公司研究 | 动态跟踪 保利物业 06049.HK 买入（维持） 业绩高质量增长，市拓规模质量双提升 股价（2024年04月02日） 27.25港元 目标价格 33.84港元 52周最高价/最低价 49.74/23.3港元 总股本/流通H股（万股） 55,333/15,333 H股市值（百万港币） 15,078 核心观点 国家/地区 中国 行业 房地产 ⚫ 公司披露2023年全年业绩公告，实现营业收入150.6亿元，同比增长10.0%，实现 报告发布日期 2024年04月04日 归母净利润13.8亿元，同比增长24.0%。 ⚫ 业绩高质量增长，毛利率稳中有升，精益管理成效显现。公司 23 年营收同比增速 1周 1月 3月 12月 10.0%，归母净利同比增速达到 24.0%，业绩实现高质量较快增长。23 年收入结构 绝对表现 9.44 -1.62 -1.62 -42.54 进一步优化，物管收入占比提升5.8个百分点至67.4%，与地产开发相关的非业主增 相对表现 7.56 -3.68 -2.47 -25.54 值服务占比下降 2.1 个百分点至 13.9%。各项业务毛利率均同比提升，物管/社区增 恒生指数 1 ...

海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃06049 .HK ＃保dy利Com物pa业ny＃ 港股通（深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 派息 超预期，＃ 盈tit利le＃ 能 力持续改善 onC han ge ＃ ＃createTime1＃ 2024年 04月 01 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 司ry＃ 2 023年盈利能力持续提升、派息超预期：2023年，公司实现营收150.62 司 日期 2024.03.28 亿元，同比增长10.0%；综合毛利率同比提升0.8个百分点至19.6%，其中物 跟 收盘价（港元） 26.60 业管理服务、社区增值服务和非业主增值服务的毛利率分别同比提升 0.4、 踪 总股本（亿股） 5.53 6.4 和 0.4 个百分点至 14.6%、38.4%和 18.7%；得益于成本费用管控，管理 总市值（亿港元） 147 费用率同比下降0.7个百分点至8.1%；归母净利润为13.80亿元，同比增长 报 24.0%，表现略超 ...

2024年3月30日 公司研究 非住宅业态发展迅速，物业费单价稳步提升 ——保利物业（6049.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：26.60港元 事件：保利物业2023年营收同比+10%，归母净利润同比+24%，派息率40%。 保利物业发布2023年度业绩公告，实现收入150.6亿元，同比增长10.0%；毛 利29.5亿元，同比增长14.7%；毛利率19.6%（上年同期18.8%）；归母净利 作者 润13.8亿元，同比增长24.0%；期末现金及现金等价物约110亿元，同比增加 分析师：何缅南 22.9%。2023年宣派股息每股0.998元人民币，派息率40%，同比提升15pct。 执业证书编号：S0930518060006 021-52523801 点评：业绩符合预期，坚定深耕非住宅业态，平均物业费单价稳步提升。 hemiannan@ebscn.com 1) 业绩符合预期，非住宅业态发展迅速，物管收入持续高增。公司 2023 年业 联系人：韦勇强 绩基本符合我们预期（我们预测收入和归母净利润分别为154亿元/13.5亿元）。 021-52523810 2023 年，公司基础物管/ ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 保利物业（6049）公司年报点评 2024年03月31日 [Table_InvestInfo] 投资评级 优于大市 维持 经营业绩稳中有升，拓展规模与质量双提升 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价In（fo港]元） 26.60 投资要点： 52周股价波动（港元） 23.30-49.74 总股本（百万股） 153 总市值（亿港元） 147  经营业绩高质量增长，持续加强股东回报。2023年，公司实现营业收入150.6 相关研究 亿元，同比+10.0%；归母净利润13.8亿元，同比+24.0%；毛利率和归母净 [《Ta保b利le物_R业e（p0o6r0t4In9.fHoK]）2023年中期业绩点 利率分别为19.6%和9.3%，同比分别提升0.8个百分点和1个百分点。截至 评：业务持续稳健经营，高质量外拓有序发力》 2023年末，公司经营性净现金流为24.2亿元，同比+63.9%，能够覆盖净利 2023.08.29 润的1.73倍，充分实现了有现金流保障的利润。公司2023年股息为每股 《 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a 10% YoY increase in operating revenue to RMB 15,062 million in 2023, with net profit attributable to shareholders rising 24% YoY to RMB 1,380 million [3] - The company's gross profit margin improved from 18.81% in 2022 to 19.61% in 2023, driven by optimized cost control and business structure [4] - The company's dividend payout ratio increased from 25% to 40%, with a proposed dividend of RMB 0.998 per share [4] - The company's third-party project expansion was strong, with new contracts worth RMB 2.97 billion and signed contracts worth RMB 2.77 billion (excluding renewal projects) [5] - The company's value-added services revenue declined due to structural adjustments, but this is seen as a positive long-term move to focus on core property management business [6] Financial Performance and Forecast - Revenue is expected to grow from RMB 15,070 million in 2023 to RMB 22,318 million in 2026, with a CAGR of 12% [1] - Net profit is forecasted to increase from RMB 1,380 million in 2023 to RMB 2,174 million in 2026, with a CAGR of 15% [1] - EPS is projected to grow from RMB 2.49 in 2023 to RMB 3.93 in 2026 [1] - ROE is expected to remain stable at around 16-17% from 2023 to 2026 [1] - The company's P/E ratio is forecasted to decrease from 9.7x in 2023 to 6.1x in 2026, indicating potential undervaluation [1] Business Highlights - The company's third-party project management area reached 580 million square meters, accounting for 62.9% of the total contracted management area [5] - The company secured several high-profile projects, including the National Development Bank Xi'an Data Center and JD.com's Beijing headquarters [5] - Public property projects saw significant growth, with new contracts worth RMB 1.51 billion, a 36.7% YoY increase [5] Industry and Market Position - The company is positioned as a leading player in the property services industry, with a strong focus on third-party project expansion and public property management [5] - The company's ability to secure high-profile projects and maintain stable growth in core property management services highlights its competitive advantage in the industry [5][6]

