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 ...

2024年3月24日 公司研究 经营效率显著提升，股息率具备吸引力 ——万物云（2602.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：19.88港元 事件：公司2023年营收同比+10%，核心净利润同比+30%。 万物云发布 2023 年度业绩公告，实现营收 332 亿元，同比增长 10.2%，毛利 48亿元，同比增长13.7%，毛利率14.5%，同比提升0.4pct；归母净利润19.5 作者 亿元，同比增长 29.4%，核心净利润（剔除无形资产客户关系摊销、非经常性 分析师：何缅南 事项净收益及其相关所得税影响后的利润）23.4 亿元，同比增长 29.8%。公司 执业证书编号：S0930518060006 021-52523801 按照核心净利润的55%进行分红，2023年全年利润分配为每股1.092元人民币。 hemiannan@ebscn.com 点评：经营效率提升，蝶城+科技生态服务网络逐步形成，股息率具备吸引力。 联系人：韦勇强 1) 经营效率显著提升，蝶城+科技生态服务网络逐步形成。2023年公司住宅/ 021-52523810 商业/科技三大板块收入为187/117/28亿元 ...

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 业绩快增、分红慷慨，蝶城提质增效 2024年03月23日 万物云 (02602.HK) 买入 23 年归母净利润同比+29%、略超预期，分红慷慨、派息率高达 66%。23 年公司实现营业收入 维持 332亿元，同比+10.2%，其中住宅物管/商企城服/科技业务分别占比56%/35%/8%；毛利润48.1 亿元，同比+13.7%，其中住宅物管/商企城服/科技业务分别占比 60%/23%/17%；EBITDA35.6 亿元，同比+25.3%；归母净利润19.5亿元，同比+29.4%；基本每股收益1.66元，同比+18.8%。 市场数据：2024年03月22日 报告期内，毛利率和归母净利率为14.5%和5.9%，分别同比+0.4pct和+0.9pct；三费费率7.8%， 收盘价（港币） 19.88 同 比-0.9pct， 其 中 销 售 、 管 理 和 财 务 费 率 分 别 为 6.2%/1.5%/0.0% ， 同 比 分 别 恒生中国企业指数 5,758 - ...

Financial Performance - For the year ended December 31, 2023, the total revenue of Onewo Inc. was RMB 33,183.5 million, representing a year-on-year growth of 10.2%[3] - The gross profit for the same period was RMB 4,811.8 million, with a gross margin of 14.5%, an increase of 0.4 percentage points year-on-year[3] - The profit for the year was RMB 2,035.8 million, reflecting a growth of 28.3% compared to the previous year[3] - Core net profit reached RMB 2,339.6 million, which is a 29.8% increase from the fiscal year 2022[3] - The total comprehensive income for the year was RMB 1,937.6 million, an increase from RMB 1,000.98 million in 2022[9] - The company reported a net loss of RMB 98.1 million from equity investments measured at fair value, compared to a loss of RMB 586.6 million in the previous year[9] - The basic and diluted earnings per share for the year were RMB 1.66, compared to RMB 1.40 in the previous year[8] - The company reported a total comprehensive income of RMB (1,081) thousand for 2023, down from RMB 1,157 thousand in 2022[20] - Basic earnings per share for 2023 was RMB 1.66, up 18.6% from RMB 1.40 in 2022[29] Revenue Breakdown - The revenue from circular business was RMB 26,664.8 million, accounting for 80.4% of total revenue, with a year-on-year growth of 14.2%[3] - Community living consumption services generated RMB 18,738,439 thousand in revenue, up from RMB 16,583,191 thousand, reflecting a growth of 13.0%[22] - Revenue from residential property services was RMB 17,002.1 million, up 14.8% year-on-year, contributing 51.2% to total revenue[76] - The company’s cyclical business generated revenue of RMB 26,664.8 million, a year-on-year increase of 14.2%, accounting for 80.4% of total revenue, which is an increase of 2.8 percentage points[101] - Revenue from BPaaS solutions reached RMB 1,363.1 million, growing 37.2% year-over-year, contributing 4.1% to total revenue[85] Cash Flow and Assets - The cash flow from operating activities for the year was RMB 2,586.2 million, with an earnings coverage ratio of 1.3 times[3] - As of December 31, 2023, total assets minus current liabilities amounted to RMB 20,700,558 thousand, an increase from RMB 19,249,441 thousand in 2022, representing a growth of approximately 7.5%[12] - Current assets increased to RMB 24,885,047 thousand from RMB 21,788,788 thousand in 2022, reflecting a growth of approximately 14.4%[10] - Cash and cash equivalents rose significantly to RMB 15,572,483 thousand from RMB 13,345,063 thousand in 2022, a growth of approximately 16.6%[10] - The company’s cash and cash equivalents increased to RMB 15,572.5 million, up RMB 2,227.4 million from RMB 13,345.1 million at the end of 2022[113] Liabilities and Equity - Total current liabilities increased to RMB 18,682,559 thousand from RMB 17,713,544 thousand in 2022, representing an increase of about 5.5%[10] - The company’s non-current liabilities totaled RMB 2,480,317 thousand, an increase from RMB 2,247,937 thousand in 2022, indicating a rise of about 10.3%[12] - The company’s equity attributable to shareholders was RMB 17,605,426 thousand, compared to RMB 16,460,196 thousand in 2022, showing an increase of approximately 6.9%[12] Dividends and Shareholder Returns - The board proposed a profit distribution of RMB 1.092 per share, which is 55% of the core net profit for the year[4] - The company approved a final dividend of RMB 0.777 per share for the year ended December 31, 2023, totaling RMB 916 million, pending shareholder approval[26] - The proposed final dividend for the year ended December 31, 2023, is RMB 0.777 per share, totaling RMB 915.5 million, pending shareholder approval[134] Operational Insights - The company expressed concerns over stock performance and market perception, indicating a need for improved communication with shareholders[44] - The property management industry is expected to face challenges due to a shift from high-margin development services to consumer services based on real estate holdings[45] - The company emphasized the importance of embracing technology and maintaining a customer-centric culture to address potential issues arising from scale growth[45] - Companies must strengthen operational management capabilities to maintain cash flow stability and ensure profitability in a challenging market environment[56] Future Outlook and Strategy - The estimated revenue growth rate for 2023 is projected between 10% to 15%[35] - In 2024, the company plans to implement AI-driven solutions to further enhance operational efficiency and expand service management boundaries[68] - Increased R&D investment is planned to drive technological innovation and enhance market competitiveness in 2024[98] - The company plans to hold its annual general meeting on May 10, 2024[132] Employee and Community Engagement - As of December 31, 2023, the company has 101,284 employees, an increase from 97,930 employees in the previous year, with total employee costs around RMB 11,288.7 million[121] - The company has successfully facilitated the career transition of 2,598 frontline employees into various specialized roles during the reporting period[122] - The company has implemented a "Thousand People Plan" to support 1,000 frontline employees annually in educational advancement, providing scholarships ranging from RMB 5,000 to 7,000[124]

