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].

Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Insights - The company has shown significant improvement in profitability, with a robust cash flow and generous dividends to shareholders [1] - Revenue for 2023 reached 17.4 billion yuan, a year-on-year increase of 17.1%, while core operating profit grew by 32.1% [1][2] - The company has a strong focus on enhancing operational efficiency and cost control, leading to improved profit margins across various service segments [1] Summary by Sections Financial Performance - The company reported a gross profit of 2.9 billion yuan in 2023, up 21.3% year-on-year, with a gross margin of 16.8%, an increase of 0.6 percentage points [1] - The net profit attributable to shareholders was 610 million yuan, reflecting a 10.6% increase from the previous year [1][2] - The company declared a final dividend of 0.15 HKD per share, compared to 0.1 HKD in 2022, indicating a commitment to shareholder returns [1] Business Segments - The property management segment generated 11.1 billion yuan, growing by 17.5%, while the park services segment saw a 25% increase in revenue to 3.6 billion yuan [1] - The company has developed a comprehensive service platform that includes community retail, home life, public space, asset brokerage, and cultural education, all of which contributed to positive revenue growth [1] Operational Efficiency - The company implemented various measures to enhance quality and efficiency, resulting in improved profit margins across property management (13.0%), park services (21.5%), and consulting services (23.4%) [1] - Management expenses decreased by 0.4 percentage points to 7.3%, reflecting effective cost control [1] Cash Flow and Financial Health - The company reported operating cash flow of 1.44 billion yuan, a significant increase of 106.5%, covering net profit by 2.4 times [1] - As of the end of 2023, the company had cash and cash equivalents of 4.53 billion yuan, an increase of 8.3% year-on-year [1]

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]

证券研究报告·海外公司点评·房地产服务 绿城服务（02869.HK） 2023年业绩公告点评：规模稳增利润率修复， 2024年 03月 28日 分红提升回馈股东 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 营业总收入（百万元） 14,856 17,393 20,919 24,758 28,781 执业证书：S0600523020003 同比 18.23% 17.08% 20.27% 18.35% 16.25% xiaoc@dwzq.com.cn 归母净利润（百万元） 547.50 605.37 760.25 910.75 1,103.22 证券分析师 白学松 同比 -35.30% 10.57% 25.58% 19.80% 21.13% 执业证书：S0600523050001 baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.17 0.19 0.24 0.29 0.35 P/E（现价&最新摊薄） 15.02 1 ...

