房地产 2024 年 08 月 25 日 万物云 (02602) ——业绩承压，全额分红，蝶城提质增效 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 17.02 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 29.95/16.70 | | H 股市值（亿港币） | 199.40 | | 流通 H 股（百万股） | 1,171.57 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 邓力 (8621)23297818× dengli@swsresearch.com 买入（维持）投资要点： ⚫ 24H1 归母净利润同比-23%、低于预期，应 ...

23 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 奥尼沃 （ 2602 香港 ）1H24 错过 ， 提高了 div 。再次支付至 100 ％ 核心净利润 Onewo 的 1H24 收益低于市场预期 ， 但该公司提高了 股息支付率从核心净利润的 30% 到 100% (55% 中期股息 + 45% 特殊 div.) ， 基于 22 日的收盘价 ， div 收益率为 9.1% 8 月假设全年没有特别股息支付。 1H24 收入增长 同比增长 9.6% ， 毛利率 （ GPM ） 收缩 1.4 个百分点至 13.6% ， 净利润 同比下降 23% 。我们的主要发现是 ： 1 ）住宅 PM 和 Bpaas 尽管行业条件充满挑战 ， 但仍为公司提供了至关重要的支持。 2)商业 PM 在 1H24 面临挑战 ， 收入增长伴随 毛利率下降 ， 主要是由于降价以吸引客户和 在疲软的经济环境中成为 AR 的主要来源。3)AIoT 收入受到开发商相关问题的严重影响 ， 短期 扩展到非开发者客户端 ， 导致 GP 和 AR 的潜在增加。4)城市服务保持盈利 ， 但将 也增加了 AR 负担。我们预计开发人员将继 ...

23 Aug 2024 CMB International Global Markets | Equity Research | Company Update Onewo (2602 HK) | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Performance Summary [Overall Performance Overview](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The company's H1 2024 total revenue grew 9.6% to RMB 17.56 billion, with recurring business showing strong growth, despite a 23.4% decline in net profit to RMB 804 million Key Financial Indicators H1 2024 | Indicator | H1 2024 (RMB Billion) | YoY Change | | :--- | :--- | :--- | | **Total Revenue** | 17.56 | +9.6% | | **Revenue Excl. Developer Impact** | 15.36 | +16.2% | | **Gross Profit** | 2.40 | -0.6% | | **Profit for the Period** | 0.804 | -23.4% | | **Core Net Profit** | 1.202 | -2.7% | | **EPS** | 0.66 | -22.4% | - Recurring business (residential property, commercial property and facility management, BPaaS) revenue increased by **16.7% year-on-year** to **RMB 14.9 billion**, with its proportion of total revenue rising from **79.8% to 84.9%**, indicating continuous optimization of business structure and reduced reliance on developers[2](index=2&type=chunk) - The Board recommended an interim dividend of **RMB 0.562 per share** and a special dividend of **RMB 0.460 per share**, totaling **RMB 1.022 per share** (tax inclusive), with the total dividend payout based on **100% of core net profit**[3](index=3&type=chunk) Financial Data [Interim Condensed Consolidated Income Statement](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For H1 2024, revenue grew 9.6% to RMB 17.56 billion, but gross profit slightly declined by 0.6% to RMB 2.40 billion, and profit for the period decreased 23.4% to RMB 804 million Income Statement Core Data (RMB Thousand) | Item | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 17,559,770 | 16,019,670 | +9.6% | | **Gross Profit** | 2,396,531 | 2,412,032 | -0.6% | | **Net Other Income and Gains** | 84,853 | 447,531 | -81.0% | | **Profit Before Tax** | 1,083,991 | 1,399,143 | -22.5% | | **Profit for the Period** | 804,423 | 1,049,967 | -23.4% | | **Profit Attributable to Company Shareholders** | 771,663 | 997,733 | -22.7% | | **Basic EPS (RMB)** | 0.66 | 0.85 | -22.4% | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2024, total assets were RMB 38.64 billion, a slight decrease from end-2023, while net assets remained stable at RMB 18.09 billion; trade receivables significantly increased by 39.3% from RMB 6.78 billion to RMB 9.45 billion, and cash and cash equivalents decreased from RMB 15.57 billion to RMB 12.20 billion Statement of Financial Position Core Data (RMB Thousand) | Item | June 30, 2024 (RMB Thousand) | Dec 31, 2023 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 38,641,192 | 39,383,117 | -1.9% | | **Total Liabilities** | 20,548,248 | 21,162,876 | -2.9% | | **Net Assets** | 18,092,944 | 18,220,241 | -0.7% | | **Trade Receivables** | 9,445,393 | 6,781,100 | +39.3% | | **Cash and Cash Equivalents** | 12,197,096 | 15,572,483 | -21.7% | [Summary of Notes to Financial Information](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) Financial