房地产 公 司 点 评 / 公 司 点 评 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） | 3.10 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 4.98/2.34 | | H 股市值（亿港币） | 98.07 | | 流通 H 股（百万股） | 3,163.65 | | 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 2024 年 08 月 25 日 绿城服务 (02869) ——业绩高增，利润率修复，费用率改善 买入（维持）投资要点： ⚫ 24H1 营业收 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）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 的 任 何 損 失 承 擔 任 何 責 任。 Greentown Service Group Co. Ltd. 綠城服務集團有限公司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2869） 截 至2024年6月30日 止 六 個 月 未 經 審 核 中 期 業 績 公 告 綠 城 服 務 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」、「集 團」）截 至2024年6月30日 止 六 個 月（「期 內」）的 未 經 審 核 綜 合 財 務 業 績，連 同 截 至2023年6月30日 止 同 期 的 比 較 數 字 如 下。 | --- | | ...

大家好欢迎参加光大地产预呈服务中期经营交流会议目前所有参会者均属于静音状态下面开始播报面再声明声明播报完毕后主持人可直接开始发言特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制刷补或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播好的 谢谢各位投资人关道阿迪产何美兰那么今天我们有幸请到了内城服务的管理层跟大家做一个交流最近看到这个 律程服务受到了多重利好的促进股价方面有了非常亮眼的表现那么现在有请律程服务的IR团队跟我们做一个分享 谢谢何老师 谢谢大家 感谢大家对微图服务业务计划的关注与支持那我首先再简单回顾一下公司2023年的一个业绩亮点以及24年的指引加上目前最新的一个经营情况简单的介绍一下在2023年的一个业绩方面公司是实现了收入增长17%达到了174亿 核心净利润13 ...

大家好欢迎参加光大地产预呈服务中期经营交流会议目前所有参会者属于经营状态下面开始播报面再声明声明播报完毕后主持人可直接开始发言特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有未经书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制发布或引用会议全部或部分内容 已不得擅自录音制作会议机要对外传播好的 先介绍各位投资人官大 地产 和内南那么今天呢我们有幸请到了力程服务的这个管理层跟大家做一个交流大家最近看到这个力程服务受到了多重利好的这个促进股价方面有了非常亮眼的表现那么现在呢有请力程服务的这个IR团队跟我们做一个分享 谢谢何老师谢谢大家感谢大家对微醇服务一路进化的关注与支持那我首先再简单回顾一下公司2023年的业绩亮点以及24年的指引加上目前最新的经营情况简单的介绍一下在2023年的业绩方面公司是实现了收入增长17%达到了174亿 核心经营利 ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HK$1.2 billion for the fiscal year 2023[1]. - Revenue for 2022 reached RMB 17,393,272, representing an 18.2% increase from the previous year[19]. - The Group achieved a revenue of RMB 17,393.3 million for the year ended December 31, 2023, representing a year-on-year growth of 17.1% compared to RMB 14,856.3 million in 2022[43]. - Revenue from property services reached RMB 11,101.5 million, accounting for 63.8% of the Group's total revenue, with a year-on-year growth of 17.5% from RMB 9,446.3 million in 2022[44]. - Revenue from community living services was RMB 3,568.6 million, representing 20.5% of total revenue, with a year-on-year growth of 25.0% from RMB 2,853.9 million in 2022[44]. - Revenue from consulting services amounted to RMB 2,295.3 million, accounting for 13.2% of total revenue, with a year-on-year growth of 11.1% from RMB 2,066.8 million in 2022[44]. - Revenue from technology services decreased to RMB 428.0 million, representing 2.5% of total revenue, a decline of 12.6% from RMB 489.4 million in 2022[44]. - Gross profit reached RMB 2,913.4 million, representing a growth of 21.3% compared to RMB 2,402.0 million for 2022, with a gross profit margin of 16.8%, an increase of 0.6 percentage points from 16.2% in 2022[49]. - Profit before taxation reached RMB 972.2 million, up 12.5% from RMB 863.9 million in 2022[56]. - Profit for the year was RMB 716.1 million, representing a 13.4% increase compared to RMB 631.4 million in 2022[56]. User Growth and Market Expansion - User data showed a growth in active users by 20%, totaling 2 million users by the end of 2023[1]. - The company is expanding its market presence in tier-2 cities, targeting a 25% increase in service coverage[1]. - The company completed a strategic acquisition of a local competitor, enhancing its market share by 5%[1]. - The company continues to explore opportunities for market expansion and innovation in service delivery to enhance customer satisfaction[12]. Future Outlook and Investments - The company provided a positive outlook, projecting a revenue growth of 10-15% for the next fiscal year[1]. - New product launches are expected to contribute an additional HK$300 million in revenue in 2024[1]. - The company plans to invest HK$500 million in technology upgrades over the next two years[1]. - The Group plans to focus on high-quality development and community living services, aiming to transform property services into living and urban services[39]. Sustainability and Corporate Responsibility - The management emphasized a commitment to sustainability, aiming for a 50% reduction in carbon footprint by 2025[1]. - The Group's commitment to sustainable development and environmental protection is emphasized through various initiatives and compliance with environmental laws[151]. Financial Position and Assets - Current assets increased from RMB 12,111,712 thousand in 2022 to RMB 18,081,669 thousand in 2023[26]. - Total assets rose from RMB 16,853,692 thousand in 2021 to RMB 18,081,669 thousand in 2023[26]. - Total liabilities increased from RMB 8,977,549 thousand in 2022 to RMB 9,856,465 thousand in 2023[26]. - Net assets grew from RMB 7,876,143 thousand in 2022 to RMB 8,225,204 thousand in 2023[26]. - The company reported a net cash per share of RMB 0.95 as of December 31, 2023[27]. Employee and Management Information - The Group's total staff cost was RMB 5,816.9 million, representing a 14.9% increase compared to RMB 5,064.5 million in 2022[102]. - As of December 31, 2023, the Group had 46,023 employees, reflecting a 3.43% increase from the previous year[102]. - The company has a strong management team, with Mr. Yang Zhangfa serving as CEO since November 2015 and holding various leadership roles within the organization[116]. - The leadership team has a diverse educational background, with degrees from prestigious institutions such as China University of Political Science and Law and Zhejiang University[121][126]. Governance and Compliance - The company is committed to maintaining high standards of governance and independent oversight through its board of directors[137]. - The Group complied with relevant laws and regulations during the year ended December 31, 2023, with no material breaches reported[152]. - The company has confirmed the independence of all independent non-executive directors throughout the year ended December 31, 2023[165]. Shareholder Information - A final dividend of HK$0.150 per share for 2023 is proposed, up from HK$0.100 per share in 2022, subject to shareholder approval[97]. - The Group intends to pay dividends amounting to not less than 25% of profit after tax each year, subject to approval by the general meeting of shareholders[148]. - The top five customers accounted for less than 10% of the total revenue for the year ended December 31, 2023, indicating a diversified customer base[159]. Legal and Risk Management - The Group has made provisions for potential settlements related to ongoing legal proceedings, which have not significantly impacted its core operating business[99]. - The ongoing legal proceedings are in the litigation enforcement process, with no other significant legal claims affecting normal operations as of the report date[99]. Investor Relations - The Company engaged with a total of 594 investors throughout the year via conference calls and face-to-face meetings[107]. - The Company organized 24 on-site visits for investors, fund managers, and analysts in 2023 due to the impact of COVID-19[110]. - The Company has established a proactive investor relations strategy, focusing on transparency and engagement with the capital market[110].

