Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price revised down by 4% to HK$2.67, reflecting lower earnings forecasts [1][8]. Core Insights - New Hope Services' FY24 revenue grew 17% YoY to RMB 1,480 million, exceeding CMBI estimates by 5%, driven by stable managed GFA growth and strong retail & catering services [1][8]. - Net profit increased by 5% YoY to RMB 230 million, aligning with the company's guidance, despite a decline in gross margin and a reduction in SG&A ratio [1][8]. - The company reported impressive third-party expansion, with new contract value reaching RMB 600 million, a 192% increase YoY, and expects FY25 third-party expansion to rise by 16% to RMB 700 million [1][8]. Financial Performance Summary - FY24 revenue: RMB 1,481 million, a 17.5% increase YoY [2]. - FY24 net profit: RMB 227 million, a 5% increase YoY [2]. - EPS for FY24: RMB 0.28, reflecting a 5.5% growth YoY [2]. - Average PM fee for new third-party projects rose by 51% to RMB 2.63, indicating a shift towards higher-end projects [1][8]. - The company expects a dividend yield of 9.6% in 2025E based on the current price [1][8]. Earnings Forecast - Revenue projections for FY25E: RMB 1,644 million, with a YoY growth of 11% [2][10]. - Net profit projections for FY25E: RMB 250 million, with a YoY growth of 10.4% [2][10]. - The gross margin is expected to decline to 29.5% in FY25E from 30.4% in FY24A [10][11]. Shareholder Structure - Golden Rose Developments holds a 66.9% stake in New Hope Services, indicating a strong controlling interest [4]. Market Data - Current market capitalization: HK$ 1,619.9 million [3]. - The stock is currently trading at a P/E ratio of 6.0x for FY25E [3][11]. Share Performance - The stock has shown a 1.5% decline over the past month and a 0.5% increase over the past three months [5].

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之任何損失承擔任何責任。 New Hope Service Holdings Limited 新希望服務控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3658） 截至2024年12月31日止年度的年度業績公告 年度業績摘要 截至2024年12月31日止年度，本集團業績如下： – 1 – 1. 本集團收入達人民幣1,480.8百萬元，較2023年同期收入人民幣1,260.7百萬元增加 17.5%。 2. 本集團業務分佈收入如下： (a) 物業管理服務實現收入人民幣837.5百萬元，佔總收入56.5%，較2023年同期收 入人民幣647.0百萬元增加29.4%； (b) 生活服務實現收入人民幣355.6百萬元，佔總收入24.0%，較2023年同期收入人 民幣290.6百萬元增加22.4%； (c) 商業運營服務實現收入人民幣146.0百萬元，佔總收入9.9%，較2023年同期收 入人民幣153.6百萬元減少5.0%；及 ...

新希望服务 NEWHOPE SEVICE NEW HOPE SERVICE HOLDINGS LIMITED 新希望服務控股有限公司 新希望服務控股有限公司 NEW HOPE SERVICE HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock Code: 3658 INTERIM 2024 REPORT INTERIM REPORT 2024 中期報告 新希望服務控股有限公司 NEW HOPE SERVICE HOLDINGS LIMITED ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 3658 中期 2024 報告 rg HINNING OF THE OWNER OF THE OWNER OF THE OWNER OF THE OWNER OF THE OWNER OF THE OWNER OF THE OF THE OF THE OF THE OF THE OF THE OF THE OF THE OF THE OF THE OF THE FOR THE O | --- | --- | ...

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price of HK$2.79, indicating a potential upside of 60.1% from the current price of HK$1.74 [1][2]. Core Insights - The company's 1H24 earnings met expectations, with revenue and net profit increasing by 18% and 8% year-over-year, respectively. The gross profit margin (GPM) contracted to 32.8%, still above the industry average of over 20% [1]. - New contract value surged by 227% year-over-year in 1H24, driven by strategic resource leverage, with expectations for full-year new contract value to exceed RMB600 million [1]. - Catering services demonstrated cyclical resilience, contributing significantly to the profit of the owner value-added services (VAS) segment, which is expected to expand further [1]. Financial Performance - Revenue for 1H24 reached RMB709 million, driven by a 22% increase in managed gross floor area (GFA). Basic property management and owner VAS rose by 28% and 26% year-over-year, respectively [1][4]. - The GPM for the four segments declined due to intensified competition, but the net profit margin only declined by 1.6 percentage points to 16.7%, reflecting an 8% year-over-year increase in net profit [1][4]. - The company expects managed GFA to grow by 20% in FY24E, supported by the strong new contract value [1]. Segment Analysis - Catering services revenue grew by 45% year-over-year to RMB74 million, significantly boosting overall VAS revenue by 26% year-over-year [1][4]. - The number of catering projects increased to 25, contributing a record-high of 43% to owner-VAS revenue [1]. - Accounts receivable increased to RMB496 million, primarily due to seasonal factors and new contracts, but management indicated a return to normal levels [1][4]. Valuation Metrics - The company is currently trading at a P/E ratio of 5.5x for 2024E, compared to a target P/E of 8x, indicating potential for valuation expansion [1][5]. - The projected net profit for FY24E is RMB235.3 million, with an EPS of RMB0.29, reflecting a 9.4% year-over-year growth [3][9].

