Investment Rating - The report maintains an "Outperform" rating for the company [6][17]. Core Views - The company's overall revenue increased by 19.7% year-on-year to 13.051 billion yuan in 2023, with a gross profit increase of 19.3% to 2.070 billion yuan, maintaining a gross margin of 15.9% [8][10]. - The net profit attributable to shareholders rose by 22.8% to 1.343 billion yuan, with basic and diluted earnings per share of 0.4084 yuan, also reflecting a 22.8% year-on-year growth [8][10]. - The company has seen a robust growth in property management and value-added services, with property management service revenue reaching 9.415 billion yuan, a 16.0% increase, and value-added service revenue increasing by 33.7% to 3.426 billion yuan [11][16]. Financial Performance Summary - In 2023, the company reported total revenue of 13.051 billion yuan, with a breakdown showing property management service revenue at 9.415 billion yuan (72.1% of total revenue), value-added services at 3.426 billion yuan (26.4%), and parking space sales at 200 million yuan (1.5%) [8][11]. - The gross margin for the property management service segment improved to 15.0%, up 1.6 percentage points from 2022, while the gross margin for non-residential value-added services decreased to 13.1% [15][16]. - The company’s total assets increased by 17.36% to 10.611 billion yuan, and the net assets attributable to shareholders rose by 27.76% to 4.121 billion yuan [9][10]. Business Development Analysis - As of the end of 2023, the managed area increased by 25.4% to 402 million square meters, with 70.6% of new projects coming from independent third parties [11][12]. - The company’s revenue growth is attributed to the increase in managed area under the fixed-price contracts and growth in both non-residential and residential value-added services [8][11]. - The company plans to maintain a dividend payout of 14 cents per share, with a total dividend amounting to 14.0 cents for the year [17]. Investment Recommendations - The report projects an EPS of 0.51 yuan for 2024, with a valuation range of 6.09 to 7.61 yuan per share, corresponding to a dynamic PE of 12-15 times [17][18].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth of 19.7% in 2023, reaching 13.05 billion RMB, with gross profit increasing by 19.3% to 2.07 billion RMB [2] - Operating profit rose by 24.4% to 1.80 billion RMB, and net profit attributable to shareholders increased by 22.8% to 1.34 billion RMB [2] - The management scale continues to grow, with a focus on diversifying value-added services [2][3] Summary by Relevant Sections Revenue and Profitability - The company's overall revenue increased by 19.7% to 13.05 billion RMB, with a gross profit of 2.07 billion RMB, reflecting a 19.3% year-on-year growth [2] - The operating profit rose by 24.4% to 1.80 billion RMB, and net profit attributable to shareholders increased by 22.8% to 1.34 billion RMB [2] - The gross margin improved to 15.9%, with property management, non-residential value-added, and residential value-added service gross margins at 15.0%, 13.1%, and 26.1% respectively [2] Business Segments - Property management services revenue grew by 16.0% to 9.41 billion RMB, accounting for 72.1% of total revenue, with a gross profit of 1.41 billion RMB, up 29.6% [2] - The company expanded its presence to 164 cities, managing 1,999 properties with a total area of 400 million square meters, a 25.4% increase from the end of 2022 [2] - Value-added services generated revenue of 3.44 billion RMB, a 33.7% increase, with non-residential and residential value-added services contributing 2.14 billion RMB and 1.29 billion RMB respectively [2] Future Earnings Forecast - The company is expected to achieve net profits of 1.62 billion RMB, 1.92 billion RMB, and 2.24 billion RMB for 2024, 2025, and 2026, representing growth rates of 21%, 18%, and 17% respectively [3][4] - The forecast