房地产/房地产服务 公 司 研 绿城服务（02869.HK） 扩面提质，非住破局，四大板块协同助力业绩腾飞 究 2024年04月17日 ——港股公司首次覆盖报告 投资评级：买入（首次） 齐东（分析师） 胡耀文（联系人） qidong@kysec.cn huyaowen@kysec.cn 日期 2024/4/17 证 书编号：S0790522010002 证书编号：S0790122080101  拓展规模扩面提质，四大板块协同助力业绩腾飞，给予“买入”评级 港 当前股价(港元) 3.170 绿城服务以物业服务为根基、以生活服务与城市服务为两翼，股权独立，第三方 股 一年最高最低(港元) 5.340/2.340 公 拓展占比高企。公司物业服务板块在管面积保持增长，储备面积充足，园区服务、 司 总市值(亿港元) 101.25 咨询服务和科技服务业务协同发展、稳中有进。我们预计公司2024-2026年归母 首 流通市值(亿港元) 101.25 次 净利润为 7.41、8.95、10.18 亿元，对应 EPS 为 0.23、0.28、0.32 元，当前股价 总股本(亿股) 31.94 覆 对应PE为12.4、10.3 ...

证券研究报告 ＃industryId＃ 物业管理 ＃investSuggestion＃ ＃ ＃02869.HK ＃绿dy城Com服pa务ny＃ 港股通(沪、深) 增持 (维持） 派息率提升，盈＃利titl能e＃力&质量均改善 ＃createTime1＃ 2024年04月 01 日 投资要点 ＃市场ma数rk据etData＃ ＃sum核ma心ry＃效益改善，重视股东回报：2023年公司实现营业收入173.9亿元， 日期 2024.03.28 同比增长17.1%；基于公司提质增效的成果，综合毛利率同比增加0.6个 收盘价（港元） 2.99 百分点至 16.8%，其中物业管理服务毛利率同比提升 0.9 个百分点至 总股本（百万股） 31.94 13.0%，管理费用率同比下降0.4个百分点至7.3%；核心经营利润12.96 总市值（亿港元） 96 亿元，同比增长32.1%，核心业务的盈利能力持续提升；归母净利润为 6.05亿元，同比增长10.6%，归母净利润增速低于核心经营利润增速主 净资产（亿元） 74.06 要因大幅计提对金融工具及其他资产的减值拨备。公司重视股东回报， 总资产（亿元） 180.82 2023年 ...

