Investment Rating - The report maintains an "Outperform" rating for Poly Property Services (06049 HK) [1][3] Core Views - Poly Property Services achieved steady growth in H1 2024 with a 10% YoY increase in revenue to RMB 7 87 billion and an 11% YoY increase in net profit attributable to shareholders to RMB 850 million [1][4] - The company optimized its expansion structure focusing on core cities and non-residential sectors with new contract amounts reaching RMB 1 2 billion and RMB 1 07 billion respectively [1][6] - Community value-added services revenue stabilized at RMB 1 25 billion despite a 1 8% YoY decline with growth in specific segments such as community services (14 3% YoY) and property hosting services (100 2% YoY) [1][7] Financial Performance - In H1 2024 the company's gross margin was 20 5% down 0 7pct YoY while the net margin remained stable at 10 9% and the management expense ratio decreased by 1 0pct to 6 2% [1][4] - The company's revenue from property management services grew 16 1% YoY to RMB 5 59 billion while community value-added services revenue declined 1 8% YoY to RMB 1 25 billion [1][4] Expansion and Market Focus - As of H1 2024 Poly Property Services operated in 205 cities with 2 667 managed projects and 3 168 contracted projects covering a total contracted area of 950 million square meters [1][6] - The company focused on four core economic zones with new contract amounts in other cities declining by 40 5% YoY and their share decreasing by 10 5pct [1][6] - The commercial office sector accounted for 36% of new contract amounts up 12pct YoY while public service key segments accounted for 45 4% up 4 5pct YoY [1][6] Financial Forecasts - Revenue forecasts for 2024 and 2025 were revised down to RMB 17 billion and RMB 19 billion respectively due to a slowdown in the property management sector [1][8] - Net profit attributable to shareholders for 2024 and 2025 is expected to be RMB 1 57 billion and RMB 1 75 billion respectively with EPS of RMB 2 83 and RMB 3 17 [1][8] - The company's PE ratio is projected to be 7 4X and 6 6X for 2024 and 2025 respectively [1][8] Business Segments - Property management services remained the largest revenue contributor at RMB 5 59 billion in H1 2024 accounting for 71% of total revenue [1][4] - Community value-added services contributed RMB 1 25 billion in H1 2024 with growth in specific segments such as property hosting services (100 2% YoY) and home improvement services (3 2% YoY) [1][7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [3][7]. Core Views - The company, Poly Property (6049.HK), reported a revenue of 7.87 billion yuan for H1 2024, reflecting a year-on-year growth of 10.2%, and a net profit of 850 million yuan, up 10.8% year-on-year [4][7]. - Despite challenges in the upstream real estate sector and tightening public fiscal spending, the company demonstrated resilience with double-digit growth in revenue and profit [4][7]. - The company continues to strengthen its scale advantages, with managed and contracted areas reaching 9.5 billion and 7.6 billion square meters, respectively [4][7]. - The company is actively optimizing its service offerings, with a focus on community value-added services and non-owner value-added services, which have shown initial positive results [5][7]. Financial Summary - For H1 2024, the company maintained a stable net profit margin despite slight declines in gross margins for property management and non-owner value-added services [4][5]. - The projected revenue growth rates for the upcoming years are 10.0% for 2024, 14.5% for 2025, and 11.5% for 2026 [6][9]. - The net profit is expected to grow from 1.38 billion yuan in 2024 to 1.92 billion yuan by 2026, with corresponding EPS estimates of 2.84 yuan, 3.15 yuan, and 3.47 yuan for the same years [6][9]. - The company’s financial ratios indicate a stable gross margin of 19.6% and a net margin of 9.3% for 2024, with a projected ROE of 15.8% [9].

房地产 2024 年 08 月 20 日 라用》/ 笔記用> 报告原因：有业绩公布需要点评 市场数据：2024 年 08 月 19 日 收盘价 (港币)27.20 恒生中国企业指数6225.86 52 周最高/最低（港币）41.80/23.30 H 股市值（亿港币）150.51 流通Ｈ股（百万股）153.33 汇率 (人民币/港币)1.0914 -年内股价与基准指致对比走势 : 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 双力 (8621)23297818× dengli@swsresearch.com 申万宏源研究微信服务 -业绩稳增，费用改善、单价提升 投资要点： o 24H1 营收同比+10%，归母净利润同比+11%、符合市场预期，行政开支改善。2024H1， 公司实现营收 78.7 亿元，同比+10.2%；毛利润 16.1 亿元，同比+6.5%；归母净利润 8.5 亿元，同比+10.8%，符合市场预期；基本每股收益 1.54 元，同 ...