assumes continued growth in management scale and diversification of value-added services [3][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][6]. Core Insights - The company reported a 2023 revenue of 13.051 billion, reflecting a year-on-year growth of 19.7%, with a net profit of 1.343 billion, up 22.9% year-on-year [2][3]. - The revenue growth is attributed to an increase in managed area under the fixed-price model and growth in both residential and non-residential value-added services [3]. - The overall profitability remains stable, with a gross profit margin of 15.86% and a net profit margin of 10.22%, showing slight improvements from the previous year [3]. - The company has expanded its managed area by 8.12 million square meters, with a total managed area of 402 million square meters, marking a 25.4% increase year-on-year [3]. - The report highlights a shift in the structure of value-added services, with a slight pressure on profit margins due to changes in business composition [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 15.662 billion, 18.011 billion, and 20.352 billion respectively, with growth rates of 18.5%, 15.0%, and 13.0% [1][4]. - Net profit is projected to reach 1.608 billion, 1.861 billion, and 2.125 billion for the same years, with corresponding growth rates of 19.8%, 15.7%, and 14.1% [1][4]. - Earnings per share (EPS) are forecasted to be 0.49, 0.57, and 0.65 for 2024, 2025, and 2026 respectively [1][4]. Market Position - The company has increased its proportion of third-party projects, with independent third-party managed area rising to 40.5% from 32.8% in the previous year [3]. - The report notes that the company’s non-residential projects now account for 30.1% of its managed area, up from 24.5% [3]. - The company’s stock is currently priced at 4.33 HKD, with a market capitalization of 14.232 billion HKD [1][2].

Investment Rating - The report maintains a "Buy" rating for China Overseas Property (02669.HK) [2] Core Views - The company's revenue growth has slightly slowed, but expansion remains positive. The company achieved a revenue of 13.05 billion RMB in 2023, a year-on-year increase of 19.7%, and a net profit of 1.34 billion RMB, up 22.8% year-on-year, although below market expectations [2][3] - The company plans to distribute a final dividend of 0.085 HKD per share, with a total annual dividend of 0.14 HKD, corresponding to a payout ratio of 31% [2] - The management area under the company increased by 25% year-on-year, reaching 402 million square meters by the end of 2023, with new management area added increasing by 35% year-on-year [2] Financial Performance Summary - In 2023, the company reported a revenue of 13,051 million RMB, with a year-on-year growth rate of 19.7% [3] - The net profit for 2023 was 1,343 million RMB, reflecting a year-on-year increase of 22.8% [3] - The basic earnings per share (EPS) for 2023 was 0.41 RMB, up 22.8% year-on-year [2][3] - The return on equity (ROE) was 36.8%, a decrease of 2.2 percentage points year-on-year [2] Revenue Breakdown - The revenue from property management services was 9,415 million RMB, a year-on-year increase of 16.0% [2] - Non-residential value-added services generated 2,145 million RMB, up 18.3% year-on-year, while residential value-added services saw a significant increase of 70.9% to 1,290 million RMB [2] - The gross profit margins for property management services, non-residential value-added services, and residential value-added services were 15.0%, 13.1%, and 26.1%, respectively [2] Future Projections - The report projects the company's net profit to be 1.67 billion RMB in 2024 and 2.06 billion RMB in 2025, with corresponding growth rates of 24.6% and 23.3% [3] - The price-to-earnings (PE) ratio for 2024 is estimated at 8.0X, compared to the average PE of comparable companies at 11.1X [2]