5 Sep 2024 CMB 国际全球市场 | 股票研究 | 公司更新 新希望服务(3658 HK) 稳健的扩张步伐 + 反周期 VAS ； 维持买入 1H24 收益 满足预期，收入/NP同比增长18%/8%。毛利率收缩至32.8%，但仍 高于行业平均值20%以上。我们预计随着公司在加剧的竞争环境下的快速扩张 ，毛利率将进一步正常化。公司通过利用现有资源的智能策略，在2024年上半 财年新合同价值同比增长227%。尽管环境疲软，餐饮服务显示出周期性的韧性 ，推动了业主VAS的利润贡献上升2.8个百分点至27.5%，并预计在面临艰难经 济条件的情况下，该比例将扩大至30%。我们看好公司的稳健扩张速度、抗周 期性VAS和稳定的母公司表现。维持"买入"评级，目标价不变为港币2.79元。 餐饮服务显示出周期性弹性 餐饮服务收入同比增长45%，达到7400万元，推 动整体增值业务收入增长26%。项目数量同比增长9个至25个。餐饮服务对业 主增值业务的贡献创下历史新高，占比达到43%，较2023年半年度的37.2%和2 023年的38.0%分别提高了5.8个百分点和5.0个百分点。在宏观经济背景疲软的 情况下，增值业务受 ...

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之任何損失承擔任何責任。 New Hope Service Holdings Limited 新希望服務控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3658） 截至2024年6月30日止六個月的中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------| | | | | | 中期業績摘要 | | 截至 | 2024 年 6 月 30 日止六個月，本集團業績如下： | | 1. | 本集團收入達人民幣 709.0 百萬元，較 2023 年同期收入人民幣 599.8 百萬元增加 | | | 18.2% 。 | | 2. | 本集團業務分佈收入如下： | | | 1) 物業管理服務實現收入人 ...

新希望服務控股有限公司 NEW HOPE SERVICE HOLDINGS LIMITED : 3658 ( 於開曼群島註冊成立的有限公司 ) 股份代號 2023 新希望服務控股有限公司 NEW HOPE SERVICE HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock Code : 3658 2023 ANNUAL REPORT NEW HOPE SERVICE HOLDINGS LIMITED 新希望服務控股有限公 司 ANNUAL REPORT 2023 年報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論與分析 | 6 | | 董事及高級管理層簡歷 | 22 | | 企業管治報告 | 28 | | 董事會報告 | 45 | | 獨立核數師報告 | 61 | | 綜合損益及其他全面收入表 | 66 | | 綜合財務狀況表 | 67 | | 綜合權益變動表 | 69 | | 綜合現金流量表 | 71 | | 綜合財務報表附註 | 72 | ...

28 Mar 2024 CMB International Global Markets | Equity Research | Company Update New Hope Services (3658 HK) 12% dividend yield with cash balance > mkt cap; Maintain BUY New Hope Services reported industry-average-level earnings with NP up 6% YoY in FY23. The company raised its dividend payout ratio to 60% from 48% in FY22, representing a yield of 12%, which boosted the share price by 6% in two days after announcement. We like the company for its clear strategy, high business concentration, high dividend yie ...

