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、 ...

房地产/房地产服务 公 司 研 究 保利物业（06049.HK） 2024 年 08 月 07 日 质效双增助力多业态并进，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） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/6 | | 当前股价(港元) | 26.600 | | 一年最高最低(港元) | 43.000/23.300 | | 总市值(亿港元) | 147.19 | | 流通市值(亿港元) | 40.79 | | 总股本(亿股) | 5.53 | | 流通港股(亿股) | 1.53 | | 近 3 个月换手率(%) | 64.53 | 质效双增助力多业态并进，多维增值完善全周期布局，维持"买入"评级 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， 第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 年归母净利润为 15.6、17.6、19.8 亿元，对 ...

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]

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 ...

[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 《 ...

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/ ...

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]