Financial Performance - Overall revenue rose by 19.7% to RMB 13,051.3 million, compared to RMB 10,899.8 million last year[4] - Gross profit increased by 19.3% to RMB 2,069.8 million, maintaining a stable gross profit margin of 15.9%[4] - Profit attributable to shareholders rose by 22.8% to RMB 1,342.5 million, with basic and diluted earnings per share at RMB 0.4084, a growth of 22.8%[4] - The company's operating profit increased by 24.4% to RMB 1,803.4 million, compared to RMB 1,449.5 million in the previous year[39] - The total profit for the year ended December 31, 2023, was RMB 1,351,504,000, representing an increase of 22.8% compared to RMB 1,100,103,000 in 2022[79] - The total comprehensive income for the year was RMB 1,360,791,000, up from RMB 1,097,846,000 in the previous year, marking a growth of 24%[79] - The basic and diluted earnings per share for the year were RMB 40.84, compared to RMB 33.27 in the previous year[77] - The company's reported segment profit for the year was RMB 1,849,124, compared to RMB 1,523,586 in 2022, reflecting an increase of approximately 21.4%[103] Revenue Breakdown - The revenue from property management services accounted for 72.1% of total revenue, with a 16.8% increase in the bundled service segment[36] - Non-residential value-added services revenue grew by 18.3% to RMB 2,144.7 million, while residential value-added services revenue surged by 70.9% to RMB 1,291.8 million[36] - The company's segment revenue from property management services was RMB 9,414,907, contributing significantly to the overall revenue growth[106] - Revenue from external customers in mainland China reached RMB 11,227,964, up from RMB 8,769,907 in the previous year, indicating a growth of about 27.5%[106] Managed Area and Projects - The total managed construction area increased by 25.4% to 401.5 million square meters, with 70.6% of new projects coming from independent third parties, amounting to RMB 4,002.2 million in contract value[4] - The managed area increased by 25.4% to 401.5 million square meters, compared to 320.3 million square meters in the previous year[42] - The new orders for the year included 81.2 million square meters of managed area, with a total contract value of RMB 7,021.7 million[33] - The company has secured contracts for various projects, including the Chengdu Giant Panda Base and multiple government properties, solidifying its position as the largest property management service provider in Hong Kong[14] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.085 per share, up from HKD 0.080 last year, bringing the total dividend for the year to HKD 0.140[5] - The total dividend paid for 2023 was approximately RMB 407,854,000, up from RMB 282,370,000 in 2022, reflecting an increase of around 44.5%[115] Employee and Operational Efficiency - The company employed approximately 43,012 staff as of December 31, 2023, down from 57,425 employees a year earlier[74] - Total employee costs for the year were approximately RMB 4,923.9 million, a decrease from RMB 5,424.0 million in 2022[74] - The company continues to implement automation and standardization measures to enhance operational efficiency and service quality[65] Strategic Initiatives and Future Plans - The company aims to enhance its service capabilities by integrating various management operations into a unified service model, focusing on urban service exploration[9] - The company plans to actively integrate internal and external resources to promote the development of the entire industry chain[9] - The company aims to modernize property management through technology innovation and cross-industry collaboration, enhancing its competitive position in the market[29] - The company aims to enhance property value through innovative services and has established a unique business logic of "one branch with multiple branches" to integrate various business areas[12] Sustainability and ESG Performance - The company has received