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4]. Core Insights - The company reported a robust revenue growth of 17.1% year-on-year, achieving a total revenue of 17.393 billion RMB in 2023, with projections of 20.350 billion RMB in 2024 [1][3]. - The core operating profit increased by 32.1% year-on-year, reaching 1.296 billion RMB, while the net profit attributable to shareholders rose by 10.6% to 605 million RMB [1][3]. - The company has shown a strong performance in its property services segment, which remains the largest source of revenue and profit, contributing 63.8% to total revenue [1][3]. Summary by Relevant Sections Financial Performance - Total revenue for 2023 was 17.411 billion RMB, with a projected increase to 20.362 billion RMB in 2024, reflecting a growth rate of 17% [1][3]. - Net profit for 2023 was reported at 605 million RMB, with expectations to rise to 773 million RMB in 2024, indicating a year-on-year growth of 28% [1][3]. - Earnings per share (EPS) is projected to be 0.24 RMB for 2024, increasing to 0.30 RMB in 2025 [1][3]. Business Segments - The property services segment generated 11.102 billion RMB, accounting for 63.8% of total revenue, while consulting services and park services contributed 2.295 billion RMB and 1.369 billion RMB, respectively [1][3]. - The company has expanded its managed area, with a total of 4.48 billion square meters under management, despite a slight decrease in reserve area due to strategic exits from non-core projects [1][3]. Investment Outlook - The company is positioned as a leading property service provider with stable profitability and a return to normal operations. The report adjusts the EPS forecast for 2024-2025 to 0.24 and 0.30 RMB per share, maintaining the "Buy" rating [1][3].

2024年3月28日 公司研究 盈利能力显著改善，现金充沛慷慨分红 ——绿城服务（2869.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：2.94港元 事件：绿城服务2023年营收同比+17%，核心经营利润同比+32%。 绿城服务发布2023年度业绩公告，实现营收174亿元，同比增长17.1%，实现 毛利29亿元，同比增长21.3%，毛利率16.8%，同比提升0.6pct；核心经营利 作者 润13亿元，同比增长32.1%；归母净利润6.1亿元，同比增长10.6%；宣派末 分析师：何缅南 期股息每股0.15港元，2022年为每股0.1港元。 执业证书编号：S0930518060006 021-52523801 点评：基础物管稳健，园区服务亮眼，盈利能力显著改善，慷慨分红回馈股东。 hemiannan@ebscn.com 1)基础物管增长稳健，园区服务表现亮眼。2023年公司物管/园区服务/咨询服 联系人：韦勇强 务/科技服务收入111/36/23/4亿元，同比+17.5%/+25.0%/+11.1%/-12.6%， 021-52523810 物管基本盘稳健，是公司整体业绩稳步增长的基石，截至2 ...

Investment Rating - The report maintains a "Buy" rating for Greentown Service (02869.HK) [2] Core Views - The company achieved a revenue of 17.39 billion RMB in 2023, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of 605 million RMB, up 10.6% year-on-year, meeting market expectations [2][3] - The dividend payout ratio increased to 73%, reflecting a 21 percentage point rise from the previous year [2] - The company’s managed area grew by 17% year-on-year, with third-party management accounting for 84% of the total [2] - Greentown Service is recognized for its service quality and has a strong ability to raise property management fees, which contributes to stable long-term profit margins [2] Financial Performance Summary - Revenue for 2023 was 17,393 million RMB, with a year-on-year growth rate of 17.1% [3] - The net profit for 2023 was 605 million RMB, with a year-on-year growth rate of 10.6% [3] - The earnings per share (EPS) for 2023 was 0.19 RMB, an increase of 11% year-on-year [2][3] - The gross profit margin and net profit margin were 16.8% and 3.5%, respectively, with slight changes from the previous year [2] - The company plans to distribute a dividend of 0.15 HKD per share, corresponding to a dividend payout ratio of 73% [2] Revenue Breakdown - Property service revenue increased by 18% year-on-year, while park service revenue rose by 25% [2] - The revenue from property services, park services, consulting services, and technology services for 2023 was 111.0 million RMB, 35.7 million RMB, 23.0 million RMB, and 4.3 million RMB, respectively [2] - The gross profit margins for property services, park services, consulting services, and technology services were 13.0%, 21.5%, 23.4%, and 38.7%, respectively, with improvements noted in property and park services [2] Future Earnings Forecast - The report forecasts earnings per share of 0.22 RMB for 2024, 0.25 RMB for 2025, and 0.28 RMB for 2026 [3][5] - Revenue is projected to reach 20.16 billion RMB in 2024, with a growth rate of 15.8% [3] - The net profit is expected to grow to 700 million RMB in 2024, reflecting a year-on-year increase of 15.6% [3]