Investment Rating - The investment rating for Poly Property (06049.HK) is maintained at "Buy" [2][8] Core Insights - The company has demonstrated robust revenue and profit growth, with a double-digit increase in both metrics for the first half of 2024. The structure of value-added services is continuously optimizing, leading to improved profitability [2] - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 1.56 billion, 1.76 billion, and 1.98 billion yuan, respectively, with corresponding EPS of 2.82, 3.18, and 3.58 yuan. The current stock price corresponds to P/E ratios of 8.8, 7.8, and 7.0 times [2] Revenue and Profit Growth - In H1 2024, the company achieved revenue of 7.871 billion yuan, a year-on-year increase of 10.2%, and a net profit of 846 million yuan, up 10.8% year-on-year. The operating cash flow was 427 million yuan, with a gross margin of 20.46% [2] - The decline in gross margin is attributed to decreases in property management and non-owner value-added service margins [2] Property Management Performance - The property management revenue reached 5.593 billion yuan in H1 2024, reflecting a 16.1% year-on-year growth, with the revenue share increasing by 3.5 percentage points to 71.0% [2] - The total managed area and contracted area grew by 12.8% and 16.4% year-on-year, respectively, with third-party projects' share increasing to 63.2% and 64.9% [2] Value-Added Services - Non-owner value-added service revenue decreased by 2.1% year-on-year to 1.028 billion yuan, with a gross margin of 18.05%. However, engineering and other business revenues increased by 17.4% [2] - Community value-added income was 1.250 billion yuan, down 1.8% year-on-year, but the gross margin improved by 0.73 percentage points to 38.85% [2]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 7,871.4 million, an increase of 10.2% compared to RMB 7,141.2 million in the same period of 2023[4]. - Gross profit for the same period was RMB 1,610.1 million, up 6.5% year-on-year, with a gross margin of 20.46%, down 0.71 percentage points from 21.17% in 2023[4]. - Profit for the period was RMB 854.6 million, reflecting a 10.0% increase from RMB 776.8 million in the previous year, maintaining a net profit margin of 10.9%[4]. - The profit attributable to the company's owners was RMB 846.0 million, an increase of 10.8% compared to RMB 763.5 million in 2023[4]. - Basic earnings per share for the period were RMB 1.5415, representing an increase of 11.4% from RMB 1.3832 in the same period last year[4]. - The company reported a total comprehensive income of RMB 854.6 million for the period, compared to RMB 777.9 million in the same period last year[8]. - The company’s profit attributable to shareholders for the six months ended June 30, 2024, was RMB 845,958,000, representing an increase of 10.8% compared to RMB 763,525,000 for the same period in 2023[25]. - The company declared and paid an annual dividend of RMB 552,226,733 (including tax) for the year 2023, compared to RMB 278,326,700 (including tax) for 2022[24]. Revenue Breakdown - Revenue from property management services increased by 16.1% to approximately RMB 5,593.3 million, while non-owner value-added services and community value-added services saw decreases of 2.1% and 1.8%, respectively[4]. - Property management services generated revenue of RMB 5,593,282, up from RMB 4,818,132, reflecting a growth of 16.1% year-on-year[17]. - Non-owner value-added services, including project co-marketing services, contributed RMB 856,498, slightly up from RMB 852,603, indicating a marginal increase[17]. - Community value-added services revenue was RMB 1,249,912, down from RMB 1,272,451, showing a decrease of 1.7%[17]. - Revenue from third-party property management services was approximately RMB 2,317.8 million for the six months ended June 30, 2024, reflecting a year-on-year increase of about 17.7%, contributing 41.4% to total property management service revenue[48]. - Revenue from public and other properties was approximately RMB 1,435.4 million for the six months ended June 30, 2024, an increase of about 17.2% compared to the same period in 2023, accounting for 25.7% of total property management service revenue[51]. - Non-owner value-added services accounted for approximately 13.1% of total revenue, with the total revenue from these services amounting to RMB 1,028.2 million for the six months ended June 30, 2024[54]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 15,116.9 million, compared to RMB 14,228.1 million as of December 31, 2023[10]. - Current liabilities increased to RMB 7,100.9 million from RMB 5,921.3 million at the end of 2023[10]. - The company's net assets attributable to owners increased to RMB 9,060.7 million from RMB 8,719.9 million at the end of 2023[11]. - The total trade receivables as of June 30, 2024, amounted to RMB 3,580,226,000, an increase from RMB 2,340,608,000 as of December 31, 2023[30]. - The company's trade receivables from third parties increased to RMB 2,892,176,000 as of June 30, 2024, compared to RMB 1,923,291,000 as of December 31, 2023, reflecting a growth of 50.4%[30]. - The total amount of prepayments, deposits, and other receivables as of June 30, 2024, was