Investment Rating - The report maintains a "BUY" rating for Binjiang Service with a target price of HK$32.86, reflecting a potential upside of 29.9% from the current price of HK$25.30 [1][3]. Core Insights - Binjiang Service's FY24 revenue increased by 28% year-over-year to RMB 3.6 billion, driven by managed GFA expansion and a strong renovation business. Net profit rose 11% year-over-year to RMB 550 million, slightly below expectations due to a decline in gross margin and an additional withholding tax [1][7]. - The company plans to focus on expanding its operations outside Zhejiang, where it currently has a significant concentration of third-party GFA, to mitigate risks associated with regional concentration [1][7]. - The basic payout ratio was raised by 10 percentage points to 70%, indicating a dividend yield of 5.9% for FY24 and 7.0% for FY25E, showcasing attractive shareholder returns [1][7]. Financial Summary - FY24 revenue is projected at RMB 3,595 million, with a year-over-year growth of 28% [2][13]. - Net profit for FY24 is expected to be RMB 547 million, reflecting an 11% increase compared to FY23 [2][13]. - The company anticipates continued growth in managed GFA, with a target of 67.9 million square meters for FY24, representing a 24% increase [2][8]. Earnings Projections - Revenue is expected to grow to RMB 4,145 million in FY25E, with a year-over-year growth rate of 15.3% [2][9]. - Net profit is projected to reach RMB 643 million in FY25E, indicating a growth of 17.6% [2][9]. - The P/E ratio is forecasted to decrease from 12.0x in FY24 to 10.2x in FY25E, suggesting a more attractive valuation over time [2][9]. Shareholder Structure - The major shareholders include Great Dragon Ventures with a 45.9% stake and Haoyu Ventures Ltd with a 12.9% stake, indicating a concentrated ownership structure [4]. Market Performance - The stock has shown strong performance, with a 1-month increase of 16.3% and a 3-month increase of 24.6% [5].

"5S增值服务收入"同比增长61.7%，收入占比也从2023年的24.2%升至30.5%；非主业增值服务收入同比微降 2.7%，收入占比为15.7%，同比下降了5个百分点。根据年报介绍，"5S增值服务"包括优家服务、优居服务及 优享生活服务三大类业务。 "增值服务除了创收以外，能够切实满足业主在服务上的需求。我们的努力最后都会体现在二手房价上，这 也是提高客户满意度、提升品牌口碑更直接的方式。"戚加奇表示。 每经记者 包晶晶 每经编辑 陈梦妤 "2025年可能是杭州乃至全国重点城市开始'卷服务'的一年，因为限价打开、房价提升，人们对物业服务会有 更高要求，服务也会变成购房时重点考虑的因素之一。"滨江服务（HK03316，股价25.7港元，市值71.04港 元）执行董事戚加奇在3月26日举行的2024年度线上业绩会上表示。 根据3月25日披露的全年业绩公告，滨江服务2024年收入达到35.95亿元（人民币，下同），同比增长 28.0%；毛利为8.35亿元，同比增长20.0%；毛利率为23.2%，较2023年的24.8%微降1.6个百分点；经营利润 为7.05亿元，同比增长22.1%；权益股东应占年内利润为5.4 ...

滨江服务去年收入约35.9亿元，管理层：物业费收取应该质价相符 澎湃新闻记者 李晶昀 AI创意 3月25日，滨江服务（03316.HK）披露2024年全年业绩情况。 截至2024年末，滨江服务存款及银行理财约32.14亿元，同比增加4.1%；贸易应收款项约3.43亿元，同比减少7.2%。 公司在管面积约6794.5万平方米，同比增加23.9%；合约面积约9286.6万平方米，同比增加13%。目前，集团在杭州的管理面积已突破4300万平方 米，占总管理面积约63.7%。此外，前五大城市的在管面积总和约占整体的88.5%。 | | 截至2024年 | 截至2023年 | 截至2024年 | 截至2023年 | | --- | --- | --- | --- | --- | | | 12月31日 | 12月31日 | 12月31日 | 12月31日 | | | 合約建築面積 | | 在管建築面積 | | | | (千平方米) | | (千平方米) | | | 於年初 | 82,168 | 69.058 | 54,847 | 41.970 | | 新增 | 14,114 | 15,076 | 15.973 | 14, ...

