资料来源 : FactSet 5/24 9/24 1/25 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 6098 HK 恒生指数 股份资料 | 52周高位 (港元) | 8.03 | | --- | --- | | 52周低位 (港元) | 4.08 | | 市值 (百万港元) | 22,428.95 | | 日均成交量 (百万) | 8.57 | | 年初至今变化 (%) | 25.54 | | 200天平均价 (港元) | 5.79 | | 资料来源 : FactSet | | 谢骐聪, CFA, FRM 交银国际研究 财务模型更新 | 内地房地产 | 收盘价 | 目标价 | | 潜在涨幅 | 2025 年 5 月 2 日 | | --- | --- | --- | --- | --- | --- | | 6.93 | 港元 | 港元 | 8.36↑ | +20.6% | | | 碧桂园服务 (6098 HK) | | | | | | | 毛利率下滑渐缓，第三方收入占比进一步上升 | | | | | | 个股评级 买入 1 年股价表现 philip.tse@bocom ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股份代號: 6098 年報2024 目錄 2 公司簡介 4 公司資料 6 大事記 10 獎項及榮譽 12 主席報告 15 財務概要 16 管理層討論與分析 35 董事及高級管理人員簡歷 41 企業管治報告 62 董事會報告 101 獨立核數師報告 106 綜合損益及其他全面收益表 107 綜合財務狀況表 109 綜合權益變動表 110 綜合現金流量表 111 綜合財務報表附註 公司簡介 碧桂園服務控股有限公司（「本公司」或「碧桂園服務」）（股份代號：6098.HK）是中華人民共和國（「中國」）領先的覆蓋多元 化業態的綜合服務運營商，本公司及其附屬公司（「本集團」或「我們」或「碧桂園服務集團」）以優質的服務品質及服務品 牌贏得了行業領先的客戶滿意度，獲得業界高度認可。我們榮獲由中指院頒佈的「2024中國物業服務專業化運營領先品 牌企業」、「2024中國物業服務滿意度優秀品牌」；由億翰智庫頒佈的「2024中國物業企業綜合實力第一名」、「2024中國 物業服務特色物業樣本標竿企業」；克而瑞頒發的「2024年中國物業管理上市公司20強第一名」、「2024 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 碧桂园服务（6098.HK）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 股票数据 | 3[T月ab31le日_S收t盘oc价k（In港fo元] ） | 6.89 | | --- | --- | | 周股价波动（港元） 52 | 3.920-8.390 | | 总股本（亿股） | 33.43 | | 总市值（亿港元） | 230.4 | | 相关研究 | | [《Ta碧b桂le园_R服e务po20rt2I4nf年o半] 年报点评：基础物管 和营收增长，费用率继续压降》 2024.08.25 市场表现 [Table_QuoteInfo] 恒 生 指 数 对比 1M 2M 3M 绝 对 涨 幅 （%） 2.19 12.00 9.38 相 对 涨 幅 （%） 1.41 -2.47 -5.88 资料来源：海通证券研究所 分析师:涂力磊 Tel:(021)23219747 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 ...

港股公司报告 | 公司点评 碧桂园服务（06098） 证券研究报告 现金流改善显著，数智化转型积极 事件：公司 2024 年 439.9 亿元，同比+3.2%；实现归母核心净利润 30.38 亿元，同 比-22.9%；实现基本每股收益 0.54 元/股，同比+523.2%。 核心业务稳健增长，积极分红回购 公司 24 年实现营收 439.9 亿元，同比+3.2%，实现归母净利润 18.08 亿元，同比 +518.7%，实现归母核心净利润 30.38 亿元，同比-22.9%。分业务看，物业管理/社 区增值/三供一业业务收入保持增长，分别同比+4.9%/+11.8%/+30.9%，非业主增值/ 城市服务/商业运营收入分别同比-54.6%/-14.7%/-38.1%。公司拟派末期股息每股 13.52 分及特别股息每股 16.09 分，分红比例 54.7%，并计划在未来一年内，使用不 少于人民币 5 亿元的现有可用现金储备，在公开市场购回及/或购买股份，重视股 东回报。 24H2 现金流改善明显，减值压力边际改善 公司 24 年毛利率 19.1%，较 23 年下降 1.39pct；净利率 4.26%，较 23 年提升 ...