Real Estate Industry Challenges - The real estate development industry continues to face challenges in 2023, with independent development capabilities becoming crucial for success [16]. - The demand for property service providers in higher-tier cities is notably increasing, with many industry players seeking continuous development [18]. - The marketization of property services is gradually improving, leading to a faster development trend in the demand for property service providers [21]. Property Services Market Trends - Urban residents are increasingly prioritizing the quality of living, leading to a higher demand for property services [17]. - The property services market is experiencing significant structural changes, with a growing number of providers competing for clients [18]. - According to CRIC's market research, the owners' committee formation rate in Shanghai reached over 95% in 2021, indicating a trend towards improved property management [18]. Company Strategies and Innovations - The company aims to enhance its competitive edge by focusing on the evolving needs of urban residents and improving service quality [20]. - The company is exploring new strategies to adapt to the changing market dynamics and consumer preferences [20]. - Future outlook includes a commitment to innovation and expansion in response to market demands and competition [20]. Contract and Revenue Growth - The proportion of new property service contracts signed in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen has exceeded 60% in recent years [21]. - The proportion of contracts signed for replacing current property service providers in megacities has exceeded 60%, indicating a growing trend in the market [22]. - The saturated income from new contracts from existing customers amounted to RMB667.8 million, accounting for approximately 32% of the total amount of saturated income from new contracts [62]. Financial Performance - The overall revenue for the six months ended June 30, 2023, was RMB 16,019.7 million, reflecting a growth rate of 12.5% year-on-year [74]. - Revenue from residential property services was RMB8,154.6 million, a 12.2% increase compared to the same period last year, accounting for 50.9% of total revenue [79]. - The Group's recurring businesses achieved revenue of RMB12,775.5 million, representing a 14.5% increase year-over-year, accounting for 79.7% of total revenue [78]. Project Management and Development - During the reporting period, Vanke Service contracted 188 new residential property service projects, generating a saturated income of RMB991.3 million [37]. - The company actively withdrew from 89 low-profitability residential property service projects, resulting in a total saturated income loss of RMB370.7 million [38]. - The company has completed process transformation work in 102 Onewo Towns, passing the acceptance inspection [44]. Technology and Innovation - The demand for technology-enabled residential housing and community services is expected to show significant vitality, driven by changing consumer preferences [25]. - The emergence of new technologies, such as large language models, is accelerating the transformation of labor-intensive industries, improving production efficiency and reducing labor demand [32]. - The company is increasing investment in R&D for the "Lingshi Series" products to enhance space service capabilities through edge computing solutions [129]. Employee Development and Corporate Responsibility - The company has established a training system to provide diverse career paths and learning opportunities for employees [193]. - The "Onewo Dream" Development program has successfully helped 6,693 front line employees transition to other positions since its inception in 2020 [198]. - The company is committed to integrating ESG concepts into its business development to ensure safety and growth for employees and customers [116]. Cash Flow and Financial Position - As of June 30, 2023, the Group had cash and cash equivalents of RMB12,339.9 million, with an improvement in operating net cash flow of RMB750.3 million compared to the same period in 2022 [171]. - The Group had no bank loans or borrowings as of June 30, 2023, resulting in a net cash position, making the net gearing ratio not applicable [172]. - The net proceeds from the Global Offering amounted to approximately RMB5,617.2 million after deducting commissions and related expenses [173].

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Onewo Inc. 萬物雲空間科技服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2602) 截至2023年6月30日止六個月的未經審核中期業績公告 業績摘要 截至2023年6月30日止六個月，報告期內收入為人民幣160.2億元，同比增長 12.5%。其中，社區空間居住消費服務板塊收入為人民幣90.4億元，同比增 長13.0%；商企和城市空間綜合服務板塊收入為人民幣56.7億元，同比增長 11.3%；AIoT及BPaaS解決方案服務板塊收入為人民幣13.2億元，同比增長 13.9%。 截至2023年6月30日止六個月，報告期內毛利潤人民幣24.1億元，同比增長 13.4%，毛利率為15.1%，經調整後（剔除歷史收購帶來的客戶關係攤銷人民幣 321.1百萬元）毛利率為17.1%。 截至2023年6月30日止六個月，報告期內利潤為人民幣1,050.0百萬元，同比增 長15.7%， ...