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就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。 Binjiang Service Group Co. Ltd. 濱江服務集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3316） 截至2024年12月31日止年度之 全年業績公告 濱江服務集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」）截至2024年12月31日止年度（「報告期」）之綜合 業績，連同2023年相對期間之比較數字。本集團報告期內之全年業績已經本公 司審核委員會（「審核委員會」）審閱並經董事會於2025年3月25日批准。 本公告所載若干金額及百分比數字已經約整，或約整至小數點後一位或兩位數。 任何表格、圖表或其他地方所列總數與金額總和之間的任何差異乃因約整所致。 – 1 – | 摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | 2024年 | 20 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,650,407,000, representing a 38.7% increase compared to RMB 1,190,076,000 for the same period in 2023[9]. - Gross profit for the reporting period was RMB 421,745,000, an increase of 32.6% from RMB 318,032,000 in the corresponding period of 2023[9]. - Profit for the reporting period was RMB 272,347,000, reflecting a 14.7% increase from RMB 237,470,000 in the previous year[9]. - Basic earnings per share increased to RMB 0.96 from RMB 0.84, marking a growth of 14.9%[9]. - The Group's profit for the period increased by 14.7% to RMB 272.3 million, with a net profit margin of 16.5%, down 3.5 percentage points from the previous year[93]. - The Group's profit before taxation rose by 24.5% to RMB 391.7 million, mainly due to increased gross profit from operations[91]. - Total revenue for the six months ended June 30, 2024, reached RMB 1,650,407,000, a 38.7% increase from RMB 1,190,076,000 in the same period of 2023[199]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 4,184,894,000, up from RMB 4,054,902,000 at the end of 2023[12]. - Current assets increased to RMB 2,737,038,000 from RMB 2,605,190,000, while cash and cash equivalents decreased to RMB 867,138,000 from RMB 1,455,384,000[12]. - Total liabilities rose to RMB 2,725,297,000 from RMB 2,513,329,000, indicating an increase in financial obligations[12]. - Current liabilities increased to RMB 2,710,267 from RMB 2,491,664 at the end of 2023, indicating a rise of 8.8%[167]. - The total equity of the Group decreased by 5.3% to RMB 1,459.6 million from RMB 1,541.6 million as of December 31, 2023[96]. Operational Metrics - As of June 30, 2024, the Group's gross floor area (GFA) under management was approximately 63.1 million sq.m., representing a 29.6% increase compared to the same period in 2023[14]. - The contracted GFA was approximately 90.0 million sq.m., reflecting a growth of 21.3% year-over-year[14]. - The number of projects managed increased to 398 in 2024 from 328 in 2023, marking a rise of about 21.3%[55]. - The average monthly property management fee was approximately RMB 4.17 per sq.m., down from RMB 4.27 per sq.m. in the same period of 2023[42]. Value-Added Services - Revenue from property management services amounted to RMB 905.3 million, while value-added services to non-property owners generated RMB 250.7 million[42]. - Revenue from 5S value-added services increased significantly to RMB 494,324,000, up from RMB 191,234,000, representing a growth of 158.5% year-over-year[199]. - The Group's value-added service system centered on 5S aims to provide one-stop quality services for homeowners[21]. Cost and Expenses - Cost of sales increased by 40.9% from RMB 872.0 million to RMB 1,228.7 million, consistent with business scale growth[84]. - Selling and marketing expenses rose by 41.5% to RMB 10.7 million, primarily due to increased market expansion expenses[85]. - Administrative expenses increased by 50.5% to RMB 49.9 million, mainly due to enhanced management and talent development[86]. Cash Flow and Dividends - The net cash generated from operating activities was RMB 171,070,000, a decrease of 73.8% compared to RMB 653,670,000 for the same period in 2023[173]. - The company paid dividends totaling RMB 345,743,000, compared to no dividends paid in the same period last year, indicating a new strategy in shareholder returns[175]. - The interim dividend declared is HK$0.630 per share, totaling approximately HK$174.1 million, with a payout ratio of about 60% of net profit attributable to equity shareholders[116]. Corporate Governance - The Company has complied with all applicable code provisions under the Corporate Governance Code during the six months ended June 30, 2024, except for the separation of the roles of chairman and chief executive officer[120]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the interim results and financial statements for the six months ended June 30, 2024[124]. - The Company has maintained high standards of corporate governance to safeguard shareholder interests and enhance corporate value[120]. Market Expansion and Strategy - The Group's strategy focuses on expanding market share through high-quality brand development and deep regional cultivation[19]. - The Group aims to enhance operational capabilities through informatization and intelligence improvements[46]. - The Group plans to fully utilise the remaining unutilised net proceeds by 31 December 2025, based on the best estimation of future development and market conditions[135].