notes indicate the company operates as a single segment, with most revenue from China, primarily from community space residential consumer services; the company declared a 2023 final dividend and proposed 2024 interim and special dividends; intangible assets slightly increased due to acquisitions, and trade receivables significantly grew, especially from related parties - Management reviews business performance as a **single operating segment**, with the primary operating entities and most revenue and non-current assets located in China[15](index=15&type=chunk) Revenue by Business Segment H1 2024 (RMB Thousand) | Business Segment | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | YoY Growth | | :--- | :--- | :--- | :--- | | Community Space Residential Consumer Services | 10,102,821 | 9,035,753 | +11.8% | | Commercial and Urban Space Integrated Services | 6,065,306 | 5,667,506 | +7.0% | | AIoT and BPaaS Solutions | 1,391,643 | 1,316,411 | +5.7% | | **Total** | **17,559,770** | **16,019,670** | **+9.6%** | - The Board recommended an interim dividend of **RMB 0.562 per share** and a special dividend of **RMB 0.460 per share** for 2024, totaling approximately **RMB 1.202 billion**[21](index=21&type=chunk) - Trade receivables increased from **RMB 7.20 billion** at end-2023 to **RMB 9.99 billion**, with related party receivables growing **53.5%** from **RMB 2.49 billion to RMB 3.82 billion**[30](index=30&type=chunk) Management Discussion and Analysis [Industry Review](index=16&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) Management identifies three key industry challenges: related developers shifting from support to burden, property fee pricing requiring value demonstration, and integrated facility management (IFM) facing low-price competition instead of focusing on comprehensive services and technology - Related developers have shifted from being a 'backbone' to a 'drag' on industry growth, with related party receivables raising market concerns, and new industry valuation benchmarks now focus on **stable growth and high dividend attributes**[36](index=36&type=chunk) - Property fee pricing has become a market focus, requiring the industry to enhance owner recognition of property value through improved service quality and innovative models[37](index=37&type=chunk) - The Integrated Facility Management (IFM) market faces intense price competition, urging industry players to abandon low-price strategies and instead strengthen comprehensive services and technological capabilities to address efficiency issues for high-quality clients[38](index=38&type=chunk)[40](index=40&type=chunk) [Strategic Review](index=17&type=section&id=%E6%88%B0%E7%95%A5%E5%9B%9E%E9%A1%A7) The company successfully advanced its three strategies: 'Butterfly City Strategy' improved residential property gross margin through expansion and process optimization; 'Client Diversification Strategy' focused on high-quality clients to mitigate cyclical risks; and 'Technology Strategy' enhanced internal efficiency and generated external revenue via proprietary platforms, building a business moat [Butterfly City Strategy: Winning with Existing Stock and Process Transformation](index=17&type=section&id=%E8%9D%B6%E5%9F%8E%E6%88%B0%E7%95%A5) The Butterfly City Strategy successfully expanded its base by deepening existing markets, increasing Butterfly City count to 642 with a 74% win rate for existing projects, while process transformation boosted residential property service gross margin by 0.8 percentage points year-on-year, and ecosystem overlay businesses also steadily developed - The number of Butterfly City bases increased to **642**, with **221 new residential market contracts** acquired during the reporting period, reaching a saturated revenue of **RMB 1.276 billion**[41](index=41&type=chunk) - A cumulative **200 Butterfly Cities** completed process transformation, leading to a **0.8 percentage point year-on-year increase** in residential property service gross