multiple awards for its ESG performance, including the "2023 Property Management ESG Development Excellent Enterprise" award, reflecting its commitment to sustainable development[19] - The company has implemented a dual-carbon work plan, focusing on quantifiable environmental goals such as waste management and energy-saving initiatives[19] - The company has conducted a carbon audit covering over 1,000 projects, analyzing carbon emissions and proposing future energy-saving measures[71] Market Position and Recognition - The company has been recognized as the leading property management company in China for high-quality development in 2023 and has maintained its brand influence for six consecutive years[17] - The company has a market share ranking first in Hong Kong's property management sector, with a significant presence in over 60% of hospitals under the Hong Kong Hospital Authority[14] Financial Position and Assets - Cash and bank balances increased by 24.3% to RMB 5,130.7 million, with net current assets rising to RMB 3,565.6 million[62] - Non-current assets totaled RMB 679,958,000 as of December 31, 2023, compared to RMB 522,766,000 in 2022, reflecting a 29.9% increase[81] - Current assets increased to RMB 9,930,865,000 in 2023 from RMB 8,384,062,000 in 2022, a rise of 18.5%[81] - The total equity attributable to shareholders was RMB 4,177,017,000, compared to RMB 3,223,425,000 in the previous year, an increase of 29.6%[82]

证券研究报告 | 首次覆盖报告 2024年03月23日 中海物业（02669.HK） 深耕厚植，笃行致远，打造物业央企标杆 中海物业背靠央企大平台，深刻受益于集团协同优势，多年深耕物业管理服 买入（首次） 务。公司拥有关联方中国海外发展长期稳定的交付支撑；同时中海物业的央 股票信息 企背景在外拓时形成较强的信誉品牌背书，为公司近年基础物管+增值服务全 面发展打下坚实基础。2018年，公司确立了持续提升客户满意度和经营规模 行业 房地产开发 的整体发展战略，此后公司全面面向市场拓展业务。2023H1在管面积已增长 3月22日收盘价(港元) 5.77 至3.6亿方。物业管理服务收入也逐年走高，2022年公司物业管理服务营收 总市值(百万港元) 18,965.18 同比增长42.9%至94.5亿港元，2023H1同比增长17.7%至51.6亿港元。 总股本(百万股) 3,286.86 其中自由流通股(%) 100.00 基础物管的持续发展，一是持续加力外拓，2023H1新增外拓占比接近75%， 近两年新增外拓合约面积也在快速增长，外拓能力正在持续得到市场验证。 30日日均成交量(百万股) 8.04 二是关联方中国海 ...

Financial Performance - The group's revenue for the six months ended June 30, 2023, was HKD 7,163.0 million, an increase of 23.2% compared to HKD 5,813.9 million in the same period last year[6]. - Operating profit for the period was HKD 984.9 million, up 39.4% from HKD 706.7 million in the previous year[6]. - Profit attributable to shareholders increased by 39.2% to HKD 726.0 million, compared to HKD 521.7 million in 2022[6]. - Basic and diluted earnings per share were HKD 0.2209, compared to HKD 0.1587 in the previous year[6]. - The return on equity for shareholders was 38.5%, up from 33.8% in 2022[6]. - The gross profit margin increased to 16.0% from 15.1% in the previous year, with gross profit rising by 30.8% to HKD 1,147.6 million[37]. - The company reported other net income of HKD 84.2 million, slightly up from HKD 82.2 million in the previous year[37]. - Total comprehensive income for the period was HKD 589,063, compared to HKD 373,762 in the same period last year, marking a 57.7% increase[76]. - The group achieved a pre-tax profit of HKD 985,902,000 for the first half of 2023, compared to HKD 705,354,000 in the previous year, reflecting an increase of approximately 39.7%[97][99]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.055 per share, an increase from HKD 0.040 per share in the previous year[6]. - The interim dividend declared is HKD 0.055 per share, an increase from HKD 0.040 per share for the same period last year[154]. Market Position and Strategy - The company aims to enhance its brand as a leading property management service provider, focusing on high-quality development and customer satisfaction[9]. - The strategic plan for 2023 emphasizes integrated service capabilities and community engagement to improve urban living standards[9]. - The company has been recognized as a leading property management service provider, ranking first in market share in Hong Kong and Macau, and managing