[Table_StockInfo] 2025 年 04 月 02 日 证券研究报告•2024 年年报点评 保利物业（6049.HK）房地产 目标价：——港元 买入 （维持） 当前价：31.95 港元 管理规模稳健增长，分红比例提升 风险提示：增值服务不及预期、管理规模拓展不及预期等风险。 | 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16342 | 17843 | 19454 | 20982 | | 增长率 | 8.5% | 9.2% | 9.0% | 7.9% | | 归属母公司净利润（百万元） | 1474 | 1590 | 1741 | 1863 | | 增长率 | 6.8% | 7.9% | 9.5% | 7.0% | | 每股收益 EPS | 2.66 | 2.87 | 3.15 | 3.37 | | 净资产收益率 | 15.19% | 14.87% | 14.84% | 14.56% | | PE | 10.66 | 10.39 | 9.49 | 8.87 | 数据来源 ...

港股公司报告 | 公司点评 保利物业（06049） 证券研究报告 业绩稳增，分红水平、比例双升——保利物业 24 年报点评 事件：24 年公司实现营业收入 163.4 亿元，同比+8.5%；归母净利润 14.74 亿 元，同比+6.8%；基本每股收益 2.68 元/股，同比+7.1%。 业绩大单位数增长，分红额、比例双升。收入端，24 年公司实现营业收入 163.4 亿元，同比+8.5%；其中，物业管理、非业主增值、社区增值服务收入分别为 116.7、 19.6、27.1 亿元，分别同比+15.0%、-6.4%、-3.9%；物管收入占比提升 4pct 至 71.4%。公司 24 年实现归母净利润 14.74 亿元，同比+6.8%；毛利率 18.26%， 较23年下降 1.35ct；物管、非业主、社区增值服务毛利率分别为 14.33%、16.02%、 36.82%，较 23 年分别-0.26、-2.67、-1.55pct。公司 24 年销管费率较 23 年 下降 1.32pct 至 6.94%。公司宣布每股派息 1.33 元，同比+33.5%，分红比例 50%。 新拓合同额再创新高，深耕非住业态。截止 24 年 ...

每经记者 陈利 每经编辑 魏文艺 保利物业（HK06049，股价31.95港元，市值176.79亿港元）仍保持增长趋势。 3月31日，保利物业发布2024年度业绩公告并召开业绩发布会。年报显示，2024年，保利物业实现收入同比增加8.5%至163.4亿元（人民币，下同）；公司拥 有人应占年内溢利约14.74亿元，同比增加6.8%；毛利约为29.843亿元，同比增加1.1%；毛利率约为18.26%；经营活动所得现金净额为23.02亿元，同比下降 4.7%；每股基本盈利约为2.683元，同比增加7.1%。 不过，若按照去年初保利物业管理层定下的"营收、利润以及新拓单年合同的同比增速均不低于10%；基础物管收入10%以上的增长，社区增值和非业主增 值的收入保持稳定"目标来看，这份成绩单并未达到预期。 对于2025年，保利物业管理层在业绩会上表示，"希望在收入以及利润都不低于5%的基础上，去完成一些探索和创新，并且对长期的能力建设做一些深度的 沉淀""接下来在机体自身能力比较健康的情况下，也会积极关注收并购的机会"。 | | | 截至12月31日止 | | --- | --- | --- | | | 2024年 | ...

上 市 公 司 房地产 2025 年 03 月 31 日 保利物业 (06049) | 市场数据： | 2025 年 03 月 31 日 | | --- | --- | | 收盘价（港币） | 31.30 | | 恒生中国企业指数 | 8516.55 | | 52 周最高/最低（港币） | 40.65/24.25 | | H 股市值（亿港币） | 173.19 | | 流通 H 股（百万股） | 153.33 | | 汇率（人民币/港币） | 1.0836 | 一年内股价与基准指数对比走势： 94% -6% 44% 04/02 05/02 06/02 07/02 08/02 09/02 10/02 11/02 12/02 01/02 02/02 03/02 HSCEI 保利物业 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com ——业绩稳定增长，管理费用改善 报告原因：有业绩公布需要点评 买入（维持） 联系人 曹曼 (8621)23297818× cao ...