margin[42](index=42&type=chunk) - Within ecosystem overlay businesses, total transaction volume for second-hand home sales reached **RMB 9.8 billion**, and the total number of housing rental service units increased by **12.5% year-on-year**[44](index=44&type=chunk) [Client Diversification Strategy: Focusing on High-Quality Clients](index=18&type=section&id=%E5%AE%A2%E6%88%B6%E5%A4%9A%E5%85%83%E5%8C%96%E6%88%B0%E7%95%A5) The company, through its 'Vanke Service Lianghang' brand, continued to expand its diversified high-quality client base to hedge against real estate cyclical risks, securing new contracts worth approximately RMB 496 million across five key sectors and establishing a strategic partnership with a leading domestic AI enterprise for RMB 123 million in new contracts to co-develop a property industry large model - Commercial property service brand 'Vanke Service Lianghang' secured new contracts totaling approximately **RMB 496 million** across five key sectors, adding clients such as leading new energy vehicle companies and renowned shared mobility enterprises[45](index=45&type=chunk) - Diversified operations (energy management, group catering, etc.) within commercial spaces generated **RMB 252 million** in revenue, a **62.1% year-on-year increase**[45](index=45&type=chunk) - Established a strategic partnership with a leading domestic AI enterprise to provide diverse services like FM and BPaaS, and jointly build a large model for the property industry[45](index=45&type=chunk) [Technology Strategy: Efficiency and Revenue Generation](index=19&type=section&id=%E7%A7%91%E6%8A%80%E6%88%B0%E7%95%A5) The Technology Strategy advanced in both internal efficiency and external revenue generation; the self-developed 'Feige Task Platform' improved employee operational efficiency by 18.7% through AI scheduling, while external technology business generated RMB 1.39 billion in revenue and successfully optimized client structure, reducing reliance on developers - The self-developed 'Feige Platform' improved employee operational efficiency by **18.7%** through AI intelligent scheduling, with AI quality inspection accuracy increasing to **over 94.0%**[51](index=51&type=chunk) - Technology business generated **RMB 1.392 billion** in revenue during the reporting period[52](index=52&type=chunk) - Client structure in hardware technology was optimized, with revenue from industrial clients reaching **53.9%**, while developer client proportion decreased from **55.4% to 46.1%**[52](index=52&type=chunk) [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Among the company's three business segments, Community Space Residential Consumer Services had the highest revenue share (57.6%) with an 11.8% year-on-year increase; Commercial and Urban Space Integrated Services revenue grew 7.0% but gross profit declined due to developer value-added services; AIoT and BPaaS Solutions grew 5.7%, with BPaaS notably up 22.0%; core business growth remained robust excluding developer impact Revenue and Gross Profit Overview by Business Segment (H1 2024) | Business Segment | Revenue (RMB Billion) | Revenue YoY | Gross Profit (RMB Billion) | Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Community Space Residential Consumer Services | 10.103 | +11.8% | 1.526 | 15.1% | | Commercial and Urban Space Integrated Services | 6.065 | +7.0% | 0.432 | 7.1% | | AIoT and BPaaS Solutions | 1.392 | +5.7% | 0.439 | 31.6% | | **Total** | **17.560** | **+9.6%** | **2.397** | **13.6%** | - Excluding developer impact, the company's revenue was **RMB 15.36 billion**, a **16.2% year-on-year increase**, with gross profit at **RMB 2.00 billion**, up **12.8% year-on-year**[59](index=59&type=chunk) - Recurring business, serving as the revenue 'ballast,' reached **RMB 14.90 billion**, a **16.7% year-on-year increase**, accounting for **84.9% of total revenue**[60](index=60&type=chunk) [Community Space Residential Consumer Services](index=24&type=section&id=%E7%A4%BE%E5%8D%80%E7%A9%BA%E9%96%93%E5%B1%85%E4%BD%8F%E6%B6%88%E8%B2%BB%E6%9C%8D%E5%8B%99) This