港股公司报告 | 公司点评 保利物业（06049） 证券研究报告 2024年03月 29日 投资评级 量质并举，全域发展——保利物业 2023年业绩点评 行业 地产建筑业/地产 6个月评级 买入（维持评级） 事件：公司发布 2023年业绩公告，公司23年实现营业收入150.62亿元，同比+10.0%； 当前价格 26.6港元 实现归母净利润13.80亿元，同比+24.0%；实现基本每股收益 2.50 元/股，同比+ 24.4%。 目标价格 港元 业绩增长稳健，毛利率逆势提升 收入端，公司23年实现营业收入150.62 亿元，同比增长10.0%；其中，物业管理、非 基本数据 业主增值、社区增值服务收入分别为101.52、20.93、28.16亿元，分别同比+20.5%、-4.6%、 港股总股本(百万股) 553.33 -8.1%。利润端，公司 23 年实现归母净利润 13.80 亿元，同比增长 24.0%。管理规模扩 港股总市值(百万港元) 14,718.67 大支撑业绩快速增长。23年公司实现经营性现金流24.2 亿元，同比+63.9%，覆盖净利 每股净资产(港元) 17.40 润倍数达1.73，利润质量高。 ...

Investment Rating - The report maintains a "Buy" rating for Poly Property (6049.HK) [1] Core Views - Poly Property achieved a revenue of 15.06 billion yuan in 2023, representing a year-on-year growth of 10.0%. The gross margin was approximately 19.6%, an increase of 0.8 percentage points year-on-year. The net profit attributable to shareholders was 1.38 billion yuan, up 24.0% year-on-year, with a proposed dividend of 0.998 yuan per share, significantly increasing the payout ratio by 15 percentage points to 40% [2][3] - The company continues to focus on market expansion, with stable business growth. The property management services segment generated revenue of 10.15 billion yuan, a year-on-year increase of 20.5%. Third-party revenue reached approximately 4.17 billion yuan, a substantial growth of 27.6%, accounting for 41.1% of total property management service revenue, up 2.4 percentage points year-on-year [2] - The company is optimizing its property system layout, accelerating the expansion of non-residential segments. The contract amount for newly signed third-party commercial and office projects increased significantly by 109.9% to 880 million yuan [2] Summary by Sections Business Performance - In 2023, the non-owner value-added services segment generated revenue of 2.09 billion yuan, a decrease of 4.6%, accounting for 13.9% of total revenue. The community value-added services segment's revenue was 2.82 billion yuan, down 8.1% [3] - The company expects a compound annual growth rate (CAGR) of 15% for net profit attributable to shareholders from 2024 to 2026, driven by the large property system and the advantages of being backed by a state-owned enterprise [3][4] Financial Projections - Revenue projections for 2024-2026 are as follows: 17.87 billion yuan in 2024, 20.70 billion yuan in 2025, and 23.60 billion yuan in 2026, with respective growth rates of 19%, 16%, and 14% [9][10] - The net profit attributable to shareholders is projected to be 1.61 billion yuan in 2024, 1.87 billion yuan in 2025, and 2.11 billion yuan in 2026, with growth rates of 16.9%, 15.8%, and 12.9% respectively [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 15.06 billion yuan for 2023, representing a year-on-year growth of 10.0%, and a net profit attributable to shareholders of 1.38 billion yuan, which is a 24.0% increase compared to the previous year, slightly exceeding market expectations [3] - Revenue growth is steady, with a recovery in gross margin. The property management service revenue reached 10.15 billion yuan, up 20.5% year-on-year, accounting for 67.4% of total revenue. Non-owner value-added service revenue decreased by 4.6% to 2.09 billion yuan, while community value-added service revenue fell by 8.1% to 2.82 billion yuan, mainly due to the company's strategic adjustments [3] - The company has a clear external expansion strategy, focusing on third-party projects and deepening its presence in key cities. The contracted area in 2023 was 920 million square meters, an increase of 150 million square meters from 2022, with a new contract amount of 2.97 billion yuan, up 7.4% year-on-year [3] - The company is reducing the influence of related parties and moving towards sustainable internal development. By the end of 2023, third-party projects accounted for 64.7% of the managed area, an increase of 3.4 percentage points from 2022 [3] - Cash flow has significantly improved, with operating net cash flow reaching 2.42 billion yuan, a 63.9% increase year-on-year, and a dividend payout ratio of 40%, up 15 percentage points from 2022 [3] - The profit forecast for 2024-2025 has been adjusted to 1.67 billion yuan and 2.01 billion yuan respectively, with an expected net profit of 2.37 billion yuan in 2026. The corresponding EPS is projected to be 3.02, 3.64, and 4.28 yuan, with P/E ratios of 11.7X, 9.7X, and 8.2X [3] Financial Summary - Total revenue for 2023 was 15,061 million yuan, with a year-on-year growth of 10.05% [2] - Net profit attributable to shareholders for 2023 was 1,380 million yuan, reflecting a year-on-year increase of 24.01% [2] - The company’s gross margin for 2023 improved to 19.6%, up 0.8 percentage points from 2022 [3] - The operating cash flow for 2023 was 2,419.76 million yuan, indicating a strong cash position [10] - The company’s total assets for 2023 were 14,877.26 million yuan, with a debt-to-equity ratio of 40.33% [10]