Investment Rating - The report maintains a "Recommended" investment rating for Poly Property (6049.HK) [1][3][12] Core Views - Poly Property's 2024 revenue is projected to be 16.34 billion yuan, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders is expected to reach 1.47 billion yuan, an increase of 6.8% [4][6] - The company plans to increase its dividend payout ratio to 50%, up by 10 percentage points from the previous year, reflecting a commitment to returning value to shareholders [6][7] Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 16.34 billion yuan, with a year-on-year growth rate of 8.5% [5] - The net profit for 2024 is forecasted at 1.47 billion yuan, which is a 6.8% increase compared to the previous year [5] - The gross margin is projected to be 18.3%, while the net margin is expected to be 9.1% [5][10] Business Operations - The total managed area for 2024 is estimated at 800 million square meters, with a contract area of 990 million square meters, indicating a strengthening of scale advantages [6] - The proportion of third-party projects and non-residential types in the managed area is 65.4% and 60.9%, respectively, showing an optimized business mix [6] Growth Strategy - The company is focusing on enhancing community value-added services and has launched the "Oriental Courtesy" brand for high-end services [6] - In 2024, the revenue from third-party property management services is expected to account for 42.7% of total revenue, an increase of 1.6 percentage points year-on-year [6] Financial Projections - The projected earnings per share (EPS) for 2024 is 2.66 yuan, with estimates for 2025 and 2026 at 2.84 yuan and 3.00 yuan, respectively [5][10] - The price-to-earnings (P/E) ratio is expected to be 10.8 for 2024, decreasing to 9.2 by 2027 [10]

Core Insights - Poly Property (06049) reported a revenue of approximately 16.342 billion yuan for 2024, representing a year-on-year growth of 8.5% [1] - The gross profit was about 2.984 billion yuan, with a year-on-year increase of 1.1% [1] - The profit attributable to the company's owners for the year was approximately 1.474 billion yuan, reflecting a year-on-year growth of 6.8% [1] - Basic earnings per share were 2.683 yuan, with a proposed annual dividend of 1.332 yuan per share [1] Revenue Growth Drivers - The revenue growth was primarily driven by the continuous expansion of the group's management scale, leading to an increase in property management service income [1] Market Expansion Strategy - In 2024, the group advanced its market expansion strategy of "three deep cultivations," achieving a dynamic balance mechanism of scale, efficiency, and cash flow [2] - The new third-party project contract amount for the year reached approximately 3.005 billion yuan, marking a new high and stable growth [2] - The structure of market expansion saw multi-dimensional improvements, with the new third-party project contract amount in the core 50 cities accounting for about 79.5% [2] - Major cities such as Beijing, Guangzhou, Shanghai, Chengdu, Changsha, and Tianjin each saw new third-party project contract amounts exceeding 100 million yuan [2] - The optimization of non-residential property types resulted in the new third-party project contract amount for five core sectors (commercial office buildings, urban scenic spots, educational and research properties, rail and transportation properties, and hospital properties) accounting for approximately 75.9%, an increase of about 10.3 percentage points year-on-year [2] - The number of large projects increased, with 90 new third-party projects having contract amounts exceeding 10 million yuan, representing about 65.0% of the new contract amounts [2] - The scientific project selection at the expansion end effectively ensured the company's operating cash flow, with the comprehensive collection rates for public service and commercial office sectors increasing by 1.4 and 0.2 percentage points year-on-year, respectively [2]

保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 董事名單與其角色和職能 保利物業服務股份有限公司董事會（「董事會」）成員載列如下： 執行董事 POLY PROPERTY SERVICES CO., LTD. 劉平先生 獨立非執行董事 王小軍先生 譚燕女士 張禮卿先生 董事會設立四個董事會委員會，下表提供各董事會成員在該委員會中所擔任的職 位： | 董事 | 委員會 | | | | | --- | --- | --- | --- | --- | | | 審核委員會 薪酬委員會 | | 提名委員會 | 戰略與可持續 發展委員會 | | 吳蘭玉女士 | – | – | C | C | | 劉平先生 | – | – | M | M | | 王小軍先生 | M | C | M | – | | 譚燕女士 | C | M | M | M | | 張禮卿先生 | M | M | M | M | 附註： C 有關董事會委員會的主席 M 有關董事會委員會的成員 中國廣州，2025年3月31日 吳蘭玉女士 （董事長） 非執行董事 ...

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 建議變更董事 保利物業服務股份有限公司（「本公司」）宣佈，經本公司控股股東保利發展控股集 團股份有限公司（「保利發展控股」）提名，姚玉成先生（「姚先生」）獲本公司董事 會（「董事會」）審議批准為本公司執行董事候選人，劉智慧先生（「劉先生」）獲本 公司董事會審議批准為非執行董事候選人，任期為本公司股東周年大會（「股東周 年大會」）審議通過之日起至本屆董事會任期屆滿之日止，惟須待本公司股東（「股 東」）於2025年6月6日（星期五）舉行的股東周年大會上通過普通決議案批准後方 可生效。 1 截至本公告日期，姚先生獲本公司授予81,400股限制性股票，相當於本公司已發 行總股本約0.01%，其中26,862股限制性股票已解鎖。 除上文所披露者外，截至本 ...