RMB 908,933,000, up from RMB 848,964,000 as of December 31, 2023[33]. - The company's trade payables increased to RMB 2,492,001,000 as of June 30, 2024, from RMB 2,009,076,000 as of December 31, 2023, reflecting a growth of 24.0%[36]. - Cash and cash equivalents were approximately RMB 10,604.6 million, a decrease of about 3.7% from approximately RMB 11,011.5 million as of December 31, 2023[70]. Employee and Operational Costs - Employee costs, including salaries and bonuses, amounted to RMB 1,565,935, down from RMB 1,950,404, reflecting a decrease of 19.7%[21]. - The total employee cost for the six months ended June 30, 2024, was approximately RMB 1,867.2 million, with a workforce of 31,840 employees[83]. - Administrative expenses totaled approximately RMB 489.9 million, a decrease of about 5.1% from approximately RMB 516.3 million in the same period last year, representing about 6.2% of total revenue[68]. Strategic Focus and Future Plans - The company continues to focus on property management and community value-added services as its primary business segments, with all revenue generated from operations in China[16]. - The company plans to enhance service efficiency and maintain competitive advantages through a focus on product strength, service capability, organizational strength, and cost efficiency[57]. - The company aims to deepen market penetration in core cities and improve service capabilities in key sectors such as urban scenic areas and commercial properties[58]. - The company is committed to optimizing service quality through a three-dimensional standardization approach, enhancing customer satisfaction and operational efficiency[60]. - The company will implement lean management innovations focusing on cost control, organizational transformation, and technology efficiency improvements[61]. Tax and Compliance - The company did not make any provisions for Hong Kong profits tax as there were no taxable profits generated in Hong Kong for the six months ended June 30, 2024[22]. - The audit committee has reviewed the financial statements for the six months ended June 30, 2024, ensuring compliance with accounting principles and internal controls[86]. Investments and Proceeds - The company has approximately HKD 1,175.0 million of unutilized net proceeds, which will be allocated according to the announced purposes and proportions[81]. - 18.5% of the net proceeds (approximately HKD 965.4 million) is planned for strategic investment opportunities, including acquisitions and expanding property management and value-added services[81]. - 62.5% of the net proceeds (approximately HKD 3,261.4 million) is allocated for further developing value-added services related to community, commercial, and urban management[81]. - 9.0% of the net proceeds (approximately HKD 469.6 million) is designated for upgrading the company's digital and intelligent management systems[82]. Governance and Management - The company has adopted a restrictive stock incentive plan aimed at improving governance and retaining core employees[89]. - The company has no significant contingent liabilities as of June 30, 2024[82]. - The company continues to monitor foreign exchange risks, primarily related to its operations in RMB[82]. - The board of directors includes executive director Ms. Wu Lanyu and non-executive directors Mr. Liu Ping and Mr. Huang Hai[91].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report emphasizes that Poly Property is a leading enterprise in the property management industry, benefiting from abundant delivery resources from its parent company, Poly Development. The company is expected to continue its revenue and profit growth due to an increasing proportion of third-party management and a strong growth rate in managed area [6][7]. Financial Summary and Valuation Indicators - As of August 6, 2024, the current stock price is HKD 26.60, with a total market capitalization of HKD 147.19 billion and a circulating market capitalization of HKD 40.79 billion. The estimated earnings per share (EPS) for 2024-2026 are projected to be CNY 2.82, CNY 3.18, and CNY 3.58, respectively, with corresponding price-to-earnings (PE) ratios of 8.6, 7.7, and 6.8 [4][6]. Business Strength and Growth - The company has seen a significant increase in property management scale, with managed area and contracted area growing by 24.9% and 19.5% year-on-year, respectively, as of the end of 2023. The proportion of third-party projects in the managed area has reached 64.7% [7][34]. - The company’s revenue from property management services reached CNY 101.5 billion in 2023, reflecting a year-on-year growth of 20.5%, with third-party project revenue growing by 27.6% [28][29]. Community Value-Added Services - The report notes a decline in value-added service revenue to CNY 28.16 billion in 2023, down 8.1% year-on-year. However, the overall gross margin for these services improved by 6.4 percentage points to 38.4% [8][64]. Profit Growth and Dividend Policy - The company achieved a net profit of CNY 1.38 billion in 2023, representing a year-on-year growth of 24.0%. The dividend payout ratio has increased to 40%, indicating a commitment to shareholder returns [9][10].