over 50% of hospital projects under the Hong Kong Hospital Authority[15]. - The company has been selected as one of the "Top 10 Property Service Companies in China" and is included in the MSCI China Index, reflecting strong market recognition[18]. - The company aims to achieve high-quality development as part of its "14th Five-Year Plan" strategy[35]. Operational Highlights - The company operates in 154 cities, covering Hong Kong and Macau, with approximately 51,630 employees and managing 1,818 property projects, totaling nearly 363.3 million square meters of service area[14]. - The total managed area increased by 43.0 million square meters or 13.4% to 363.3 million square meters as of June 30, 2023, compared to 320.3 million square meters at the end of 2022[30]. - New orders during the six months ended June 30, 2023, totaled 43.0 million square meters with a contract value of HKD 2,966.6 million, of which 74.5% came from independent third parties[31]. - The company has completed 33 benchmark projects across 28 cities, focusing on high standards and quality operations in property management[16]. Digital Transformation and Innovation - The company is advancing its digital transformation through the "Star Qi IoT Platform," enhancing its product innovation capabilities and integrating technology into property management[19]. - The company emphasizes a "platform + ecosystem" strategy, focusing on innovative digital solutions for the property management industry[19]. - The company is enhancing building operation efficiency and management effectiveness through integrated technology solutions, focusing on smart city construction and digitalization[20]. Community and Sustainability Initiatives - The company is committed to modernizing property management and enhancing community governance through collaborative efforts with stakeholders[10]. - The company is committed to sustainable development, implementing a dual-carbon work plan and setting quantifiable environmental goals[19]. - The company has expanded its service offerings to include a variety of community services, enhancing customer engagement and loyalty[14]. Financial Position and Assets - As of June 30, 2023, the net current assets were HKD 3,466.0 million, an increase from HKD 3,170.5 million at the end of 2022[65]. - The bank balance and cash decreased by 9.1% to HKD 4,265.4 million, with 95.8% in RMB and 4.2% in HKD/MOP[65]. - The total equity attributable to shareholders increased to HKD 3,936,944,000 as of June 30, 2023, compared to HKD 3,178,738,000 at the end of 2022, reflecting a growth of approximately 23.9%[80]. - The company’s retained earnings increased to HKD 3,972,832,000 as of June 30, 2023, compared to HKD 2,967,599,000 at the end of 2022, indicating a growth of approximately 33.9%[80]. Employee and Workforce Management - The total employee cost for the six months ended June 30, 2023, was approximately HKD 3,029.1 million, slightly down from HKD 3,053.5 million in 2022[73]. - As of June 30, 2023, the company employed approximately 51,630 staff, a decrease from 57,425 at the end of 2022[73]. - The company is committed to cultivating a skilled workforce through the "craftsman system," aiming to enhance the professional quality of frontline employees[26]. Risks and Challenges - The ongoing geopolitical tensions and inflationary pressures have impacted global supply chains, but the company remains optimistic about market recovery and demand stabilization[7].

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中 海 物 業 集 團 有 限 公 司 (在開曼群島註冊成立的有限公司) (股份代號: 2669) 截至二零二三年六月三十日止六個月 之未經審核中期業績公佈 財務摘要 1. 截至二零二三年六月三十日止六個月，我們所管理的建築面積(「在管面積」)較去 年年底的320.3百萬平方米上升43.0百萬平方米或13.4%至363.3百萬平方米，其中， 新增項目之74.5%來自獨立第三方，相關合約額為港幣1,781.7百萬元。而住宅項目 及非住宅項目的新增訂單分別佔44.8%及55.2%，相關合約額分別約達港幣1,537.7 百萬元及港幣1,428.9百萬元。截至二零二三年六月三十日，來自獨立第三方及非 住宅項目的在管面積佔比分別增加至37.8%及28.2%（於二零二二年十二月三十一 日：分別為32.8%及24.5%）。 2. 整體收 ...