证券研究报告 | 2024年03月27日 保利物业（06049.HK） 买入 业绩稳健增长，分红比例提升 核心观点 公司研究·海外公司财报点评 归母净利同增24%，盈利能力稳中有升。2023年公司实现营业收入150.6 房地产·房地产服务 亿元，同比增长10.0%；实现归母净利润13.8亿元，同比增长24.0%。分业 证券分析师：任鹤 证券分析师：王粤雷 务板块看，公司物业管理服务收入101.5亿元，同比增长20.5%；社区增值 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 服务收入28.2亿元，同比下降8.1%；非业主增值服务收入20.9亿元，同比 S0980520040006 S0980520030001 下降4.6%。2023年公司整体毛利率为19.6%，同比增长0.8pct，盈利能力 证券分析师：王静 稳中有升；净利率为9.3%，同比增长1pct。公司分红比例稳步提高，2023 021-60893314 wangjing20@guosen.com.cn 年分红比例增长15pct至40%。 S0980522 ...

Investment Rating - Maintain "Buy" rating for Poly Property Services (06049 HK) [2][3] Core Views - Poly Property Services achieved steady growth in 2023 with significant improvement in dividend payout ratio [2] - Revenue reached RMB 15 06 billion (+10 0% YoY) - Gross profit was RMB 2 95 billion (+14 7% YoY) - Net profit attributable to shareholders was RMB 1 38 billion (+24 0% YoY) - Dividend per share increased 98 4% YoY to RMB 0 998 with payout ratio reaching 40% (+15pct YoY) - The company demonstrated strong growth in managed area and third-party contracts [2] - Managed area reached 720 million sqm (+24 9% YoY) - Contracted area reached 920 million sqm (+19 5% YoY) - New third-party contract value increased 61% YoY to RMB 2 77 billion - Property management service revenue maintained steady growth while value-added service gross margin continued to improve [3] - Property management service revenue reached RMB 10 15 billion (+20 5% YoY) - Community value-added service gross margin improved 6 4pct YoY to 38 4% Financial Performance - Key financial metrics for 2023 [2] - Gross margin: 19 6% (+0 8pct YoY) - Net margin: 9 3% (+1 0pct YoY) - ROE: 16 9% (+1 5pct YoY) - Administrative expenses ratio: 8 1% (-0 7pct YoY) - Financial projections [4] - 2024E revenue: RMB 16 83 billion (+11 7% YoY) - 2024E net profit: RMB 1 60 billion (+16 1% YoY) - 2024E EPS: RMB 2 90 - 2024E PE: 7 8x (vs industry average of 11 1x) Business Development - Diversified property portfolio with strong non-residential exposure [2] - Residential: 40% of managed area - Public services: 56% of managed area - Commercial: 4% of managed area - Non-residential properties accounted for 60% of managed area - Steady improvement in property management fees [2] - Average residential property fee increased to RMB 2 31/sqm/month (+RMB 0 03 YoY) - Third-party property fee increased to RMB 1 82/sqm/month (+RMB 0 02 YoY) Industry Comparison - Poly Property Services shows superior growth compared to peers [6] - 2023 net profit growth: 24 0% (vs industry average of 20 2%) - 2024E net profit growth: 16 2% (vs industry average of 22 2%) - 2024E PE: 7 8x (vs industry average of 11 1x)