Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 8.36, indicating a potential upside of 20.6% from the current price of HKD 6.93 [1][6]. Core Insights - The report highlights that the decline in gross profit margin is stabilizing, and the proportion of revenue from third-party projects is increasing. The sustainable third-party revenue ratio is expected to reach 98.9% in 2024, which is one of the highest in the industry [6][10]. - The company is projected to maintain a gross profit margin of approximately 18% from 2025 to 2027, with a revenue growth forecast of 3.2% in 2024, reaching RMB 43.993 billion [6][10]. - The report emphasizes the company's strong cash position, with approximately RMB 16.8 billion in net cash, equivalent to about HKD 5.04 per share, which could enhance its ability to pursue acquisitions or increase dividends when market conditions improve [6][10]. Financial Overview - Revenue projections for the company are as follows: RMB 42,612 million in 2023, RMB 43,993 million in 2024, and RMB 47,344 million in 2025, with year-on-year growth rates of 3.0%, 3.2%, and 7.6% respectively [5][10]. - The core earnings per share (EPS) are expected to be RMB 1.17 in 2023, declining to RMB 0.90 in 2024, and then gradually recovering to RMB 1.01 by 2027 [5][10]. - The company’s net profit is projected to increase from RMB 292 million in 2023 to RMB 3,248 million by 2027, reflecting a steady growth trajectory [10][11]. Market Position - The company has a market capitalization of approximately HKD 22.43 billion and has shown a year-to-date price change of 25.54% [3][10]. - The report indicates that the company is diversifying its revenue streams, reducing reliance on related parties, which helps mitigate the impact of declining gross margins [6][10].

（ 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 ...