Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by over 15% in the next 6-12 months [6][10]. Core Insights - The associated real estate company, Jianfa Real Estate, has shown strong performance, with significant sales and land acquisition activities, contributing to Jianfa Property's rapid growth in its core property management business [1][2]. - Jianfa Property's revenue for the first half of 2024 reached 1.6 billion RMB, reflecting a year-on-year growth of 16.7%, with net profit increasing by 11.0% to 190 million RMB [2]. - The company has a high-quality and concentrated portfolio of managed projects, with 90.6% of the managed area being residential, which supports the development of value-added services [3]. - Jianfa Property is actively expanding its non-residential property management, with 8 million square meters of contracts signed, contributing to 19% of its property management revenue in the first half of 2024 [3]. Financial Projections and Valuation - The company is projected to achieve a net profit of 420 million RMB in 2024, with an increase to 510 million RMB in 2025, and 590 million RMB in 2026, reflecting a strong growth trajectory [4][5]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 7 for 2025, indicating an attractive valuation given the company's growth prospects [4][5].

77.55亿平方米不足二三年的总体规模的三成所以我们看到各家的这个物企占比还是比较低的市场剩余的空间是足够大的物企仍然可以通过竞争啊并购啊等等方式去做大规模那我们看到基本上今年的这个市场上面啊所有的物企都反馈啊说在试拓环节有这个内卷竞争啊卷服务卷价格成为新常态 来介绍一下公司的情况第一块我会简单的带大家回顾一下我们2023年的一个我们电发物业一个基本的一个财务表现第二块我会介绍一下截至到11月末我们电发物业在整体管理规模以及我们Wirenetwork上的一些最新的进展首先是这个2023年的财务回顾2023年我们电发物业是实现了35.7亿元的一个营收 我们建发物业的合约面积是达到了1.08亿平方米贷款面积是7235万方我们目前在手头上还有接近3500万方的一个储备面积从物管费的整体情况来看的话截至到11月末我们的整体公司的平均物管费是达到了2块6毛7 在今年年初管理层在全年的这个拓展策略的改变是息息相关的那我们可能从今年开始包括未来的几年在拓展这一个方面呢我们会更加注重非住在非住当中呢我们会侧重于是产业园写字楼还有一些政府的办公楼这三大业态我们会持续的在这个非住领域进行深耕那从我们整个 相关的关系呢还是说是住宅 ...

房地产/房地产服务 公 司 研 究 建发物业（02156.HK） 2024 年 08 月 27 日 收入利润同比增长，业务多元结构合理 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/26 | | 当前股价 ( 港元 ) | 2.620 | | 一年最高最低 ( 港元 ) | 4.190/2.580 | | 总市值 ( 亿港元 ) | 36.90 | | 流通市值 ( 亿港元 ) | 36.90 | | 总股本 ( 亿股 ) | 14.08 | | 流通港股 ( 亿股 ) | 14.08 | | 近 3 个月换手率 (%) | 5.42 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 建发物业 恒生指数 数据来源：聚源 相关研究报告 《全年业绩实现同比高增，业务多元 化硕果累累—港股公司信息更新报 告》-2024.3.25 《资源优渥，品质先行，未来业绩增 长可期 —港股公司首次覆盖报告》 -2024. ...

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][14]. Core Insights - The company reported a revenue of 1.602 billion yuan for the first half of 2024, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 191 million yuan, up 11.0% year-on-year [2]. - The growth in revenue and net profit aligns with expectations, although the decline in the high-margin home decoration business has impacted overall growth rates [2]. - The company has seen a shift towards more stable revenue streams, with the proportion of community value-added services, non-owner value-added services, basic property management services, and commercial operation management accounting for 22.5%, 21.5%, 53.6%, and 2.4% of total revenue, respectively [2]. - The total managed area has expanded to 67.54 million square meters, a year-on-year increase of 33.5%, with a significant concentration in first and second-tier cities [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 470 million yuan, with growth rates of 0.2%, 19.5%, and 15.6% for the years 2024, 2025, and 2026, respectively [2][5]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 7.5x, 6.3x, and 5.4x, respectively [2][5]. - The gross profit margin for the first half of 2024 is reported at 25.2%, a slight decrease of 0.4 percentage points year-on-year [2].