Financial Performance - The group's revenue reached RMB 17,393.3 million, representing a year-on-year increase of 17.1% compared to RMB 14,856.3 million in 2022[2]. - Gross profit amounted to RMB 2,913.4 million, up 21.3% from RMB 2,402.0 million in 2022, with a gross margin of 16.8%, an increase of 0.6 percentage points[3]. - Core operating profit was RMB 1,296.0 million, reflecting a growth of 32.1% compared to the previous year[3]. - Profit attributable to equity shareholders was RMB 605.4 million, a 10.6% increase from RMB 547.5 million in 2022[3]. - The overall comprehensive income for the year was RMB 777.4 million, slightly down from RMB 782.2 million in 2022[6]. - The company's net income after tax increased significantly to RMB 1,641,412 thousand in 2023 from RMB 896,863 thousand in 2022, representing an increase of approximately 83.0%[9]. - The company's profit before tax for 2023 was RMB 972,226,000, an increase from RMB 863,941,000 in 2022, representing a growth of approximately 12.6%[36]. - The net profit for the year was RMB 716.1 million, up 13.4% from RMB 631.4 million in 2022[74]. Revenue Breakdown - Property services generated RMB 11,101.5 million in revenue, accounting for 63.8% of the total revenue, an increase from the previous year's contribution[2]. - The group's revenue from community services rose to RMB 3,521,880 thousand, a 24.8% increase from RMB 2,820,751 thousand in the prior year[15]. - Consulting services revenue increased to RMB 2,295,256 thousand, representing a growth of 11.1% compared to RMB 2,066,796 thousand in 2022[16]. - Technology services revenue decreased to RMB 427,954 thousand, down 12.5% from RMB 489,390 thousand in 2022[15]. - Revenue from property management services was RMB 253,132 thousand, up 70.7% from RMB 148,343 thousand in the previous year[16]. Cash and Liquidity - As of December 31, 2023, cash and cash equivalents were RMB 4,530.8 million, an increase of 8.3% from RMB 4,183.4 million in 2022[3]. - Net cash from operating activities increased to RMB 1,436,072 thousand in 2023, up from RMB 695,276 thousand in 2022, reflecting a growth of approximately 106.5%[9]. - The company reported a net cash outflow from investing activities of RMB 377,530 thousand in 2023, compared to RMB 140,769 thousand in 2022, indicating a significant increase in investment expenditures[9]. - The net cash used in financing activities was (717,246) thousand RMB in 2023, slightly lower than (720,423) thousand RMB in 2022[10]. - Cash and cash equivalents increased by 341,296 thousand RMB in 2023, contrasting with a decrease of (165,916) thousand RMB in 2022[10]. Assets and Liabilities - Total assets decreased to RMB 9,524,144 thousand in 2023 from RMB 9,466,218 thousand in 2022, representing a decline of approximately 0.61%[7]. - Current liabilities rose to RMB 8,557,525 thousand in 2023, compared to RMB 7,387,474 thousand in 2022, indicating an increase of approximately 15.8%[8]. - The company's total liabilities decreased to RMB 1,298,940 thousand in 2023 from RMB 1,590,075 thousand in 2022, a reduction of approximately 18.3%[8]. - The company's equity attributable to shareholders increased to RMB 7,405,535 thousand in 2023 from RMB 7,120,989 thousand in 2022, marking an increase of about 4.0%[8]. Expenses and Costs - Selling and marketing expenses increased by 28.7% to RMB 342.6 million, primarily due to costs associated with community services[65]. - Administrative expenses grew by 10.4% to RMB 1,274.8 million, which was lower than the revenue growth rate, indicating effective cost management[66]. - The total cost of goods sold increased to RMB 1,134,658,000 in 2023 from RMB 771,689,000 in 2022, marking an increase of around 47%[34]. - The total employee costs rose to RMB 5,816,872,000 in 2023, up from RMB 5,064,528,000 in 2022, reflecting an increase of about 15%[31]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.150 per share for 2023[3]. - The proposed final dividend per ordinary share for 2023 is HKD 0.150, representing an increase of 50% compared to HKD 0.100 for 2022, with total dividends payable amounting to RMB 434,185 thousand[45]. - The company approved and paid a final dividend of HKD 0.100 per share for the previous fiscal year, totaling RMB 285,115 thousand, down 47.5% from RMB 542,837 thousand in 2022[46]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. - The company aims to enhance its service capabilities by integrating various service sectors, including community management and urban services[60]. - The company is committed to digital transformation to improve operational efficiency and management effectiveness[57]. - The company will continue to explore innovative service models to enhance customer experience and market share[59]. Governance and Compliance - The company confirmed compliance with all applicable corporate governance codes during the year ending December 31, 2023[110]. - Changes in the board included the resignation of several directors and the appointment of new independent non-executive directors[111]. - The company established an Audit Committee consisting of four independent non-executive directors to oversee financial reporting and risk management[113].