Investment Rating - The report maintains a BUY rating for Binjiang Services with a target price (TP) trimmed by 4% to HK$32.94, representing a 15x 2024E P/E [2][4]. Core Insights - Binjiang Services reported solid 1H24 results with revenue and net profit (NP) growing 39% and 15% year-over-year (YoY) respectively. The gross profit margin (GPM) narrowed by 1.2 percentage points due to a higher proportion of lower-margin furnishing services in revenue [2][5]. - The company has balanced sources of growth, with managed gross floor area (GFA) expanding by 30% YoY in 1H24, driven by both parent company and third-party contributions [2][5]. - The sustainability of growth in furnishing services is supported by RMB 1.27 billion in contract liabilities, although this may continue to exert pressure on margins [2][5]. Financial Performance Summary - Revenue for 1H24 reached RMB 1.65 billion, with property management services growing by 26% YoY and the Owner Value-Added Services (VAS) segment increasing by 159% YoY [2][5]. - The net profit margin contracted by 3.3 percentage points to 16.1% due to a 6 percentage point increase in the tax rate, resulting in a 15% YoY increase in NP [2][5]. - Total receivables increased by 44% YoY, slightly outpacing revenue growth, which is considered normal given the seasonal nature of property management fee collections [2][5]. Growth Projections - The company expects to deliver 20-30% growth in managed GFA for 2024E, indicating a positive outlook despite a challenging environment [2][5]. - Forecasts for net profit have been lowered by 7-13% for 2024-25E to reflect the challenging environment and intensifying competition [2][6]. Valuation Metrics - The report provides a valuation of 15x 2024E P/E, with a target price of HK$32.94, indicating a significant upside potential from the current price of HK$17.00 [4][6]. - The earnings summary shows a consistent growth trajectory with revenue projected to reach RMB 3.485 billion in FY24E, reflecting a 24.1% YoY growth [3][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company has reported a dual increase in revenue and profit, with a steady growth in managed area and a robust project reserve, indicating promising future resource delivery [2]. - The expansion into hard decoration services has led to a significant increase in 5S value-added service revenue, which is expected to become a new profit growth point [2]. - The company maintains its profit forecast, expecting net profits of 583 million, 702 million, and 829 million yuan for 2024-2026, with corresponding EPS of 2.11, 2.54, and 3.00 yuan [2]. Financial Performance - For the first half of 2024, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 38.7%, and a net profit of 265 million yuan, up 14.9% year-on-year [2]. - The gross margin and net margin were 25.6% and 16.5%, respectively, reflecting a decrease of 1.1 percentage points and 3.5 percentage points [2]. - The interim dividend declared is 0.63 HKD per share, with a payout ratio of 60% [2]. Property Management Revenue - Property management revenue reached 905 million yuan, a year-on-year increase of 25.9%, accounting for 54.9% of total revenue, with a gross margin of 19.7% [2]. - The managed area increased to 63 million square meters, a year-on-year growth of 29.6%, with residential properties making up 81.7% [2]. - The company has raised property management fees 64 times since 2015, with an average fee of 4.17 yuan per square meter per month [2]. Value-Added Services - Non-owner value-added service revenue decreased by 10.3% year-on-year to 251 million yuan, primarily due to a reduction in pre-delivery service revenue [2]. - The 5S value-added service revenue surged by 158.5% year-on-year to 494 million yuan, with significant contributions from parking and storage services [2]. - The gross margin for value-added services decreased to 27.4%, down 7.4 percentage points year-on-year, due to the dilution effect from hard decoration services [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 1.65 billion yuan for the first half of 2024, representing a year-on-year increase of 38.7%, while the net profit attributable to shareholders was 270 million yuan, up 14.9% year-on-year [2] - The revenue growth was driven by high increases in both revenue and gross profit, although the net profit growth was below expectations due to a decline in gross margin [2][3] - The company has expanded