业绩 2025 年 3 月 27 日，公司发布 2024 全年业绩：实现收入 439.93 亿元，同比+3.2%；归母净利润 18.08 亿元，同比+518.7%；核心 归母净利润 30.38 亿元，同比-22.9%。 经营分析 减值大幅收窄致归母净利大涨，非经营性及客观因素致核心归母 净利下降。24 年商誉及其他无形资产减值+金融资产及合同资产减 值损失合共 16.5 亿元，同比减少 24.2 亿元，使得经营利润同比 +144.4%。非经营性因素（少确认风险客商收入影响约 15%、长账 龄应收等坏账计提损失影响约 45%）及客观因素（非业主增值 、城服、商业运营、其他服务的经营利润下降，影响约 60%）共同 导致核心归母净利下降 22.9%。 公司使用 24 年归母净利润的 113%用于市值管理。截至公告日，① 已支付约 5.57 亿元购买股份用于股权激励；②未来一年内拟斥资 至少 5 亿元用于回购；③派发股息 0.2961 分/股，总额约 9.9 亿 元。三者合共占 24 年归母净利润的 113%；占 24 年核心归母净利 润的 67%。 盈利预测、估值与评级 考虑到公司或仍存在一定的减值压力，我们预计公 ...

证券研究报告 碧桂园服务 (6098 HK) 港股通 盈利预测和估值 综合考虑非核心业务收缩、资产减值减少的影响，我们调低营收、毛利率， 并调低商誉和应收账款减值损失，预计 25/26 年 EPS 为 0.63/0.73 元（前 值 0.68/0.78 元，下调 7%/6%），引入 27 年 EPS 0.81 元，对应 25-27 年核 心 EPS 为 0.91/0.95/1.00 元。由于公司采用核心净利润作为衡量经营表现 的准绳，我们改为基于核心净利润进行估值。可比公司平均 25PE 为 13 倍， 考虑到公司仍需时间消化历史负担和非核心业务的负面影响，我们认为公司 合理的调整后 25PE 为 8 倍，目标价 7.89 港币（前值 5.20 港币，基于 7 倍 25PE），目标价提升主要因为估值方式切换及可比公司估值上升。 核心业务毛利回稳，减值高峰或已过去 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国香港 | 物业管理 | 公司 3 月 27 日发布业绩公告，24 年实现营收 439.9 亿元，同比+3%；归 ...

减值大幅收窄致归母净利大涨，非经营性及客观因素致核心归母 净利下降。24 年商誉及其他无形资产减值+金融资产及合同资产减 值损失合共 16.5 亿元，同比减少 24.2 亿元，使得经营利润同比 +144.4%。非经营性因素（少确认风险客商收入影响约 15%、长账 龄应收等坏账计提损失影响约 45%）及客观因素（非业主增值 、城服、商业运营、其他服务的经营利润下降，影响约 60%）共同 导致核心归母净利下降 22.9%。 业绩 2025 年 3 月 27 日，公司发布 2024 全年业绩：实现收入 439.93 亿元，同比+3.2%；归母净利润 18.08 亿元，同比+518.7%；核心 归母净利润 30.38 亿元，同比-22.9%。 经营分析 核心业务保持增长，占比进一步提升。24 年核心业务（物管服务+ 社区增值+三供一业）收入同比+9.4%，加回风险客商未收款后的 收入同比+10.2%。核心业务占总收入比例达 87%，同比+4.9pct。 压降关联方风险，独立性逐步加强。24 年关联方应收款原值压降 4.5 亿至 25.5 亿，计提减值拨备比例 74%。加回风险客商未收款 前，持续关连交易实际发生额占总 ...

