[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 27.05港元 保利物业（6049.HK） 房地产 目标价： ——港元 管理规模稳定增长，分红比例大幅提升 投资要点 西南证券研究发展中心 [T ab业le务_S规u模mm稳a定ry增] 长，分红比例大幅提升。2023年保利物业实现收入150.6亿元， [分Ta析bl师e_：Au池th天or惠] 同比增长10.0%；毛利率约19.6%，同比增加0.8pp；归母净利润 13.8亿元， 执业证号：S1250522100001 同比增长24.0%；拟派股息每股0.998元，分红比例大幅增加15pp至 40%。 电话：13003109597 邮箱：cth@swsc.com.cn  持续聚焦市场拓展，业务增量稳定。2023 年公司物业管理服务板块实现收入 101.5亿元，同比增长 20.5%；其中来自第三方收入约 41.7亿元，同比大幅增 分析师：刘洋 长 27.6%，占物业管理服务总收入的41.1%，同比增加2.4 pp。公司合同管理 执业证号：S1250523070005 电话：18019 ...

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)

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 - The investment rating for Poly Property (6049.HK) is "Recommended" [2][7] Core Views - The company reported a revenue of 15.062 billion yuan in 2023, representing a year-on-year growth of 10%, and a net profit of 1.38 billion yuan, which is a 24% increase compared to the previous year [4][5] - The company plans to distribute a final dividend of 0.998 yuan per share (before tax) [4] - The management efficiency has improved, with a decrease in management expense ratio by 0.7 percentage points, leading to an increase in gross margin and net margin by 0.8 percentage points and 1 percentage point, respectively [5] - The company has a strong market position, with its total contracted area and managed area reaching 920 million square meters and 720 million square meters, respectively, both showing significant growth [5] Financial Summary - In 2023, the company's gross margin was 19.6%, and the net margin was 9.3%, with both margins showing an upward trend [6][9] - The earnings per share (EPS) for 2023 was 2.49 yuan, with forecasts for 2024, 2025, and 2026 being 2.91 yuan, 3.29 yuan, and 3.68 yuan, respectively [6][7] - The price-to-earnings (P/E) ratio is projected to be 7.8 times for 2024, 6.9 times for 2025, and 6.1 times for 2026 [6][7] Business Development - The company is focusing on enhancing its value-added services and has seen a 27.6% increase in revenue from third-party property management services, which now accounts for 41.1% of total revenue [5] - The company is actively optimizing its service offerings by exiting low-margin projects and enhancing its core product capabilities [5] - The company has increased its dividend payout ratio to 40%, up by 15 percentage points from the previous year, reflecting its commitment to returning value to shareholders [5]

证券研究报告·海外公司点评·地产(HS) 保利物业（06049.HK） 2023 年业绩公告点评：不疾不徐稳健增长， 2024年 03月 27日 分红提升回报股东 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 执业证书：S0600523020003 营业总收入（百万元） 13,687 15,062 18,516 22,409 26,770 xiaoc@dwzq.com.cn 同比 26.93% 10.05% 22.93% 21.03% 19.46% 证券分析师 白学松 归母净利润（百万元） 1,113 1,380 1,674 2,012 2,370 执业证书：S0600523050001 同比 31.60% 24.01% 21.27% 20.21% 17.81% baixs@dwzq.com.cn EPS-最新摊薄（元/股） 2.01 2.49 3.02 3.64 4.28 P/E（现价&最新摊薄） 17.55 14 ...

Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 15,061.9 million, an increase of 10.0% compared to RMB 13,686.7 million in 2022[2]. - Gross profit for the year was RMB 2,953.1 million, up 14.7% from RMB 2,573.8 million in the previous year, with a gross margin of 19.61%, an increase of 0.80 percentage points[3]. - Net profit for the year reached RMB 1,397.2 million, representing a 23.3% increase from RMB 1,133.3 million in 2022, with a net profit margin of 9.3%, up 1.0 percentage points[3]. - Profit attributable to owners of the company was RMB 1,380.1 million, a 24.0% increase from RMB 1,112.9 million in the prior year[3]. - Basic earnings per share increased to RMB 2.505, up 24.4% from RMB 2.014 in 2022[3]. - The total comprehensive income for the year was RMB 1,398.3 million, compared to RMB 1,133.3 million in 2022[7]. - Total revenue for the year ended December 31, 2023, was RMB 15,061,858 thousand, an increase of 10% from RMB 13,686,662 thousand in 2022[18]. - The company's profit attributable to shareholders for the year ended December 31, 2023, was RMB 1,380,140,000, an increase from RMB 1,112,933,000 in 2022, representing a growth of approximately 24.0%[27]. - The company's net profit for the year was approximately RMB 1,397.2 million, representing a 23.3% increase from RMB 1,133.3 million in 2022[81]. Cash Flow and Assets - Cash and cash equivalents as of December 31, 2023, were RMB 11,011.5 million, a 22.9% increase from RMB 8,956.3 million in 2022[3]. - Net cash generated from operating activities was RMB 2,415.9 million, reflecting a significant increase of 63.9% compared to RMB 1,474.3 million in the previous year[3]. - The company's total assets less current liabilities amounted to RMB 8,955.9 million, up from RMB 7,924.5 million in the previous year[9]. - Current assets as of December 31, 2023, were approximately RMB 14,228.1 million, an increase of about 17.3% from RMB 12,132.9 million in 2022[82]. - Trade receivables increased to approximately RMB 2,340.6 million, up about RMB 77.4 million from RMB 2,263.2 million in 2022, driven by an expansion in managed area and project numbers[86]. Revenue Breakdown - Revenue from property management services increased by 20.5% to approximately RMB 10,152.2 million, while non-owner value-added services and community value-added services saw declines of 4.6% and 8.1%, respectively[3]. - Property management services generated revenue of RMB 10,152,181 thousand, up 20% from RMB 8,428,388 thousand in the previous year[18]. - Non-owner value-added services revenue was RMB 1,705,115 thousand, slightly down from RMB 1,787,099 thousand in 2022[18]. - Community value-added services revenue decreased to RMB 2,816,361 thousand from RMB 3,063,633 thousand in 2022, reflecting a decline of approximately 8%[18]. - Revenue from residential communities was approximately RMB 5,923.8 million, a year-on-year increase of about 16.5%[60]. - Revenue from commercial and office properties was approximately RMB 1,610.0 million, a year-on-year increase of about 25.8%[61]. - Revenue from public and other properties was approximately RMB 2,618.4 million, a year-on-year increase of about 27.0%, accounting for approximately 25.8% of total property management service revenue[62]. - Revenue from non-owner value-added services was approximately RMB 2,093.3 million, a year-on-year decrease of about 4.6% due to a decline in the number of projects for property sales services[65]. Employee and Cost Management - Total employee costs decreased to RMB 4,352,468,000 in 2023 from RMB 4,677,113,000 in 2022, reflecting a reduction of about 6.9%[23]. - The company had no significant investments, acquisitions, or disposals during the year ended December 31, 2023, and no special plans for major investments or acquisitions[90]. - As of December 31, 2023, the total employee cost was approximately RMB 4,352.5 million, with 33,902 employees, down from 43,433 employees as of December 31, 2022[94]. Dividends and Shareholder Returns - The company declared a total dividend of RMB 552,226,733 for the year 2023, compared to RMB 278,326,700 for 2022, indicating an increase of approximately 98.0%[26]. - A proposed annual dividend of RMB 0.998 per share has been recommended, with a payout ratio of approximately 40%, subject to shareholder approval at the annual general meeting on May 27, 2024[96]. Strategic Initiatives and Market Position - The company emphasizes the importance of quality and operational capabilities in the property management industry, showcasing strong cash flow and resilience in a challenging market environment[42]. - The company focused on deepening its presence in 50 core cities, with these cities accounting for approximately 72.8% of the new signed project contract amount, an increase of about 8.5 percentage points year-on-year[43]. - The company launched the "Star Shield Model" in the state-owned commercial office sector, enhancing key service capabilities in energy management, asset management, and integrated facility management[45]. - The company established the I-TRUST customer experience evaluation system, which aims to improve service quality and customer satisfaction, ranking second in the national property service strength list[46]. - The company is committed to optimizing service quality and enhancing customer experience, focusing on understanding customer needs and improving service responsiveness[46]. - The company is exploring new professional, efficient, and green service capabilities to drive high-quality development in the property management industry[48]. - The company aims to innovate service models and optimize service processes to provide more precise and effective services to customers[48]. - The company plans to deepen its market presence in 50 core cities with a tailored market expansion strategy, focusing on high-potential economic areas[69]. Compliance and Governance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions as of December 31, 2023[102]. - The audit committee has reviewed the audited consolidated financial statements for the year ended December 31, 2023, ensuring compliance with accounting principles and internal controls[100].

