Investment Rating - The report assigns a "Buy" rating to the company, with an expected relative return of over 20% compared to the Hang Seng Index within 6 months [14] Core Views - The company's revenue remains stable, but profits and operating cash flow are under pressure [1][2] - Management scale continues to grow steadily, with an increasing proportion of new residential projects [3] - Property management income accounts for a larger share, and community value-added services perform well [4] Financial Performance - Revenue in H1 2024 reached RMB 21.05 billion, a year-on-year increase of 1.5% [1] - Core net profit attributable to shareholders was RMB 1.84 billion, down 31.7% year-on-year [1] - Gross profit margin in H1 2024 was 21.16%, a decrease of 3.72 percentage points compared to the same period last year [2] - Net profit margin in H1 2024 was 7.34%, down 4.66 percentage points year-on-year [2] Business Segments - Property management services generated RMB 12.75 billion in revenue, accounting for 60.6% of total revenue [4] - Community value-added services revenue increased by 6.0% to RMB 1.998 billion [4] - Non-owner value-added services revenue decreased by 63.4% to RMB 356 million [4] - Three-supply-one-industry business revenue grew 23.8% to RMB 3.345 billion [4] Management Scale - Contract management area reached 1.635 billion square meters, excluding three-supply-one-industry business [3] - Charged management area increased by 9.78% to 1.006 billion square meters [3] - Residential projects contributed 48.7% of new annualized contract and entry income in H1 2024 [3] Valuation and Forecast - 2024-2026 EPS forecasts are RMB 0.34, 0.36, and 0.38 respectively [5] - 2024-2026 P/E ratios are projected at 10.69x, 9.93x, and 9.50x [5] - 2024-2026 net profit forecasts are RMB 1.121 billion, 1.207 billion, and 1.261 billion [5]

碧桂园服务（6098.HK）/物 业服务行业 证券研究报告/公司点评 2024 年 9 月 11 日 [Table_Industry] 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 碧桂园服务发布 2024 年中期业绩公告；公司 2024 年上半年实现主营业务收入 210.46 亿，同比+1.5%，归母净利润 14.40 亿，同比-38.7%；归母核心净利润 18.40 亿，同比 -31.7%。 Email：houxd@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn [基Ta本ble状_P况rofit] 总股本(百万股) 3,343 流通股本(百万股) 3,343 市价(港元) 4.30 市值(百万港元) 14,375 流通市值(百万港元) 14,375 [股Ta价ble与_Q行uo业te-P市ic]场走势对比 公司持有该股票比例 相关报告 | --- | --- | --- | --- | --- | --- | |-- ...

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 4.73 [2][3] Core Views - The company reported a total revenue of HKD 21.05 billion for H1 2024, a year-on-year increase of 1.5%. However, the net profit attributable to the parent company decreased by 38.7% to HKD 1.44 billion, and the core net profit dropped by 31.7% to HKD 1.84 billion [1][2] - The basic property services continue to play a foundational role, with revenue from this segment reaching HKD 12.75 billion in H1 2024, up 4.6% year-on-year, accounting for 60.6% of total revenue [1] - The gross margin for basic property services declined by 3.1 percentage points to 22.9%, primarily due to increased costs for cleaning and landscaping to enhance service quality [1] - Revenue from community value-added services rose to HKD 2.00 billion, a 6.0% increase year-on-year, although the gross margin for this segment fell by 9.7 percentage points to approximately 39.0% [1] - The company is exploring new growth drivers, focusing on residential management and developing digital, AIoT, and property robotics to drive internal growth [1] Financial Summary - The company’s revenue projections for 2024-2026 have been adjusted, with net profit estimates revised to HKD 1.64 billion for 2024, HKD 2.06 billion for 2025, and HKD 2.17 billion for 2026 [2][5] - The earnings per share (EPS) for 2025 is projected at HKD 0.62, with a corresponding price-to-earnings (PE) ratio of 7x, leading to the target price of HKD 4.73 [2][5] - The report indicates a decline in gross margin from 24.8% in 2022 to 20.5% in 2023, with further projections of 19.9% in 2024, 19.2% in 2025, and 19.0% in 2026 [5][9]