its management scale significantly, with a managed area of approximately 63.12 million square meters, a year-on-year increase of 29.6% [2] - The average property management fee remains high at 4.17 yuan per square meter per month, only slightly down from the previous year [2] - The 5S value-added services saw a substantial revenue increase of 158.5% year-on-year, driven by the growth in the "优居" service [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.65 billion yuan, with a gross profit of 425 million yuan, reflecting a gross margin of 25.6%, down 1.1 percentage points year-on-year [2] - The net profit attributable to shareholders was 270 million yuan, with a significant increase in impairment losses on trade receivables and contract assets, which rose by 311.3% year-on-year [2][3] Management and Operations - The company has seen a qualitative expansion in management scale, with third-party management accounting for 57.7% of the total managed area, an increase of 1.2 percentage points from the end of 2023 [2] - The company reported that 65.2% of the newly managed area in the first half of 2024 came from third-party contracts [2] Cash Flow and Dividends - As of the first half of 2024, the company had cash and time deposits amounting to 2.84 billion yuan, a decrease of 8.13% from the end of 2023, but still maintaining a strong cash position [2] - The company has resumed distributing interim dividends, with a payout ratio of 60% [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 560 million yuan, 670 million yuan, and 750 million yuan, with year-on-year growth rates of 14.4%, 18.5%, and 12.0% respectively [3] - The stock is expected to trade at a price-to-earnings (P/E) ratio of 7.3x, 6.2x, and 5.5x for 2024-2026 [3]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,650,407, representing a 38.7% increase from RMB 1,190,076 for the same period in 2023[2] - Gross profit for the period was RMB 421,745, up 32.6% from RMB 318,032 year-on-year, with a gross margin of 25.6%[2] - Net profit attributable to equity shareholders for the period was RMB 265,315, a 14.9% increase from RMB 230,996 in the previous year[2] - Operating profit for the period was RMB 350,668, reflecting a 25.9% increase from RMB 278,601 in the previous year[3] - Total comprehensive income for the period was RMB 263,941, compared to RMB 233,004 in the same period last year[5] - The pre-tax profit for the six months ended June 30, 2024, was RMB 391,681 thousand, compared to RMB 314,490 thousand for the same period in 2023, reflecting a growth of 24.6%[17] - The group achieved a revenue increase of 38.7% to RMB 1,650.4 million for the first half of 2024, with a gross profit of RMB 421.7 million, up 32.6% year-on-year[44] - The group’s profit for the reporting period was RMB 272.3 million, an increase of 14.7% compared to RMB 237.5 million in the same period of 2023[72] Revenue Breakdown - Property management services generated revenue of RMB 905,335 thousand, up 25.9% from RMB 719,350 thousand year-on-year[17] - Non-owner value-added services and 5S value-added services contributed RMB 250,748 thousand and RMB 494,324 thousand respectively, with the latter showing a significant increase from RMB 191,234 thousand in the previous year[17] - The revenue from 5S value-added services accounted for 29.9% of total revenue, making it the second-largest source of income for the company[58] - The total revenue from property management services reached RMB 905,335,000 for the first half of 2024, a 25.9% increase from RMB 719,350,000 in the same period of 2023[50] - Residential property management revenue was RMB 689,428,000, a 31.5% increase from RMB 524,128,000 in the previous year[50] Managed Area and Growth - The total managed area increased to 63,119 thousand square meters, a 29.6% growth compared to 48,708 thousand square meters as of June 30, 2023[2] - The managed building area reached approximately 63.1 million square meters, a year-on-year increase of 29.6%, and a 15.1% increase compared to December 31, 2023[44] - The contracted building area amounted to approximately 90.0 million square meters, reflecting a growth of 21.3% compared to the same period in 2023[36] - The proportion of managed area from independent third parties increased to 57.7%, up by 1.6 percentage points year-on-year[37] - The total number of projects managed increased to 398 in 2024, compared to 328 in 2023, reflecting a