segment's revenue reached RMB 9.32 billion, a 14.2% year-on-year increase, primarily driven by residential property service market expansion; residential property service gross margin improved to 13.4% due to Butterfly City process transformation, and managed residential projects' saturated revenue grew 14.2% year-on-year by period-end Residential Property Services Key Indicators | Indicator | H1 2024 (RMB Billion) | YoY Change | | :--- | :--- | :--- | | Revenue | 9.316 | +14.2% | | Gross Profit | 1.246 | +21.4% | | Gross Profit Margin | 13.4% | +0.8 pct | - As of June 30, 2024, saturated revenue from managed residential projects was **RMB 26.21 billion**, a **14.2% year-on-year increase**[61](index=61&type=chunk)[62](index=62&type=chunk) [Commercial and Urban Space Integrated Services](index=25&type=section&id=%E5%95%86%E4%BC%81%E5%92%8C%E5%9F%8E%E5%B8%82%E7%A9%BA%E9%96%93%E7%B6%9C%E5%90%88%E6%9C%8D%E5%8B%99) Within this segment, property and facility management services revenue grew 20.8% to RMB 4.80 billion, demonstrating strong market expansion, but developer value-added services revenue sharply declined by 33.8% year-on-year, leading to an overall segment gross profit decrease; the company is actively adjusting its client structure and expanding into high-quality sectors - Property and facility management services revenue was **RMB 4.80 billion**, a **20.8% year-on-year increase**; saturated revenue from managed projects grew **25.8% year-on-year**[55](index=55&type=chunk)[65](index=65&type=chunk) - Developer value-added services revenue was **RMB 920 million**, a **33.8% year-on-year decline**; gross profit plummeted by **98.9%**, severely dragging down segment performance[55](index=55&type=chunk)[57](index=57&type=chunk)[76](index=76&type=chunk) [AIoT and BPaaS Solutions](index=26&type=section&id=AIoT%E5%8F%8ABPaas%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88%E6%9C%8D%E5%8B%99) Within this segment, BPaaS solutions became the primary growth engine, with revenue increasing 22.0% year-on-year to RMB 790 million, while AIoT solutions revenue declined 10.0% year-on-year due to proactive client structure adjustments and reduced developer business - BPaaS solutions revenue was **RMB 789 million**, a **22.0% year-on-year increase**, with gross profit growing **33.4%**, primarily driven by market expansion to enterprise and space clients[55](index=55&type=chunk)[68](index=68&type=chunk) - AIoT solutions revenue was **RMB 603 million**, a **10.0% year-on-year decline**, with revenue from developers decreasing **25.1%** while revenue from industrial clients increased **8.7%**, indicating ongoing business transformation[71](index=71&type=chunk) [Financial Review](index=28&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2024, total revenue grew 9.6% to RMB 17.56 billion, driven by expanded management scale, but gross profit margin decreased from 15.1% to 13.6% due to developer business and initial property facility management expansion; administrative expense ratio decreased by 0.8 percentage points, reflecting technology-driven efficiency, while profit for the period declined 23.4% to RMB 804 million, and core net profit slightly decreased 2.7%, mainly due to a significant reduction in other income and gains - Revenue increased by **9.6%**, primarily due to expanded management scale and increased business contracts across all segments[78](index=78&type=chunk) - Gross profit margin decreased by **1.5 percentage points to 13.6%**, mainly impacted by the sharp decline in developer business gross margin and initial client base expansion in property and facility management services[82](index=82&type=chunk) - Administrative expenses as a percentage of revenue decreased by **0.8 percentage points**, benefiting from technology-driven efficiency and back-office function optimization[89](index=89&type=chunk) - Profit for the period decreased by **23.4%**, and core