Financial Performance - The company reported a revenue of HK$XXX million for the first half of 2023, representing a year-on-year increase of XX%[3] - For the six months ended June 30, 2023, the total revenue reached RMB 8,197,035,000, representing a year-on-year increase of 20.1%[19] - The gross profit for the same period was RMB 1,529,710,000, with a gross margin of 18.6%[19] - Profit for the period attributable to equity shareholders was RMB 415,450,000, reflecting a decrease of 37.6% year-on-year[19] - The Group achieved revenue of RMB 8,197.0 million, representing a year-on-year increase of 20.1% from RMB 6,827.8 million in the same period of 2022[39] - Profit before taxation reached RMB 598.2 million, a 19.8% increase from RMB 499.2 million for the same period of 2022[57] - Profit for the period was RMB 432.4 million, representing an 18.04% increase compared to RMB 366.3 million for the same period of 2022[57] - The net profit margin for the period was 5.27%, slightly down from 5.36% for the same period of 2022[57] Revenue Breakdown - Property services accounted for 63.9% of overall revenue, while community living services contributed 19.1%[19] - Revenue from property services reached RMB 5,251,206, representing a year-on-year increase of 20.3%[22] - Community living services revenue grew to RMB 1,657,230, with an 18.7% year-on-year increase[22] - Revenue from community products and services increased to RMB 577,641, reflecting a 35.1% year-on-year growth[22] - Home living services revenue surged to RMB 220,112, marking a significant year-on-year increase of 122.6%[22] - Revenue from community living services reached RMB 1,657.2 million, representing an increase of 26.5% from RMB 1,310.1 million for the same period of 2022[69] User and Market Growth - User data showed an increase in active users to XXX million, up by XX% compared to the previous period[3] - The company expects revenue growth of XX% for the full year 2023, driven by new product launches and market expansion[3] - The company plans to expand its market presence in Southeast Asia, targeting a XX% increase in market share by 2025[3] - The total number of contracts in property services rose to 2,443, a year-on-year increase of 28.2%[24] Cost Management and Profitability - Operating profit margin improved to XX%, up from XX% in the previous year, indicating better cost management[3] - The company has set a target to reduce operational costs by XX% over the next two years through efficiency initiatives[3] - Selling and marketing expenses rose to RMB 147.1 million, a 22.9% increase compared to RMB 119.6 million in the same period of 2022[47] - Administrative expenses were RMB 672.8 million, reflecting an 11.7% increase from RMB 602.4 million for the same period in 2022, with an administrative expense ratio of 8.2%[48] Technology and Innovation - Investment in new technology development increased by XX%, focusing on enhancing service efficiency and customer experience[3] - The company plans to enhance its technology services to support digital transformation and improve service efficiency[14] - The Group emphasizes the importance of technological innovation, with the full coverage of the Shanshu system representing a breakthrough in digital and intelligent reform[35] - The technology services focus on the virtualization of space and digitalization of services, offering a "2+3+N" product and service system[89] Corporate Governance and Investor Relations - The Company emphasizes transparency and effective communication with shareholders and investors as a key strategy for building trust[108] - The Company is committed to high standards of corporate governance, complying with all applicable code provisions during the reporting period[121] - The Company actively maintains communication with the market and investors, enhancing its corporate value and accountability[122] - The Company received recognition from the capital market, with reports prepared by 32 domestic and international brokers during the period[119] Employee and Operational Insights - As of June 30, 2023, the Group had 44,824 employees, representing a 7.5% increase from June 30, 2022, primarily due to personnel reserves for new project deliveries[100] - Total staff costs amounted to RMB 2,778.1 million, reflecting a growth rate of 19.2% compared to RMB 2,330.5 million for the same period in 2022[102] Financial Position and Assets - Total assets increased from RMB 13,966,430 in 2021 to RMB 17,783,949 in 2023, representing a growth of approximately 27%[27] - Current liabilities rose from RMB 5,674,753 in 2021 to RMB 8,319,827 in 2023, an increase of about 47%[27] - The net gearing ratio as of June 30 was calculated based on cash and cash equivalents minus bank loans and lease liabilities divided by net assets[26] - The Group's gearing ratio was 54.2% as of June 30, 2023, an increase of 0.9 percentage points from 53.3% as of December 31, 2022[60] Strategic Initiatives - The Group's strategic goal is to become the most valuable happiness service provider in China, focusing on customer-oriented and quality-oriented service strategies[39] - The Group plans to continue optimizing products and pursuing high-quality expansion in the second half of the year[37] - The Group's initiatives, such as the Harvest Plan, focus on employee growth as a core driving force for the company's development[35] Legal and Compliance - The legal proceedings involving Greentown Real Estate Consulting Co., Ltd. did not significantly impact the core operating business[95] - No other material litigation or claims are pending against the company as of the date of the interim report[96]