Financial Performance - For the year ended December 31, 2024, the total revenue reached RMB 43,992.9 million, representing a 3.2% increase from RMB 42,611.5 million in 2023[3] - The net profit for the year was RMB 1,874.5 million, a significant increase of 262.8% compared to RMB 516.7 million in 2023[3] - The core net profit attributable to the company's shareholders was RMB 3,038.1 million, down 22.9% from RMB 3,939.5 million in the previous year[3] - The operating profit for the year was RMB 2,670.1 million, compared to RMB 1,092.4 million in 2023[5] - The total comprehensive income for the year was RMB 1,979.5 million, compared to RMB 674.2 million in 2023[7] - The company reported a significant increase in basic earnings per share to RMB 54.16, compared to RMB 8.69 in the previous year, marking a 523.2% increase[3] - The company reported a pre-tax profit of RMB 2,706,706 thousand for the year ended December 31, 2024, compared to RMB 1,079,650 thousand in 2023, reflecting a substantial increase of approximately 150%[31] - The company's profit attributable to shareholders for the year ended December 31, 2024, was RMB 1,808,357,000, compared to RMB 292,335,000 in 2023, indicating a significant increase[37] Revenue Breakdown - Revenue from property management services reached RMB 25,910,364 thousand in 2024, up from RMB 24,698,514 thousand in 2023, representing a growth of 4.9%[26] - Community value-added services generated RMB 4,194,290 thousand in 2024, an increase from RMB 3,752,870 thousand in 2023, reflecting a growth of 11.8%[26] - Revenue from "Three Supplies and One Industry" business increased to RMB 8,156,243 thousand in 2024, compared to RMB 6,520,190 thousand in 2023, marking a growth of 25.1%[26] - Revenue from urban services decreased to RMB 4,167,620 thousand in 2024 from RMB 4,883,630 thousand in 2023, a decline of 14.6%[26] - Revenue from commercial operation services fell to RMB 626,992 thousand in 2024, down from RMB 1,012,418 thousand in 2023, representing a decrease of 38.0%[26] Assets and Liabilities - Total assets increased to RMB 71,254,531 thousand, up from RMB 69,244,074 thousand[10] - Total equity reached RMB 39,078,722 thousand, compared to RMB 38,782,077 thousand in the previous year[12] - Non-current liabilities decreased to RMB 3,843,346 thousand from RMB 4,078,482 thousand[12] - Current liabilities rose to RMB 28,332,463 thousand, up from RMB 26,383,515 thousand[12] - Cash and cash equivalents increased to RMB 15,337,225 thousand, compared to RMB 12,637,187 thousand last year[12] - The company’s total liabilities reached RMB 32,175,809 thousand, compared to RMB 30,461,997 thousand previously[12] Cash Flow and Investments - The total cash and bank deposits amounted to RMB 18,178.6 million, reflecting a 40.5% increase from RMB 12,939.3 million in 2023[3] - The company reported retained earnings of RMB 9,497,683 thousand, up from RMB 8,164,706 thousand[12] - The company has implemented a share incentive plan, purchasing a total of 109 million shares at approximately RMB 556.5 million[4] - Capital expenditures for the year ended December 31, 2024, totaled RMB 2,133,074 thousand, compared to RMB 2,315,412 thousand in 2023, showing a decrease of about 7.9%[31] Dividends - The company proposed a final dividend of RMB 0.1352 per share and a special dividend of RMB 0.1609 per share, compared to RMB 0.0219 and RMB 0.2727 per share in 2023 respectively[4] - The company plans to distribute a final dividend of RMB 13.52 per share and a special dividend of RMB 16.09 per share for the year ended December 31, 2024, totaling RMB 990,000,000[39] Operational Efficiency and Strategy - The company aims to enhance its digital operational system and improve service efficiency and quality through the integration of digital tools in security and cleaning processes[92] - The company has implemented several stock option and share incentive plans to enhance employee engagement and performance[146] - The company is focused on improving operational efficiency by controlling labor costs and managing operational expenses[143] - The company has established various talent development