net profit decreased by **2.7%**, primarily due to a higher base of other income and gains in the prior period from significant fair value gains on financial liabilities[87](index=87&type=chunk)[91](index=91&type=chunk) - As of June 30, 2024, the company had **no bank loans or borrowings**, maintaining a **net cash position**[94](index=94&type=chunk) Corporate Governance and Other Information [Employees and Remuneration Policy](index=32&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2024, the Group's total employees increased to 105,521, with H1 employee costs approximately RMB 5.90 billion; the company established a diversified talent pool and training system, such as the 'Wanzichianhong' project, which helped 703 grassroots employees successfully transfer positions during the reporting period, enhancing their skills and income - As of June 30, 2024, the Group had **105,521 employees**, an increase of **4,237** from end-2023[99](index=99&type=chunk) - Total employee costs during the reporting period were approximately **RMB 5.90 billion**[99](index=99&type=chunk) - Through the 'Wanzichianhong' development project, **703 grassroots employees** successfully transferred positions during the reporting period, with a cumulative **8,474 transfers** since the project's inception[102](index=102&type=chunk) [Share Repurchase](index=34&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2024, the company cumulatively repurchased 5,486,500 H shares on the Stock Exchange, representing 0.47% of total share capital, at a total cost of approximately HKD 111 million; the Board believes the repurchases demonstrate confidence in the company's prospects, and all repurchased shares have been cancelled H-Share Repurchase Details H1 2024 | Repurchase Month | Shares Repurchased | Total Amount (HKD) | | :--- | :--- | :--- | | January 2024 | 959,300 | 20,192,150 | | February 2024 | 600,000 | 10,743,044 | | March 2024 | 79,000 | 1,552,750 | | April 2024 | 2,203,600 | 39,648,480 | | May 2024 | 300,000 | 7,183,065 | | June 2024 | 1,344,600 | 31,815,110 | | **Total** | **5,486,500** | **111,134,599** | [Dividend Policy](index=36&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E7%89%B9%E5%88%A5%E8%82%A1%E6%81%AF) The Board recommended an interim dividend of RMB 0.562 per share (tax inclusive) and, to celebrate the company's inclusion in the Hang Seng Composite Index, a special dividend of RMB 0.460 per share (tax inclusive), totaling RMB 1.022 per share, subject to shareholder approval at the AGM - An interim dividend of **RMB 0.562 per share** (tax inclusive) was recommended[113](index=113&type=chunk) - A special dividend of **RMB 0.460 per share** (tax inclusive) was recommended to celebrate inclusion in the Hang Seng Composite Index[113](index=113&type=chunk) - Total dividends of **RMB 1.022 per share** (tax inclusive) will be reviewed at the Annual General Meeting on September 27, 2024[113](index=113&type=chunk)

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 万物云（2602）公司跟踪报告 2024年06月19日 [Table_InvestInfo] 投资评级 优于大市 维持 启动回购展现信心，深耕三大战略优势 股票数据 [Table_Summary] 6[T月ab18le日_S收t盘oc价kI（nf港o元] ） 23.45 投资要点： 52周股价波动（港元） 16.12-29.10 总股本（亿股） 11.76 总市值（亿港元） 283.33  拟启动回购，拟用自有资金创造价值回报。2024年6月4日，董事会决定适 相关研究 时行使股份购回授权于公开市场回购H股，拟动用的资金上限为58.0亿港元， [《Ta循b环le业_R务e引po领r增tIn长fo，]打造坚实盈利底盘》 获准回购最多1.18亿股H股，占公司于股东周年大会上通过特别决议案当日 已发行H股总数的10%，并维持足够的公众持股量。公司拟以自有财务资源 2024.03.26 《蝶城战略优势兑现，循环业务引领增长》 拨付股份回购所需资金，并不动用H股于2022年9月在香港联合交易所有 限公司主板上市所得款项。 2023.08.29 ...

公司研究 | 年报点评 万物云 02602.HK 买入（维持） 业绩显著增长，蝶城战略成效显现 股价（2024年04月26日） 19.14港元 目标价格 26.43港元 52周最高价/最低价 35.33/16.7港元 ——2023年报点评 总股本/流通H股（万股） 118,124/118,124 H股市值（百万港币） 22,609 核心观点 国家/地区 中国 行业 房地产 事件：公司近期披露2023年年报，实现营业收入331.8亿元，同比增长10.2%，实现归 报告发布日期 2024年04月29日 母净利润19.5亿元，同比增长29.3%。 ⚫ 业绩显著增长，坚持有现金流的利润。公司23年营收同比增长10.2%，分业务看， 1周 1月 3月 12月 住宅物管/商企城市服务/科技收入分别为 187/117/28 亿元，同比增长 绝对表现 7.89 -1.24 1.06 -44.04 13.0%/4.7%/16.9%。23年公司归母净利同比增长29.3%，业绩增速显著高于营收增 相对表现 -0.91 -7.46 -9.59 -33.38 速，主要由于 1）公司综合毛利率同比上升 0.4pct 至 14.5%，主要 ...