Investment Rating - The investment rating for Poly Property (06049.HK) is maintained as "Buy" [2] Core Views - Poly Property is positioned as a leading enterprise in the property management industry, benefiting from strong delivery resources from its parent company, Poly Developments. The company is expected to see continuous growth in property management revenue and profits due to an increasing proportion of third-party projects and an industry-leading growth rate in managed area [5][12] - The company is projected to achieve a net profit of CNY 1.56 billion, CNY 1.76 billion, and CNY 1.98 billion for 2024-2026, with corresponding EPS of CNY 2.82, CNY 3.18, and CNY 3.58. The current stock price corresponds to PE ratios of 8.6, 7.7, and 6.8 times for the respective years [5][6] Summary by Sections 1. Strong Major Shareholder and Incentives - Poly Property is a subsidiary of Poly Developments, which holds a stable and significant shareholding of 72.28% as of the end of 2023, ensuring operational continuity and stability [12][14] - The company has implemented a stock incentive plan, with the first batch of restricted shares unlocking in May 2024, which is expected to enhance performance and long-term stability [15][17] 2. Growth in Property Management Scale and Quality - As of the end of 2023, Poly Property's managed contract area and managed area reached 922.2 million square meters and 719.6 million square meters, respectively, representing year-on-year growth of 19.5% and 24.9% [5][20] - The proportion of third-party projects in the managed area has increased, with third-party project revenue accounting for 41.1% of total property management revenue in 2023, growing by 27.6% year-on-year [20][25] 3. Community Value-Added Services - The company's value-added services revenue decreased to CNY 2.816 billion in 2023, down 8.1% year-on-year, but the overall gross margin improved by 6.4 percentage points to 38.4% [5][31] - Community asset management services generated CNY 923 million in revenue, up 6.8% year-on-year, while community life services saw a decline of 13.9% to CNY 1.893 billion due to market conditions [49][52] 4. Profit Growth and Dividend Policy - The company's net profit reached CNY 1.38 billion in 2023, a year-on-year increase of 24.0%, with a steady improvement in gross margin and a dividend payout ratio of 40% [5][6] - Operating cash flow has consistently exceeded net profit before tax, indicating strong financial health and shareholder returns [5][6] 5. Financial Summary and Valuation Metrics - The company reported operating revenue of CNY 15.07 billion in 2023, a 10.1% increase year-on-year, with property management services accounting for 67.4% of total revenue [6][18] - The projected PE ratios for 2024, 2025, and 2026 are 8.6, 7.7, and 6.8 times, respectively, indicating an attractive valuation compared to peers [5][6]

金额来看的话15%到20%左右所以这个竣工面积的影响就是不太大我们还是拓展非住宅为主要业态的然后同时对于住宅我们也加大对于存量住宅的一些这种拓展所以对于新交付的新竣工的这些面积的影响相对比较小这个竣工的话主要就是说关联跟我们关联都比较大的 还是来自于就是保利发展这一边的新交付那其实也可以从他们的这个过往的这个几年的销售就是去推测这个交付的一个高峰那从我们今年来看的话呢其实这个交付面积我们觉得就是还是相对来讲它肯定是会有一些下滑但这个幅度应该说就是相比起同行就绝对只有幅度吧 相比起同行还是有一些相对的优势同时我们也看到保利发展新交付的项目他们的单价是在持续的上升的主要是跟保利发展他们更加聚焦一些高能级的城市有关 所以这个单价的提升呢也会对冲掉一部分就是面积的这种下滑比如说我举的例子就是我们去年二三年新交付的来自于保利发展这个单价呢平均大概是两块七毛左右但是我们所有的在管这些保利发展的这项目呢其实均价是两块四毛 也就是说新交付的比起以往平均的是会高出不少然后这个单价应该也在持续的上升这个跟他们拿地的这个区位是息息相关的比如说二三年他就是拿了很多的比如说位于上海的在上海地区的话应该就是比如说5块钱的物管单价新房是比 ...

本次电话会议仅面向国金证券的专业投资机构客户或受邀客户仅供交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议 感谢您的理解和支持 谢谢 好的各位投资者大家中午好我是国际地产研究员何宇嘉欢迎大家来参加我们的中期策略会跟保利物业的一个交流其实这次我们很荣幸请到了保利物业IR团队的于总和李总来跟我们进行一个交流那么本次交流的话我们先请保利物业IR团队介绍一下公司近期的一个经营情况然后我们再开放QA环节 我们有请保利物业的俞总和李总来跟我们交流一下 好的谢谢何总谢谢国金证券的组织然后也感谢大家参加今天的交流我可能先简单介绍一下公司的23年主要的一些情况我们业绩指引还有最近的一些近况的更新 对我们从经营的层面来讲的话23年的话其实公司是规模是持续的增长然后在管面积是达到7.2亿品在管的项目是接近是2500个然后是形成一个这种全国化的一个布局 那在这个财务指标上我觉得有三个特点一个是我们首先是在收入上就是收入利润各方面都取得一个稳健的增长包括收入是达到151亿元就是同比增长10%然后毛利也同比增长14%净利润是同比增长24% 同时我们的这些利润率也都稳步的在提升所以总体都非常的均衡以及稳健然后第二 ...