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 的 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 C&D Property Management Group Co., Ltd 建發物業管理集團有限公司 （於英屬處女群島註冊成立的有限公司） （股份代號：2156） 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company achieved a revenue of approximately RMB 3,569.3 million, representing a year-on-year growth of 55.8%[8] - The net profit attributable to equity owners was RMB 467.3 million, reflecting a year-on-year growth of 89.0%[8] - Total revenue for the year ended December 31, 2023, was approximately RMB 3,569.3 million, an increase of about 55.8% compared to RMB 2,290.5 million for the year ended December 31, 2022[45] - Property management service revenue was approximately RMB 1,418.0 million, with a year-on-year increase of 36.8%[8] - The revenue from property management services for the year ended December 31, 2023, was RMB 1,418,002 thousand, compared to RMB 1,036,175 thousand for the year ended December 31, 2022, reflecting a significant increase[32] - Community value-added and collaborative services revenue increased by approximately 189.0% to about RMB 1,374.8 million, primarily due to the delivery of housing hard decoration services generating revenue of approximately RMB 683.6 million, up from RMB 26.9 million[47] - Non-owner value-added services revenue decreased by approximately 6.3% to about RMB 707.1 million, mainly due to a reduction in required sales centers by cooperating real estate developers for cost-saving reasons[41] Operational Growth - The total contracted management area reached 101.8 million square meters, a year-on-year increase of 12.4%[11] - The area under management increased to 61.4 million square meters, marking a year-on-year growth of 33.0%[11] - New external contracts amounted to RMB 827.9 million, representing a year-on-year growth of 7.8%[11] - The company has expanded its property management portfolio to cover 63 cities across 16 provinces, with a total managed area of approximately 61.4 million square meters[24] - The number of contracted projects increased to 659, representing a growth of approximately 12.8% from 584 projects as of December 31, 2022[26] - The managed construction area reached approximately 61.4 million square meters, up about 33.0% from 46.2 million square meters as of December 31, 2022[26] Strategic Initiatives - The company emphasizes a customer-centric development strategy to drive high-quality growth amidst challenging market conditions[7] - The company aims to enhance service quality and customer satisfaction through a series of initiatives focused on improving standards and operational efficiency[16] - The company plans to explore expansion opportunities in first-tier and strong third-tier cities while maintaining profitability and safety standards[17] - The company aims to diversify its property management portfolio by extending services to various non-residential properties, including commercial buildings and public facilities[33] - The company will continue to push for technological innovation and application to enhance living experiences and management efficiency in 2024[19] Technological Innovation - The company has completed the digitalization of cleaning work orders, optimizing the human-machine combination model to enhance management efficiency and reduce costs[14] - The company has applied for 15 patents and registered 14 software copyrights to support technological innovation in smart community services[12] - The company encourages technological innovation to enhance efficiency and satisfaction, promoting a management model focused on continuous improvement[72] Corporate Governance - The company has a strong focus on enhancing corporate governance and compliance with the Hong Kong Companies Ordinance[81] - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independent judgment and oversight[148] - The company has established a mechanism for evaluating board independence, which has been reviewed and found satisfactory during the reporting period[154] - The board is committed to maintaining a diverse composition, considering various factors such as age, gender, and professional experience in its evaluations[171] Shareholder Engagement - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[184] - Key concerns from shareholders include financial performance, operational transparency, risk management, and investor rights[197] - The company has reviewed its shareholder communication policy and expressed satisfaction with its implementation and effectiveness[185] Risk Management - The company has implemented various risk management procedures, including risk identification, analysis, response, monitoring, and reporting processes[172] - The board is responsible for evaluating the nature and extent of risks the company is willing to