户 保利 物 业 保利物業服務股份有限公司 P O L Y P R O P E R T Y S E V I C E S (於中華人民共和國註冊成立的股份有限公司) 股份代號: 06049.HK 2023 中期報告 保持 進步 目 錄 | --- | --- | --- | --- | |------------------|-------|----------------------------------|-------| | | | | | | 公司概覽 | 2 | 中期簡明綜合財務報表審閱報告 | 27 | | 公司資料 | 3 | 中期簡明綜合損益及其他全面收益表 | 28 | | 財務概要 | 5 | 中期簡明綜合財務狀況表 | 29 | | 獎項和榮譽 | 6 | 中期簡明綜合權益變動表 | 31 | | 管理層討論與分析 | 7 | 中期簡明綜合現金流量表 | 33 | | | | | | 企業管治及其他資料 22 中期簡明綜合財務報表附註 34 公司概覽 保利物業服務股份有限公司（「公司」、「本公司」或「保利物業」及其附屬公司統稱「本集團」或「我們」）是中國一家規模領先、具有 央企背景的物業管 ...

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的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） 截 至2023年6月30日止六個月中期業績公告 財務概要 | --- | --- | --- | --- | |------------------------------------|------------------------------------------------------|------------------------------------------------------------|---------------| | | 截 至 \n2023 年 \n人民幣百萬元 \n（未 經 審 核） | 6 月 30 日止六個 ...