programs to enhance management capabilities and address future business challenges[148] Market and Economic Conditions - The company faces industry risks influenced by overall economic conditions, market situations, and regulatory policies affecting the property management sector, which could impact revenue growth and operational strategies[142] - The group is currently assessing the specific impact of Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[18] - The new financial reporting standards are expected to affect the presentation of the income statement and future financial disclosures starting from January 1, 2027[18] Employee and Community Engagement - As of December 31, 2024, the group employed 214,346 employees, with total employee costs approximately RMB 16,387.8 million for the year[145] - The company has launched a digital learning platform "Bi Xue Tang," offering 1,208 online courses and 4,168 operational learning projects, with an average learning duration of 54.4 hours per employee[147] - The company achieved zero major safety incidents during the year and organized over 14,000 large-scale fire drills, effectively preventing over 710 indoor fire incidents[80] Corporate Governance - The company has adopted and complied with all applicable corporate governance code provisions during the year ending December 31, 2024[170] - The audit committee consists of four independent non-executive directors and has reviewed the group's annual performance and consolidated accounts for the year ending December 31, 2024[169]

Investment Rating - The report maintains a "Buy" rating for Country Garden Services (6098.HK) [2] Core Views - The company focuses on its core business and cash recovery, with a stable property management base and a need for improvement in cash flow [1] - The company sold a 1.49% stake in Zhuhai Wanda for approximately RMB 3.14 billion, recovering cash while still holding a 0.31% stake [1] - In H1 2024, the company reported revenue of RMB 21.05 billion, a year-on-year increase of 1.5%, but a decline in gross profit and net profit [1] Summary by Sections Financial Performance - Revenue for H1 2024 was RMB 21.05 billion, up 1.5% year-on-year - Gross profit decreased to RMB 4.45 billion, down 13.7% year-on-year - Net profit attributable to shareholders was RMB 1.44 billion, down 38.7% year-on-year, with core net profit at RMB 1.84 billion, down 31.7% year-on-year [1] Business Segments - Revenue from property management was RMB 12.8 billion, up 4.6% year-on-year - Non-owner value-added services revenue decreased to 1.7% of total revenue - Community value-added services revenue increased by 6%, driven by local life services, but gross margin declined by approximately 10 percentage points to 39% [1] Market Position - The company leads the industry in managed area, with 1.01 billion square meters under management and 1.63 billion square meters contracted [1] - The company has a strong reputation in its unique business of "Three Supplies and One Industry" [1] Cash Flow and Receivables - As of June 30, 2024, total trade receivables were approximately RMB 22 billion, with a significant decline in cash flow from operating activities to RMB 270 million, down 87.7% year-on-year [1] - The company has established a committee to recover overdue receivables, employing various measures to improve cash flow [1] Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 2.2 billion, RMB 2.5 billion, and RMB 2.7 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 7.4, 6.5, and 6.0 [1]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股份代號 : 6098 2024 中期報告 目錄 2 公司資料 4 獎項及榮譽 6 主席報告 9 管理層討論及分析 28 企業管治及其他資料 30 權益披露 37 中期簡明綜合全面收益表 38 中期簡明綜合財務狀況表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期財務資料附註 芮 萌先生 （主席） 梅文珏先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 公司資料 董事會 執行董事 徐彬淮先生 （總裁） 肖 華先生 郭戰軍先生 （於2024年4月3日辭任） 非執行董事 楊惠妍女士 （主席） 獨立非執行董事 梅文珏先生 芮 萌先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 審核委員會 薪酬委員會 陳威如先生 （主席） 楊惠妍女士 梅文珏先生 提名委員會 楊惠妍女士 （主席） 芮 萌先生 陳威如先生 趙 軍先生 （於2024年4月3日獲委任） 環境、社會及管治委員會 徐彬淮先生 （主席） 肖 華先生 楊惠妍女士 （於2024年4月3日獲委任） 陳威如先生 （於2024年4月3日獲委任） 趙 軍先生 （於2 ...