Corporate Social Responsibility and Awards - Onewo Inc. achieved a significant milestone by completing the construction of 100 "Senior Home" service stations, focusing on building senior-friendly communities[6] - Cushman & Wakefield Vanke Service received multiple awards, including the 2023 Contribution Award for Carbon Peaking and Carbon Neutrality and the Facilities Management Team of the Year by RICS China[17] - Onewo was awarded the Best Listed Company for ESG Responsibility Progress Award by Hong Kong Ta Kung Wen Wei Media Group, emphasizing its commitment to corporate social responsibility[18] - The "Jianghan Model" of City Up was awarded the Outstanding Case of Smart City in China of the Year, highlighting Onewo's commitment to urban innovation[18] Digital Transformation and Technology - Onewo's intelligent operation platform was recognized in the Panorama of High-Quality Digital Transformation Products and Services released by the China Academy for Information and Communication Technology[15] - The company published the first large-scale model of the property industry, "Libra Property Committee Workbench," aimed at enhancing community governance through technology[10] - Onewo's "Lingshi Solution" won the third prize in the Digital Transformation Application Competition, reflecting its innovative approach in the digital space[15] - AI is restructuring traditional industry models, although customer preference remains for human interaction[35] - The Group plans to enhance operational efficiency in 2024 through AI technologies and automated processes, aiming to transform traditional command centers[104] Financial Performance - The company's revenue for 2023 reached RMB 33,183,458, an increase of 10.3% from RMB 30,105,803 in 2022[58] - Profit before tax for 2023 was RMB 2,657,821, up 31.5% from RMB 2,020,773 in 2022[58] - The profit for the year attributable to shareholders was RMB 1,954,696, representing a 29.4% increase from RMB 1,511,649 in 2022[58] - The total gross profit for 2023 was RMB 4,811.8 million, with a gross profit margin of 14.5%[113] - The core net profit was RMB 2,339.6 million, representing a year-on-year increase of 29.8%[163] Revenue Growth and Business Segments - Revenue from AIoT and BPaaS solution services was RMB 2,780.6 million, representing an increase of 16.9% compared to RMB 2,378.4 million for the same period in 2022[169] - Revenue from residential property services was RMB 17,002.1 million, an increase of 14.8% year-on-year, accounting for 51.2% of total revenue[116] - Recurring businesses generated revenue of RMB 26,664.8 million, up 14.2% year-on-year, contributing 80.4% of total revenue[114] - The saturated income from contracted residential property projects was RMB 30,663.1 million, a year-on-year increase of 7.0%[118] Operational Efficiency and Cost Management - The management fee rate decreased by 0.9 percentage points, enhancing business efficiency[29] - The administrative expenses ratio decreased by 0.9 percentage points year-on-year, indicating improved operational efficiency[163] - The Group's total cost was RMB 28,371.7 million, representing an increase of 9.6% compared to RMB 25,875.1 million for the same period in 2022, primarily due to business scale growth[174] Market Trends and Challenges - The company is expected to face ongoing challenges in the real estate market, with a projected continuation of the current trends into 2024[61] - More than 70% of residential projects nationwide have a net profit margin of only 5% to 8%, highlighting the industry's long-term business nature with thin profits[73] - The property service sector continues to grapple with the balance between scale expansion and service quality, which remains a critical focus for industry stakeholders[69] Employee Training and Safety Initiatives - The "G4 Action" initiative was launched in Shenzhen, achieving 100% CPR first aid training for all customer-facing service providers and full AED coverage for residential projects[14] - A total of 39,821 employees completed CPR skills training, successfully saving 12 lives[38] - The company installed a total of 2,870 AED facilities as planned, contributing to life-saving efforts[38] Project Development and Expansion - As of December 31, 2023, the Group had built a total of 621 Onewo Towns, with 319 new residential property projects added during the reporting period[75] - The Group committed to invest RMB 170.9 million in transformation funds for smart communities across 104 newly acquired projects, to be gradually utilized within three years[77] - The Group plans to continue promoting the process transformation of no less than 100 Onewo Towns in 2024[81] Asset Management and Financial Position - As of December 31, 2023, the Group had cash and cash equivalents of RMB 15,572.5 million, an increase of RMB 2,227.4 million from RMB 13,345.1 million as of December 31, 2022[185] - The Group had no bank loans or borrowings as of December 31, 2023, resulting in a net cash position, making the net gearing ratio not applicable[185] - The Group's exposure to foreign exchange risk was limited, with non-RMB assets including HKD-denominated assets worth RMB 386.7 million and USD-denominated assets worth RMB 5.7 million[186]