Financial Performance - Total revenue for 2023 reached RMB 15,061.9 million, an increase of 10.0% from RMB 13,686.7 million in 2022[13] - Gross profit for 2023 was RMB 2,953.1 million, with a gross margin of 19.61%, up from 18.81% in 2022[13] - Net profit attributable to shareholders for 2023 was RMB 1,380.1 million, representing a year-on-year increase of 24.0%[13] - Revenue from property management services accounted for approximately 67.4% of total revenue, reaching about RMB 10,152.2 million, a year-on-year increase of approximately 20.5%[46] - The net profit for the year was approximately RMB 1,397.2 million, a 23.3% increase from RMB 1,133.3 million in 2022, with a net profit margin of 9.3%[90] - Revenue from third-party property management services increased by approximately 27.6% year-on-year, reaching about RMB 4,168.5 million, accounting for 41.1% of total property management service revenue[51] - The company achieved a revenue of approximately RMB 5,923.8 million from residential communities, marking a year-on-year increase of approximately 16.5%[53] - The company’s revenue from non-residential properties was approximately RMB 4,228.4 million, accounting for 41.7% of total revenue, with significant contributions from commercial and public properties[52] Assets and Cash Flow - The total assets as of December 31, 2023, amounted to RMB 14,877.3 million, compared to RMB 13,109.5 million in 2022[14] - Cash and cash equivalents increased to RMB 11,011.5 million in 2023, up from RMB 8,956.3 million in 2022[14] - As of December 31, 2023, current assets amounted to approximately RMB 14,228.1 million, an increase of about 17.3% from RMB 12,132.9 million as of December 31, 2022[92] - Total equity increased by approximately RMB 1,031.7 million to RMB 8,876.5 million, reflecting a growth of about 13.2% due to profits realized during the period[92] Management and Governance - The company has a strong management team with over 14 years of experience in the real estate industry, led by Executive Director Wu Lanyu[110] - The board of directors consists of 7 members, including 3 independent non-executive directors, complying with the listing rules regarding board composition[151] - The company has adopted the Corporate Governance Code and has complied with its principles and provisions throughout the year ending December 31, 2023[144] - The company’s governance structure includes a board of directors, supervisory board, and various specialized committees to enhance corporate governance standards[142] - The company emphasizes the importance of board diversity as a key element for achieving strategic goals and sustainable development[156] Strategic Initiatives - The company launched a new integrated solution called "Full Cycle Flywheel Model" in June 2023, aimed at enhancing urban governance and quality development[16] - The company introduced a subscription-based community service brand called "He Market," focusing on essential household products and services[20] - The company aims to enhance service quality and operational management capabilities to drive high-quality development in the property management industry[39] - The company is focusing on market expansion by shifting from decentralized competition to concentrated and specialized development, targeting systematic customer needs[41] - The company plans to leverage its "product + service" model to enhance service delivery and meet personalized customer needs[43] Risk Management - The company has optimized its comprehensive risk management system and organized risk identification across all areas, producing a risk list and implementing major risk response measures[190] - The board of directors has confirmed that the risk management and internal control systems are effective and sufficient as of December 31, 2023, and will continue to strengthen the risk management framework[192] - The audit committee is responsible for overseeing the risk management and internal control systems, ensuring that management fulfills its responsibilities[187] Community and Social Responsibility - The company initiated the "Spark Shining Project" to support rural revitalization and employment for participants of the Spark Class program[24] - The company is committed to sustainability, with plans to implement green building practices in 50% of its new projects by 2024[130] Market Position and Recognition - The company was recognized as a top performer in various awards, including ranking in the top 3 of China's property service companies and top 2 in comprehensive strength[27][30] - The company ranked TOP 2 in the 2023 China Property Service Power Top 100 list by Ke Rui and Zhong Wu Yan, indicating a continuous improvement in customer satisfaction[36] - The company ranked third in the 2023 China Property Service Top 100 and first among state-owned enterprises, with a brand value of approximately RMB 24.1 billion[44]