2024 年 8 月 22 日 公司研究 业绩保持稳健增长，非住宅外拓力度强劲 ——保利物业（6049.HK）2024 年中期业绩点评 要点 事件：保利物业 2024H1 营收同比+10%，归母净利润同比+11%。 保利物业发布 2024 年半年度业绩公告，实现收入 78.7 亿元，同比增长 10.2%； 毛利 16.1 亿元，同比增长 6.5%；毛利率 20.5%（上年同期 21.2%）；归母净 利润 8.5 亿元，同比增长 10.8%；期末现金及现金等价物约 106 亿元，较 2023 年末减少约 4 亿元。 点评：收入增长符合预期，非住宅外拓力度强劲，贸易应收款增长较快。 1) 收入增长符合预期，业务结构优化。2024 年上半年，公司整体收入同比增长 10.2%，基本符合我们预期（我们在前期报告预测公司 2024 年全年收入同比增 速 12.5%），基础物管/社区增值/非业主增值业务收入 55.9 亿/12.5 亿/10.3 亿 元，同比+16.1%/-1.8%/-2.1%，基础物管收入占比同比提升 3.5pct 至 71.0%， 毛利占比提升 4.0pct 至 58.3%，抗周期波动能力进一步增强；社 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company achieved stable growth in its performance, with a 10.2% year-on-year increase in revenue to 7.871 billion yuan and a 10.8% increase in net profit to 846 million yuan in the first half of 2024 [1][2] - The management strategy focuses on "high-quality expansion," supported by a strong resource base from its major shareholder, Poly Development [3][4] - The company has shown resilience in community value-added services despite challenges, with a stable increase in property management unit prices [3][2] Financial Performance Summary - Revenue for H1 2024 reached 7.871 billion yuan, up 10.2% year-on-year, with property management, non-owner value-added, and community value-added service revenues at 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2] - The overall gross margin for H1 2024 was 20.46%, a decrease of 0.71 percentage points from the same period in 2023 [2] - The net profit margin for H1 2024 was 10.86%, slightly down by 0.02 percentage points year-on-year [2] - The company’s management expenses decreased, with the selling and administrative expense ratio dropping by 1.07 percentage points to 6.27% [2] Growth and Market Position - As of the end of H1 2024, the company had a contracted and managed area of 950 million and 757 million square meters, respectively, representing year-on-year increases of 12.8% and 16.4% [3] - The company’s new third-party project contracts in H1 2024 amounted to 1.2 billion yuan, a decrease of 13.6% year-on-year, indicating a strategic shift towards high-quality development [3] - The company’s residential and non-residential property management areas accounted for 39.5% and 60.5% of the total managed area, respectively, with the non-residential share increasing by 2.0 percentage points from the previous year [3] Future Outlook - The report projects net profits for 2024 and 2025 to be adjusted to 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5] - The company is expected to continue benefiting from its strong backing by Poly Group, with robust internal growth and proactive external expansion strategies [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4][5][11] Core Views - The company achieved stable growth in its performance, with a 10.2% year-on-year increase in revenue to 7.871 billion yuan and a 10.8% increase in net profit to 846 million yuan for the first half of 2024 [1][2] - The management strategy focuses on "high-quality expansion," supported by a strong resource base from its major shareholder, Poly Development [3][5] Financial Performance Summary - Revenue for H1 2024 reached 7.871 billion yuan, up 10.2% year-on-year, with property management, non-owner value-added, and community value-added services contributing 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2][3] - The overall gross margin for H1 2024 was 20.46%, a decrease of 0.71 percentage points from the same period in 2023 [2] - The net profit margin for H1 2024 was 10.86%, slightly down by 0.02 percentage points year-on-year [2] Growth and Market Position - As of the end of H1 2024, the company had a contracted and managed area of 950 million and 757 million square meters, respectively, representing year-on-year increases of 12.8% and 16.4% [3] - The company’s new third-party project contracts in H1 2024 amounted to 1.2 billion yuan, a decrease of 13.6% year-on-year, indicating a strategic shift towards high-quality development [3] Future Projections - The report projects net profits for 2024 and 2025 to be 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5]

Investment Rating - The investment rating for Poly Property (6049.HK) is "Buy" with a current price of HKD 25.25 [1]. Core Views - The company achieved a revenue of RMB 7.87 billion in the first half of 2024, representing a year-on-year growth of 10.2%, and a net profit attributable to shareholders of RMB 850 million, up 10.8% year-on-year [2]. - The gross profit margin is approximately 20.5%, a slight decrease of 0.71 percentage points year-on-year, while the net profit margin remains stable at 10.9% [2]. - The company is optimizing its business layout, with a focus on enhancing both the quantity and quality of its property management services [2]. - The compound annual growth rate (CAGR) for net profit attributable to shareholders is projected to be 10.5% from 2024 to 2026, supported by the company's large property management system and state-owned enterprise advantages [3]. Summary by Sections Financial Performance - In H1 2024, Poly Property's property management services generated revenue of RMB 5.59 billion, a 16.1% increase year-on-year, with third-party revenue contributing approximately RMB 2.32 billion, accounting for 41.4% of total revenue [2]. - The company expanded its managed area to 950 million square meters, with 760 million square meters under management, where third-party projects represent 63.2% and 64.9% respectively [2]. - New third-party project contracts amounted to RMB 1.2 billion, with new signed contracts totaling RMB 1.07 billion, indicating a focus on quality expansion [2]. Business Development - The company is accelerating its expansion into non-residential sectors, with new contracts in commercial and office properties amounting to RMB 430 million and RMB 620 million respectively [2]. - The non-residential sector now accounts for 60.6% of the total managed area, with revenue growth rates of 15.4%, 16.8%, and 25.7% for residential, commercial, and public properties respectively [2]. Value-Added Services - Revenue from non-owner value-added services decreased by 2.1% year-on-year to RMB 1.03 billion, representing 13.1% of total revenue, primarily due to a decline in project numbers [2]. - Community value-added services generated RMB 1.25 billion, down 1.8% year-on-year, accounting for 15.9% of total revenue [2].

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].

房地产/房地产服务 *** 用 保利物业（06049.HK） 2024 年 08 月 07 日 质效效增助力多业态并进，多维增值完善全周期布局 港股公司深度报告 投资评级：买入（维持） 齐赤（分析师）胡壤文（分析师） qidong@kysec.cnhuyaowen@kysec.cn 证书简务：S0790522010002证书编号：S0790524070001 | --- | |--------------------| | 日期 | | 当前股价(港元) | | 一辛哀奇哀低(港无) | | | 流通市值(亿港元)40.79 总股本(亿股)5.53 流通港股(亿股)1.53 道３个月挨手手(%)64.53 ● 原效效增助力多业态并进，多维增佳完善全周期市局，维持"天入" 详细 保利物业作为物管行业引领企业，背靠保利发展交付资源充足且结构不断优化， 寮三方在管占比逐年提升,在管面积增速行业领先, 物管收入利润有望持续增长; 增值业务提质增效，优化业务结构，完善产品体系，盈利能力改善可期。我们预 计公司 2024-2026 年归寻寻利润为 15.6、17.6、19.8 亿元，对应 EPS 为 2.82、3.18、 ...