Investment Rating - The report maintains a "Buy" rating for Onewo (02602 HK) and lowers the target price to HKD 27.70, corresponding to a 13.0x P/E ratio for 2024 [3][4]. Core Views - Onewo is progressing steadily with its "Butterfly City" strategy by enhancing its smart technology advantages. The company's performance in 2023 showed balanced growth with a surprising 55% dividend payout ratio. The projected EPS for 2024-2026 is RMB 1.934, RMB 2.247, and RMB 2.623, respectively, with a CAGR of 16.5% from 2023 to 2026 [3][4][6]. Summary by Sections Financial Performance - In 2023, Onewo's total revenue grew by 10.2% year-on-year to RMB 33.183 billion, driven by a 14.2% increase in recurring business revenue to RMB 26.66 billion. The gross profit margin improved to 14.5%, with a net profit of RMB 1.955 billion, reflecting a 29.3% increase [3][4][7]. Strategic Initiatives - The "Butterfly City" strategy has led to a significant increase in efficiency, with the number of Butterfly Cities rising from 584 at the end of 2022 to 621 by the end of 2023. The company has invested over RMB 300 million in process upgrades across 150 Butterfly Cities, resulting in a 4.5% increase in overall efficiency and a 55.5% year-on-year growth in residential property gross profit [4][6]. Dividend Policy - The management announced a final dividend of RMB 0.777 per share, leading to a total dividend payout ratio of 55% for 2023, a significant increase from the previous year's 16%. The dividend payout ratio is expected to remain stable at 55% for 2024 [3][4][6]. Market Positioning - Onewo is actively reducing its reliance on developers by diversifying its client base. In 2023, 65% of new contracts for building maintenance services came from non-developer clients, with a 25.1% year-on-year increase in revenue from this segment [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5]. Core Views - The company's revenue for 2023 was 33.184 billion yuan, representing a year-on-year growth of 10.2%. The gross profit was 4.812 billion yuan, up 13.7% year-on-year. The circular business model, which includes community space residential property services, commercial space property and facility management, and BPaaS solutions, generated 26.665 billion yuan in revenue, a 14.2% increase, accounting for 80.4% of total revenue [7][8][9]. - The company has significantly increased shareholder returns, proposing a profit distribution of 55% of core net profit for the year ending December 31, 2023, compared to 16% in 2022. The dividend per share for 2023 is 1.092 yuan, resulting in a dividend yield of 5.94% based on the closing price on March 22, 2024 [4][7][8]. - The company has implemented a strategic focus on three main areas, enhancing its competitive advantage. By the end of 2023, it had established 621 butterfly city bases and completed process transformations for 150 butterfly cities, improving overall efficiency by 4.5% [9][10]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 33.184 billion yuan, with a gross profit of 4.812 billion yuan. The gross margin improved to 14.5%, up 0.4 percentage points from 2022. The circular business model's gross margin was 12.7%, an increase of 1.2 percentage points [7][8][11]. - The net profit for 2022 was 2.036 billion yuan, reflecting a year-on-year growth of 28.3%. The EBITDA was 3.558 billion yuan, up 25.3% [4][7][11]. Business Segments - Community space residential consumption service revenue reached 18.738 billion yuan in 2023, a 13.0% increase, accounting for 56.5% of total revenue. The commercial and urban space comprehensive service revenue was 11.664 billion yuan, growing 4.7% [7][8][11]. - AIoT and BPaaS solution service revenue was 2.781 billion yuan, up 16.9%, contributing 8.4% to total revenue [7][8][11]. Strategic Initiatives - The company has deepened its three strategic focuses, with a notable reduction in reliance on a single client, Vanke, as the revenue share from related transactions decreased to 13.5% in 2023 [9][10]. - The integration of AI technologies has been a key focus, with the deployment of smart platforms enhancing operational efficiency [10][11]. Valuation - The reasonable value range for the company is estimated between 47.36 yuan and 53.21 yuan, based on PE and PS valuations [5][18][24].

[Table_StockInfo] 买入 2024年 03月 23日 （维持） 证券研究报告•2023年年报点评 当前价： 19.88港元 万 物 云（2602.HK） 房地产 目标价： ——港元 蝶城布局持续落地，管理规模稳步增长 投资要点 西南证券研究发展中心 [T ab收le入_S结u构mm持a续ry优] 化，盈利能力稳定提升。2023年公司总收入331.8亿元，同比 [分Ta析bl师e_：Au池th天or惠] 增长 10.2%；毛利 48.1亿元，同比增长 13.7%；毛利率为 14.5%，同比提升 执业证号：S1250522100001 0.4个百分点；其中，2023年循环型业务收入为266.6亿元，同比增长14.2%， 电话：13003109597 占收入比例为80.4%，同比增加了2.8个百分点；2023年公司利润为20.4亿元， 邮箱：cth@swsc.com.cn 增长 28.3%，全年经营活动所得现金流净额为 25.9亿元；核心净利润为 23.4 分析师：刘洋 亿元，较2022年同口径金额增长29.8%。 执业证号：S1250523070005 电话：18019200867  实施多元 ...