Financial Performance - Revenue for the year reached HKD 12,689 million, up from HKD 9,442 million in 2021[24] - Profit attributable to shareholders rose by 29.4% to HKD 1,273.1 million[24] - Earnings per share increased to HKD 38.73, compared to HKD 29.93 in 2021[25] - The gross profit amounted to HKD 2,020.4 million, reflecting a 23.1% increase from HKD 1,641.6 million in the previous year[26] - Operating profit rose by 27.9% to HKD 1,687.5 million, up from HKD 1,319.3 million in 2021[45] - The average return on equity for shareholders was 38.5%, slightly up from 38.2% in 2021[45] - The overall revenue increased by 34.4% to HKD 12,689.0 million for the year ended December 31, 2022, compared to HKD 9,442.0 million in 2021[66] - The net profit for the property management services segment increased by 29.0% to HKD 1,138.0 million in 2022, compared to HKD 882.4 million in 2021[82] Market Expansion and Strategy - The total managed construction area at year-end increased by 23.2% to 320.3 million square meters[23] - Future guidance indicates a continued focus on increasing construction area and revenue growth in the upcoming fiscal year[19] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[19] - The company is exploring potential mergers and acquisitions to strengthen its market position[19] - The company aims to enhance service quality and customer satisfaction through high-quality service delivery[61] - The company is actively promoting new business incubation and value-added services, including engineering maintenance and quality control for construction projects[55] Product and Service Development - New product developments are underway, aimed at diversifying the service offerings[19] - A new product research institute was established to explore new property service concepts and design innovative service products[37] - The company has launched a series of innovative products based on its "Star Qi IoT platform," enhancing operational efficiency and management effectiveness in building operations[55] - The company has integrated its services across various sectors, including commercial complexes, logistics parks, and public facilities, expanding its non-residential service offerings[51] Sustainability and Corporate Governance - The management team emphasized a commitment to sustainable development practices in future projects[19] - The company has been recognized for its ESG performance, being included in the "Pioneer 50 Index" for state-owned enterprises and receiving the "Best ESG Award" from China Excellence IR[54] - The company has identified five priority United Nations Sustainable Development Goals (UNSDGs) and is integrating them into daily operations[97] - The company is committed to enhancing stakeholder communication and has organized in-depth interviews to address energy consumption and efficiency improvements[97] Employee and Management Structure - As of December 31, 2022, the group employed approximately 57,425 employees, an increase from 52,220 employees as of December 31, 2021[99] - Total employee costs for the year ended December 31, 2022, were approximately HKD 6,314.3 million, up from HKD 4,625.0 million in 2021[99] - The company has implemented comprehensive training programs to enhance employees' technical and service knowledge, as well as industry quality standards and workplace safety[99] - The board consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors as of December 31, 2022[112] Risk Management - The company has established a systematic risk management framework to identify and mitigate risks that could impact strategic objectives[145] - The company has identified three major risks: market operational risk, policy risk, and market competition risk, and is actively monitoring these risks[148] - The company has developed a big data system for electronic lawyer letters to conduct targeted risk warning analysis related to legal policy changes and specific cases, enhancing risk management capabilities[150] Financial Policies and Shareholder Relations - The company has adopted a dividend policy to distribute approximately 30% of its annual profits to shareholders, subject to operational performance and cash flow considerations[166] - Shareholders holding at least 10% of the company's paid-up capital can request a special general meeting to address specific matters[167] - The company has maintained a strong relationship with its suppliers and customers, with less than 30% of purchases and sales coming from the top five suppliers and customers, respectively[189] Corporate Governance and Board Structure - The company has adhered to all provisions of the Corporate Governance Code during the year ended December 31, 2022[102] - The board has established a clear governance structure supported by four committees: Audit Committee, Nomination Committee, Remuneration Committee, and Sustainability Steering Committee[107] - The company emphasizes the importance of independent oversight in its operations and decision-making processes[177]

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中 海 物 業 集 團 有 限 公 司 (在開曼群島註冊成立的有限公司) (股份代號: 2669) 截至二零二二年十二月三十一日止年度 之全年業績公佈 以及 建議修訂經修訂及經重述組織章程細則 財務摘要 1. 截至二零二二年十二月三十一日止年度，我們所管理的建築面積（「在管面積」） 上升23.2%或60.3百萬平方米至320.3百萬平方米，其中，新增項目之55.7%來自獨 立第三方，相關合約額為港幣 3,203.3百萬元。而住宅項目及非住宅項目的 新增在管面積分別佔68.2%及31.8%，相關合約額分別約達港幣3,239.4百萬元及港 幣1,961.5百萬元。於二零二二 年十二月三十一日，來自獨立第三方及非住宅 項目的在管建築面積佔比分別增加至32.8 %（二零二一 年：27.6% ）及24.5% （二零二一年: 22.8 ...