growth of 21.3%[50] Expenses and Costs - Employee costs totaled RMB 558,417 thousand, an increase of 25.1% from RMB 446,459 thousand in the previous year[21] - Selling and marketing expenses rose by 41.5% to RMB 10.7 million from RMB 7.6 million in 2023, primarily due to increased market expansion costs[66] - Administrative expenses increased by 50.5% to RMB 49.9 million from RMB 33.2 million in 2023, mainly due to enhanced management and talent development[67] - The company’s depreciation expense for owned properties, plants, and equipment was RMB 6,987,000 for the six months ended June 30, 2024, compared to RMB 3,951,000 for the same period in 2023, reflecting an increase of approximately 77.2%[23] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.630 per share, with a payout ratio of approximately 60% of net profit[2] - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.630 per share, with a payout ratio of approximately 60%, totaling about HKD 174.1 million[80] Strategic Focus and Development - The company continues to focus on expanding its property management and value-added services in the Chinese market[16] - The company aims to enhance brand influence and expand market share, focusing on the Yangtze River Delta and Greater Bay Area regions[54] - The company is committed to upgrading its internal management system and smart management platform to improve operational efficiency[56] - The company has enhanced its talent development strategy, focusing on professional training in key areas such as fire safety and smart technology[41] - The company has established a supplier alliance for renovation services, leading to rapid business growth in the first half of 2024[39] Financial Position and Assets - Current assets as of June 30, 2024, were RMB 2,737.0 million, a 5.1% increase from RMB 2,605.2 million as of December 31, 2023[73] - Cash and cash equivalents decreased by 40.4% to RMB 867.1 million from RMB 1,455.4 million as of December 31, 2023, primarily due to payments and purchases of fixed-term deposit financial products[73] - The total equity as of June 30, 2024, was RMB 1,459.6 million, a decrease of 5.3% from RMB 1,541.6 million as of December 31, 2023[73] Corporate Governance and Social Responsibility - The company will continue to strengthen corporate governance and cultural development to enhance employee cohesion and corporate value[57] - The group continues to actively participate in social responsibility initiatives and community cultural activities, enhancing its brand reputation[43]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is deeply rooted in Hangzhou and is expanding nationwide, with value-added services driving significant performance growth. The projected earnings per share (EPS) for 2024-2026 are 2.11, 2.54, and 3.00 respectively, with corresponding price-to-earnings (P/E) ratios of 7.1, 5.9, and 5.0 [3][4]. Summary by Sections 1. High-End Residential Focus and Quality Service - The company has established itself in high-end residential property management, leading the market in service quality [10][11]. - The ownership structure is stable, with the top three shareholders being major stakeholders in the parent company, Binhai Group, ensuring collaborative growth [12]. - Revenue and profit have shown consistent growth, with a 2023 revenue of 28.10 billion yuan, a year-on-year increase of 41.5% [15]. 2. Property Management Expansion - The company has rapidly expanded its property management scale, with a managed area of 54.8 million square meters by the end of 2023, reflecting a 30.7% year-on-year growth [24]. - The average property management fee is approximately 4.21 yuan per square meter per month, which is above industry standards [39]. 3. Non-Owner Value-Added Services - Non-owner value-added services generated 5.81 billion yuan in revenue in 2023, a 7.5% increase, while the 5S value-added services saw a remarkable growth of 172.5% [3][15]. - The company has diversified its service offerings, including pre-delivery services and community space services, contributing to its revenue growth [3][15]. 4. Financial Forecast and Investment Recommendations - The company is expected to maintain revenue growth, with projected revenues of 35.28 billion yuan in 2024, 42.87 billion yuan in 2025, and 50.02 billion yuan in 2026 [5]. - The net profit for 2024 is estimated at 5.83 billion yuan, with a net profit margin of 17.0% [5][18].