take to achieve strategic objectives[172] - The company has established a whistleblowing policy for employees to report misconduct confidentially and anonymously[173] Employee and Customer Focus - Employee engagement surveys and feedback platforms are utilized to address career development, compensation, and workplace safety[197] - Customer satisfaction is prioritized, focusing on product quality, service quality, and customer privacy protection[197] ESG Commitment - The company has established a multi-level ESG governance structure, with the board of directors responsible for overseeing ESG strategies and reporting[194] - The company is committed to sustainable development, integrating economic growth, social harmony, and environmental sustainability into its business operations[192] - The ESG report covers the period from January 1, 2023, to December 31, 2023, detailing the company's property management services and community value-added services[188]

F源证券 房地产/房地产服务 公 司 研 究 建发物业（02156.HK） 2024 年 03 月 25 日 全年业绩实现同比高增，业务多元化硕果累累 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/25 | | 当前股价 ( 港元 ) | 3.090 | | 一年最高最低 ( 港元 ) | 5.200/2.840 | | 总市值 ( 亿港元 ) | 43.52 | | 流通市值 ( 亿港元 ) | 43.52 | | 总股本 ( 亿股 ) | 14.08 | | 流通港股 ( 亿股 ) | 14.08 | | 近 3 个月换手率 (%) | 6.01 | 齐东（分析师） qidong@kysec.cn 证书编号：S0790522010002 全年业绩实现同比高增，业务多元化硕果累累，维持"买入"评级 建发物业发布 2023 年年报，实现营收/归母净利润为 35.7/4.7 亿元，同比增长 55.8%/89.0%；毛、净利率分别为 28.1%、15.3%，分别增长 4. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.57 billion yuan in 2023, representing a year-on-year growth of 55.8%, and a net profit attributable to shareholders of 467.35 million yuan, up 89.0% year-on-year, exceeding market expectations [3] - The significant revenue growth is attributed to the delivery of hard decoration services, which boosted the gross margin from 23.4% in 2022 to 28.1% in 2023 [3] - The company continues to see strong growth in community value-added services, which became the second-largest business segment, accounting for 38.5% of total revenue, with a year-on-year increase of 17.7% [3] - The company has a stable supply from its major shareholder, with a steady increase in managed area and multiple community value-added services contributing to overall stable gross margins [3] Summary by Sections Financial Performance - Total revenue for 2023 was 3,569 million yuan, with a year-on-year increase of 55.83% - Net profit attributable to shareholders was 467.35 million yuan, reflecting a year-on-year growth of 89.05% - Earnings per share (EPS) for 2023 was 0.33 yuan, with a projected EPS of 0.42 yuan for 2024 [2][3] Business Segments - Property management service revenue reached 1.42 billion yuan, up 36.8% year-on-year - Community value-added service revenue was 1.37 billion yuan, showing a remarkable growth of 189.0% - Non-owner value-added service revenue decreased by 6.3% to 710 million yuan, while commercial management service revenue increased by 188.3% to 70 million yuan [3] Market Position and Strategy - As of the end of 2023, the company managed a total area of 61.4 million square meters, a 33.0% increase from the previous year, with a contract-to-managed area ratio of 1.66 times [3] - The company has expanded its presence to 63 cities, with 19 cities having a contract area exceeding one million square meters [3] - The company’s community value-added services, including home beautification, achieved a revenue of 750 million yuan, growing 984% year-on-year [3] Dividend Policy - The company declared a dividend of 0.26 HKD per share for 2023, including a special dividend of 0.1 HKD, resulting in a payout ratio of 71% and a dividend yield of 8.2% based on the closing price on March 22, 2024 [3]

2024年3月21日，公司发布2023年全年业绩：实现营业收入35.69 亿元，同比+55.8%；归母净利润4.67 亿元，同比+89.0% 营收符合预期、归母净利润超预期。公司营收高增基本符合预 期，主要由于3个项目的房屋硬装业务按时交付结转，带来增 量收入约 6.84亿元。归母净利润增速高于收入增速，主要由于 硬装业务毛利率较高，带动整体毛利率上升，公司2023年毛利 率 28.1%，同比+4.7pct。 收入结构多元健康。2023 年公司社区增值服务、非业主增值服务、 基础物管服务、商业运营管理四大业务的收入占比分别为38.5%、 19.8%、39.7%、2.0%，较 2022 年分别+17.7pct、-13.1pct、-5.6pct、 +1.0pct。社区增值服务及商业运营管理服务收入占比呈上升趋 势，非业主增值服务收入占比下降，收入结构逐渐改善中。 港币(元) 成交金额(百万元) 社区增值服务多业务发展迅速。2023 年公司社区增值服务实现收 6.00 70 入13.75 亿元，同比+189.0%。其中，家居美化服务、智能社区服 60 5.00 50 务、到家服务、零售业务表现突出，分别实现约7.4 ...

