于预期， 主因是住宅物管服务增速下滑及开发商增值服务负增长。归母净 利润增速超预期主要因为毛利率提升，2023 年公司整体毛利率同 比提升 1.7ppt 至 31.8%，其中商业管理航道毛利率大幅提升 7.7ppt 至 58.4%。 物管规模增长，第三方占比提升。截至 2023 年末，公司合约面积 4.25 亿方，在管面积 3.70 亿方，分别同比+16.2%及+24.6%。合约 港币(元) 成交金额(百万元) 面积第三方占比59.0%，在管面积第三方占比60.4%，分别较 2022 48.00 300 年底提升3pct和 3.3pct。 44.00 250 40.00 社区增值多业务收入稳步增长。2023 年公司通过提升产品力、运 200 36.00 150 营力及服务力，带动社区增值整体收入分别同比+21.5%至 15.26 32.00 100 28.0 ...

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 ...

证券研究报告·海外公司点评·地产(HS) 华润万象生活（01209.HK） 2023 年业绩公告点评：商管龙头地位稳固， 2024年 03月 27日 分红率大幅提升 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 执业证书：S0600523020003 营业总收入（百万元） 12,016 14,767 18,587 23,078 28,286 xiaoc@dwzq.com.cn 同比 35.39% 22.89% 25.87% 24.16% 22.57% 证券分析师 白学松 归母净利润（百万元） 2,206 2,929 3,619 4,414 5,314 执业证书：S0600523050001 同比 27.90% 32.76% 23.57% 21.95% 20.39% baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.97 1.28 1.59 1.93 2.33 P/E（现价&最新摊薄） 22.16 1 ...