Financial Performance - The total revenue for the year ended December 31, 2022, was RMB 13,686.7 million, representing a 27.0% increase from RMB 10,782.5 million in 2021[7] - The gross profit for 2022 was RMB 2,573.8 million, with a gross margin of 18.81%, slightly up from 18.68% in 2021[7] - Net profit attributable to shareholders for the year was RMB 1,112.9 million, an increase of 31.6% compared to RMB 845.7 million in 2021[7] - The total equity as of December 31, 2022, was RMB 7,844.8 million, an increase from RMB 6,888.8 million in 2021[8] - The company achieved a revenue of approximately RMB 13,686.7 million for the year ended December 31, 2022, representing an increase of about 26.9% compared to the same period in 2021[18] - Gross profit for the year was approximately RMB 2,573.8 million, an increase of about 27.8% year-on-year[18] - Net profit for the year was approximately RMB 1,133.3 million, reflecting a growth of about 30.1% compared to 2021[18] - The profit attributable to the company's owners was approximately RMB 1,112.9 million, marking a year-on-year increase of about 31.6%[18] Assets and Liabilities - The total assets as of December 31, 2022, amounted to RMB 13,109.5 million, up from RMB 11,137.9 million in 2021[8] - The company maintained a strong financial position with current assets of approximately RMB 12,132.9 million, a growth of about 21.4% from RMB 9,990.6 million in 2021[61] - Cash and cash equivalents increased to approximately RMB 8,956.3 million, up about 16.5% from RMB 7,690.6 million in 2021[61] - Trade receivables and notes receivable increased to RMB 2,263.2 million as of December 31, 2022, up RMB 838.4 million from RMB 1,424.8 million on December 31, 2021, driven by expanded managed area and increased project numbers[65] - Trade payables rose to RMB 1,574.9 million as of December 31, 2022, a growth of approximately 96.0% from RMB 803.6 million on December 31, 2021, due to increased unsettled rental payments and expanded managed area[66] - The group had no borrowings or bank loans as of December 31, 2022, and did not mortgage any assets[66] Business Operations and Services - The company managed a total area of approximately 771.6 million square meters across 2,721 projects as of December 31, 2022, covering 210 cities in China[3] - The company launched a new service brand "Poly Trust Housing" in September 2022, focusing on comprehensive property services[13] - The company introduced a new "modular" service model in June 2022, moving away from traditional emergency property service models[10] - The company is advancing the construction of a five-in-one refined operation system to enhance operational management capabilities[23] - The company is expanding its service boundaries through a comprehensive service model, transitioning from town-level to core city-level services[22] - Revenue from property management services accounted for approximately 61.6% of total revenue, with an increase of about 26.4% year-on-year to approximately RMB 8,428.4 million[27] - The total area of contracted management projects reached approximately 771.6 million square meters, with a total of 2,721 projects as of December 31, 2022[28] - The area managed from third-party projects increased by approximately 81.1 million square meters year-on-year, accounting for about 59.4% of total contracted management area[30] Market Expansion and Strategy - The company aims to transition to a high-quality development model, focusing on core product and service capabilities to enhance community living experiences[24] - Non-residential markets are expected to become a significant growth engine, driven by government policies and increasing service demands[24] - The company plans to enhance community value-added services by focusing on home services, asset services, and improving customer service experiences[24] - The company aims to deepen its service capabilities in urban management and environmental sanitation, successfully launching several strategic projects in 2022[40] - The company has expanded its market presence in first and second-tier cities, enhancing service offerings in sectors such as banking and telecommunications[38] Corporate Governance and Leadership - Wu Lanyu was appointed as the executive director and chairwoman of the company on January 11, 2023, bringing over 14 years of experience in the real estate industry[74] - The company has a strong leadership team with diverse backgrounds in finance, marketing, and property management, enhancing its strategic decision-making capabilities[74][75][76][77] - The board includes members with advanced degrees in economics, law, and business administration, contributing to a well-rounded governance structure[75][76][77] - The company emphasizes the importance of corporate governance and compliance, as evidenced by the roles of independent directors in various committees[77] - The management team is committed to driving growth and innovation within the company, leveraging their diverse expertise[82] Employee and Talent Development - The company employed 43,433 employees as of December 31, 2022, with total employee costs amounting to approximately RMB 4,677.1 million for the year[180] - The company has implemented a competitive, performance-oriented compensation plan to incentivize employee value creation, alongside various employee benefits[180] - The company has established a talent development system focusing on key personnel training and recruitment initiatives to enhance organizational capabilities[181] Risk Management and Compliance - The company has implemented a comprehensive risk management framework focusing on five key areas: market development, community value addition, management, procurement, and budget management[116] - The internal control self-assessment was completed by the end of December 2022, confirming effective risk management in operational activities[116] - The audit committee oversees the risk management and internal control systems, ensuring management fulfills its responsibilities[115] - The company has adopted a whistleblowing policy and anti-bribery measures in accordance with corporate governance codes[114] Shareholder Relations and Dividends - The proposed annual dividend for the year ended December 31, 2022, is RMB 0.503 per share, with a proposed payout ratio of approximately 25.0%[131] - The company has adopted a dividend policy that allows shareholders to share in profits while retaining sufficient reserves for future development[127] - The company emphasizes effective communication with shareholders through various channels, including annual and interim results announcements, reports, and meetings[126] - The company has established a shareholder communication policy to enhance investor relations and keep investors informed about business performance and strategies[126] Environmental and Social Responsibility - The company has committed to sustainable development and environmental protection, promoting effective resource utilization and compliance with environmental laws[189] - The company will publish an independent Environmental, Social, and Governance report to demonstrate its commitment to sustainability and transparency[190]

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的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） 截 至2022年12月31日止年度 全年業績公告 財務概要 | --- | --- | --- | --- | |------------------------------------|--------------|-------------------|---------------| | | | | | | | 截 至 | 12 月 31 日止年度 | | | | 2022 | 2021 | 變 動 | | | 人民幣百萬元 | 人民幣百萬元 | | | 收 入 | 13,686.7 | 10,782.5 | 增 加 26.9% | | 毛 ...