Financial Performance - The group's revenue for the year was approximately RMB 3,569.3 million, an increase of about 55.8% compared to RMB 2,290.5 million for the year ended December 31, 2022[2]. - The group's gross profit for the year was approximately RMB 1,001.5 million, representing an increase of about 86.5% from RMB 537.0 million for the year ended December 31, 2022, with a gross profit margin of approximately 28.1%, up 4.7 percentage points from 23.4% in the previous fiscal year[2]. - The group's net profit for the year was approximately RMB 547.3 million, a growth of about 117.8% compared to RMB 251.3 million for the year ended December 31, 2022, with profit attributable to equity holders of the company at approximately RMB 467.3 million, an increase of about 89.0% from RMB 247.2 million[2]. - The total comprehensive income for the year was RMB 558.5 million, compared to RMB 285.3 million for the previous year[4]. - Basic earnings per share attributable to equity holders of the company was RMB 0.35, compared to RMB 0.19 for the previous year[6]. - The total revenue for the year 2023 reached RMB 50,500,000, compared to RMB 23,164,000 in 2022, indicating a significant increase[37]. - The net profit attributable to equity holders for 2023 was RMB 467,347,000, up from RMB 247,212,000 in 2022, representing an increase of approximately 89%[42]. - Basic earnings per share for 2023 were RMB 0.35, compared to RMB 0.19 in 2022, reflecting a growth of 84%[41]. - The total income tax expense for 2023 was RMB 180,151,000, significantly higher than RMB 73,391,000 in 2022, indicating increased profitability[40]. Dividends - The board proposed a final dividend of HKD 0.16 per share, compared to HKD 0.1 per share for the previous year, along with a special dividend of HKD 0.1 per share to celebrate the company's third anniversary of listing[2]. - The company plans to distribute a final dividend of HKD 0.16 per share and a special dividend of HKD 0.10 per share, totaling approximately RMB 331,811,000[45]. - The total estimated payout for the final and special dividends is approximately HKD 366,149,000, equivalent to about RMB 331,811,000[102]. - The annual general meeting is scheduled for May 24, 2024, where the proposed dividends will be subject to shareholder approval[103]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 3,605.5 million, compared to RMB 3,156.9 million as of December 31, 2022[10]. - The total liabilities as of December 31, 2023, were RMB 1,905.3 million, compared to RMB 2,005.5 million as of December 31, 2022[10]. - The cash and cash equivalents as of December 31, 2023, were RMB 2,952.4 million, an increase from RMB 2,703.1 million as of December 31, 2022[10]. - Non-current liabilities increased to RMB 66,184 thousand from RMB 28,409 thousand, representing a growth of 132%[11]. - Total assets increased to RMB 1,831,664 thousand from RMB 1,272,703 thousand, reflecting a growth of 43.8%[11]. - The company's equity attributable to owners increased to RMB 1,726,141 thousand from RMB 1,245,757 thousand, a rise of 38.5%[11]. - The company's asset-liability ratio was approximately 51.8% as of December 31, 2023, down from 61.5% on December 31, 2022[90]. - As of December 31, 2023, the company's interest-bearing borrowings were approximately RMB 19.6 million, compared to RMB 10.0 million on December 31, 2022[90]. Revenue Breakdown - Revenue from property management services was RMB 1,418,002 thousand, while commercial property operation management services generated RMB 69,327 thousand for the year 2023[21]. - The contribution from Xiamen Construction Development and its related entities accounted for 33.1% of the group's total revenue, down from 37.5% in 2022[22]. - The total recognized revenue for property management services in 2023 was RMB 262,506,000, compared to RMB 184,030,000 in 2022, representing an increase of 42.6%[26]. - Community value-added and collaborative services generated revenue of RMB 703,761,000 in 2023, a significant increase from RMB 70,690,000 in 2022, reflecting a growth of 894.5%[26]. - The total revenue for the year ended December 31, 2023, was RMB 1,418,002 thousand, compared to RMB 1,036,175 thousand for the year ended December 31, 2022, indicating a strong growth trajectory[58]. - Revenue from residential properties accounted for 78.4% of total revenue, amounting to RMB 1,112,349 thousand, while non-residential properties contributed 21.6% with revenue of RMB 305,653 thousand[60]. - The community value-added and collaborative services segment contributed 38.5% to total revenue, with a revenue of RMB 1,374.8 million[72]. - Revenue from community value-added and collaborative services increased from approximately RMB 475.8 million to about RMB 1,374.8 million, a growth of approximately 189.0%[73]. Operational Highlights - The total contracted management area for property management services was approximately 101.8 million square meters as of December 31, 2023, an increase of about 12.4% from 90.6 million square meters as of December 31, 2022[2]. - The company has not engaged in any business operations since its incorporation, focusing primarily on property management services in China[12]. - The company operates four main business lines: property management services, community value-added and collaborative services, non-owner value-added services, and commercial property operation management services[47]. - The company aims to become a leading property management service provider in China, adhering to the service philosophy of providing high-quality living spaces[47]. - The company continues to expand its service offerings and geographical reach to enhance its market position[47]. - The company has diversified its property management services to include non-residential properties, with a contracted area of approximately 7.8 million square meters, a significant increase of about 40.7% from 5.5 million square meters as of December 31, 2022[59]. - The company aims to enhance basic service quality to improve customer satisfaction and maintain stable cash flow and business fundamentals[98]. - The strategic focus includes transitioning from residential to non-residential services, optimizing service structure, and enhancing competitive advantages in non-residential sectors[99]. Governance and Compliance - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[14]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's consolidated financial statements for the year[108]. - The auditors have confirmed that the preliminary performance data aligns with the amounts in the draft consolidated financial statements for the year ending December 31, 2023[109]. - The company maintains high corporate governance standards to protect shareholder interests and enhance corporate value, adhering to all applicable principles and rules[106]. - The company has adopted the standard rules for securities trading by directors as per the listing rules, confirming compliance throughout the year[105].