EF001 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司執行董事為吳蘭玉女士；本公司非執行董事為劉平先生及黃海先生；及本公司獨立非執行董事為王小軍先 生、譚燕女士及張禮卿先生。 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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，概不對因 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 保利物業服務股份有限公司 | | 股份代號 | 06049 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度全年業績公告 | | 公告日期 | 2025年3月31日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年 ...

Financial Performance - For the year ended December 31, 2024, Poly Property Services reported revenue of approximately RMB 16,342.3 million, an increase of 8.5% compared to RMB 15,061.9 million in 2023[4]. - The property management services revenue increased by approximately 15.0% to about RMB 11,674.5 million, while non-owner value-added services revenue decreased by approximately 6.4% to about RMB 1,960.1 million[4]. - The net profit for the year was approximately RMB 1,489.4 million, reflecting a 6.6% increase from RMB 1,397.2 million in 2023, with a net profit margin of 9.1%, down by 0.2 percentage points[4]. - Basic earnings per share rose to approximately RMB 2.683, an increase of 7.1% from RMB 2.505 in 2023[4]. - Total comprehensive income for the year was approximately RMB 1,489.4 million, slightly down from RMB 1,398.3 million in 2023[8]. - The pre-tax profit for the year ended December 31, 2024, was RMB 1,473,850,000, an increase from RMB 1,380,140,000 in 2023, representing a growth of approximately 6.8%[26]. - The net profit for the year was approximately RMB 1,489.4 million, an increase of about 6.6% from RMB 1,397.2 million in 2023, with a net profit margin of 9.1%, down from 9.3% in the previous year[89]. Cash Flow and Dividends - Cash and bank balances increased by approximately RMB 855.2 million to RMB 11,866.7 million, a rise of 7.8% compared to the previous year[4]. - The operating cash flow for the year was approximately RMB 2,302.8 million, a decrease of 4.7% from RMB 2,415.9 million in 2023[4]. - The board proposed a final dividend of RMB 1.332 per share, an increase of approximately 33.5% from RMB 0.998 per share in 2023, representing 50.0% of the net profit attributable to shareholders[4]. - The company declared a dividend of RMB 1.332 per share for the year 2024, totaling RMB 737,040,089, which is an increase from RMB 0.998 per share in 2023, totaling RMB 552,226,733[28]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 9,940.7 million, an increase from RMB 8,955.9 million in 2023[11]. - Trade receivables increased to RMB 2,797,326,000 in 2024 from RMB 2,340,540,000 in 2023, marking a rise of approximately 19.5%[31]. - Trade payables increased to RMB 2,754,128,000 in 2024 from RMB 2,009,076,000 in 2023, representing a significant increase of about 37.0%[35]. - The aging analysis of trade receivables shows that receivables due within one year rose to RMB 2,622,102,000 in 2024 from RMB 2,205,782,000 in 2023, an increase of about 18.9%[33]. - The total amount of prepayments and other receivables increased to RMB 802,813,000 in 2024 from RMB 767,476,000 in 2023, reflecting a growth of approximately 4.6%[34]. Employee and Operational Metrics - As of December 31, 2024, the company had 30,125 employees, down from 33,902 employees as of December 31, 2023, with total employee costs amounting to approximately RMB 3,792.0 million for the year[106]. - The total employee costs decreased to RMB 3,792,031,000 in 2024 from RMB 4,352,468,000 in 2023, reflecting a reduction of about 12.9%[26]. - Management expenses decreased by about 8.5% year-on-year, with the proportion of management expenses to revenue reduced by approximately 1.2 percentage points[55]. Market Expansion and Services - The company is focusing on high-quality development amidst challenges in the property service industry, emphasizing market expansion and core competitiveness[52]. - The company achieved a new high in third-party project contract amounts, reaching approximately RMB 3,005.2 million for the year, reflecting steady growth[53]. - The company launched a new "super fast charging" service model for commercial and office services, enhancing support for state-owned and "three new" industry clients[54]. - The company achieved a year-on-year revenue growth of approximately 51.0% in its "Poly Rental" service, focusing on second-hand housing rental and sales[56]. - The company aims to balance scale and quality in market expansion, focusing on strategic clarity and scientific project selection[57]. Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, ensuring compliance with accounting principles and internal controls[111]. - The company has adopted the Corporate Governance Code and has complied with all applicable provisions for the year ending December 31, 2024[113]. - The company has maintained sufficient public float as required by the Listing Rules as of December 31, 2024[117]. Future Outlook - The company plans to focus on quality and efficiency, aiming for high-quality completion of the "14th Five-Year Plan" by enhancing project density and market expansion strategies[77][78]. - The company aims to strengthen its competitive advantage by deepening customer engagement in key sectors such as large state-owned enterprises and emerging industries, providing integrated solutions to meet diverse customer needs[78]. - The company plans to enhance its operational capabilities through digital tools and streamlined management structures to improve efficiency[61].