Dividends - The company declared an interim dividend of HKD 0.073 per share, amounting to RMB 54.75 million, compared to zero in 2022[7]. - The proposed final dividend per ordinary share is RMB 0.091, totaling RMB 74.23 million, down from RMB 97.695 million in 2022[7]. - The company plans to declare a final dividend of RMB 0.091 per share for the year ended December 31, 2023, down from RMB 0.12 per share in 2022[109]. Revenue and Growth - The company achieved a revenue of RMB 290.6 million from its life services segment, a decrease of 4.2% compared to the previous year[17]. - The company reported a total revenue of RMB 64.70 million from property management services, with a year-on-year growth of 32.5%[16]. - The group's revenue increased from RMB 1,138.9 million for the year ended December 31, 2022, to RMB 1,260.7 million for the year ended December 31, 2023, representing a growth of approximately 10.7%[55]. - The company's total revenue for the year ended December 31, 2023, reached RMB 1,260.7 million, an increase of 10.7% compared to RMB 1,138.9 million in the same period of 2022[108]. - Property management services generated revenue of RMB 647.0 million, accounting for 51.3% of total revenue, a 32.5% increase from RMB 488.3 million in 2022[108]. - The life service revenue decreased by 4.2% from approximately RMB 303.3 million to approximately RMB 290.6 million, accounting for 23.1% of the total revenue[56]. - The income from non-property related transactions rose to RMB 41.97 million, a 59.6% increase compared to the previous year, with the proportion of non-property related transactions increasing by 6.5 percentage points to 14.6%[54]. Profitability - The company's gross profit was RMB 440.2 million, a 2.1% increase from RMB 431.1 million in 2022[108]. - The net profit attributable to equity shareholders was RMB 214,967 thousand, compared to RMB 203,033 thousand in the previous year, marking a 5.4% increase[122]. - The pre-tax profit for 2023 was RMB 283,934,000, up from RMB 266,420,000 in 2022, reflecting a year-over-year increase of approximately 6.4%[169]. - The company's attributable profit to equity shareholders rose to RMB 214,967,000 in 2023, compared to RMB 203,033,000 in 2022, representing an increase of approximately 5.8%[171]. Expenses and Costs - Total sales costs increased by approximately RMB 112.7 million or 15.9% to RMB 820.5 million, outpacing revenue growth due to a higher contribution from property management services with lower gross margins[28]. - Administrative expenses rose to approximately RMB 168.5 million, an increase of about RMB 10.1 million or 6.4% from approximately RMB 158.4 million in the previous year, primarily due to ongoing information technology advancements[60]. - Sales expenses decreased by 63.9% to RMB 1.3 million, reflecting ongoing cost reduction efforts[32]. - The total employee costs for 2023 were RMB 371,933,000, down from RMB 411,618,000 in 2022, indicating a reduction of about 9.6%[164]. Market Presence and Strategy - The company established joint ventures with local government entities in Chengdu, enhancing its market presence and project portfolio[15]. - The company plans to continue focusing on market expansion and investment opportunities, particularly in first-tier and new first-tier cities in the Chengdu-Chongqing economic circle and East China region[43]. - The company aims to leverage the urbanization opportunities in Chengdu, which has a property management market stock exceeding 593 million square meters and a coverage rate of 72.7%[193]. - The company continues to focus on high-quality service and market expansion in key urban areas, enhancing regional competitiveness[179]. Employee and Operations - The total number of employees increased to approximately 4,309, with total employee costs amounting to RMB 371.9 million, down from RMB 411.6 million in the previous year[42]. - The company operates in 33 cities across 14 provinces in China, with a managed floor area of 32.258 million square meters, an increase of 11.9% year-on-year[176]. - The number of managed properties increased to 230, up 20.4% from 191 in 2022, while the managed floor area grew to 3,225.8 million square meters, an 11.9% increase[104]. Financial Condition - The company maintained a good financial condition as of December 31, 2023[66]. - Cash and cash equivalents rose to RMB 1,145,270 thousand from RMB 1,039,740 thousand, showing a growth of 10.1%[122]. - Total assets less current liabilities increased to RMB 1,315,741 thousand from RMB 1,250,926 thousand, indicating a growth of 5.2%[122]. Customer Satisfaction and Service Quality - The company achieved a customer satisfaction rate of nearly 90 points, reflecting strong performance in project delivery with nearly 37,000 new homes delivered across 40 projects[105]. - The company plans to deepen its collaboration with New Hope Group to explore various service solutions, including property management combined with catering and retail services[54].

業務回顧 新希望服務控股有限公司（「本公司」，連同其附屬公司統稱「我們」、「我們的」或「本集團」）是四川本土、西部領先的 提供民生服務解決方案的綜合物業管理企業，本集團背靠世界500強企業新希望集團有限公司（連同其附屬公司統稱 「新希望集團」），重點圍繞「資產增值保值」與「生活安心美好」，為中高端住宅、醫療機構、學校、商寫辦公樓、公建、 城市空間等多種業態，提供物業管理服務、生活服務及商業運營服務等積木式服務。同時，本集團我們憑藉行業領先 的綜合實力和品牌影響力，已連續6年被中指研究院（「中指院」）評為「中國物業服務百強企業」。截至2023年6月30日， 我們憑藉優質服務獲得了億翰智庫頒佈的「2023年中國物業服務上市企業Top22」，獲得中指院頒佈的「中國物業服務 百強企業Top25」，並首次獲得億翰智庫頒佈的「億翰物業服務ESG評級A級」。 本集團持續優化運營管理能力，報告期內持續保持了較高的淨利潤率，期內股東應佔淨利潤率為18.3%。同時，公司 持續加強精益管理專項行動，持續開展業財一體、流程升級等工作，進一步強化供應鏈管理和建設，通過持續的數字 化投入和管理創新，進一步降低業務成本和銷管費用，報告期內 ...