2024年08月23日 碧桂园服务（06098.HK） 增持 (维持评级) 港股公司点评 证券研究报告 利润承压，困境思变 业绩 2024 年 8 月 22 日, 公司发布 2024 年中期业绩: 实现收入 210.5 亿元，同比+1.5%;归母净利润 14.4 亿元，同比-38.7%;核心归 母净利润 18.4 亿元，同比-31.7%。 经营分析 收入略升,归母净利仍受拖累。24H1 年公司收入略有增长，主要 由物业管理、社区增值、三供一业贡献,该三项业务增速分别为 +4.6%/+23.8%/+6.0%;而非业主增值、城市服务、商业管理及运 营收入均有所下降。归母净利润仍大幅下滑主因:1基于谨慎性 原则,对风险客商,公司需要完成率约且收到对价后才能确认收 入;②毛利润同比-13.7%,毛利率同比下降 3.7pct 至 21.2%;③ 应收账款减值损失,贸易应收账款减值拔备较 23年底增加 10.4%, 其他应收款项减值拨备较 23 年底增加 14.0%。 基础物管稳健增长,收入占比进一步提升。24H1 公司基础物管收 入 127.5 亿元,同比+4.6%,收入占比较 23 年底提升 2.6pct 至 60. ...

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 全部或任何部份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。 COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧桂園服務控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：6098） 截 至2024年6月30日止六個月之未經審核中期業績公告 | 財務摘要 | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 至6月30日止六個月 | 截 | 2024年 | ...

2024年5月4日 公司研究 核心业务增长稳健，关联应收减值充分 ——碧桂园服务（6098.HK）跟踪报告 （要 点 增持（维持） 当 前价：6.08港元 事件：碧桂园服务2023年营收同比+3%，核心归母净利润同比-22%。 碧桂园服务将于 6 月 6 日举办股东周年大会，届时将提呈普通决议案，以授权 董事回购不超过已发行股份总数10%的股份。 作者 碧桂园服务2023年实现收入426亿元，同比增长3.0%，毛利87亿元，同比减 分析师：何缅南 少 14.9%，归母净利润 2.9 亿元，同比减少 85.0%，剔除商誉减值、收并购带 执业证书编号：S0930518060006 021-52523801 来的客户关系摊销等影响后的核心归母净利润39亿元，同比减少21.6%，经营 hemiannan@ebscn.com 活动产生现金流净额46亿元，同比增长38.9%，合计分红金额约9.8亿元。 联系人：韦勇强 点评：聚焦核心业务，规模优势明显；关联应收减值充分，商誉减值仍需观察。 021-52523810 1)聚焦核心业务，经营深度调整。2023年公司六大业务物业管理/非业主增值/ weiyongqiang@eb ...

Management and Operations - As of December 31, 2023, the total contracted management area is approximately 1,633.0 million square meters, with a fee-based management area of approximately 956.9 million square meters[19]. - The company manages a total of 7,345 property projects across 31 provinces, municipalities, autonomous regions, and Hong Kong, as well as overseas[19]. - The area of property management services, excluding "three supplies and one industry," increased to 8.69 million square meters, up from 7.66 million square meters[28]. - The area of property management services, excluding "combined three supplies and one industry," increased to 16.02 million square meters, compared to 14.38 million square meters in 2021[28]. - The company has implemented a comprehensive management reporting system, achieving T+1 integrated operational reporting[35]. - The company has launched the "City Partner 3.0" plan in collaboration with Tsinghua University, focusing on urban governance and public service standards[32]. - The company has initiated a strategic cooperation with Guotai Liquor Group, launching the "Healthy Drinking into Families" project[42]. - The company has conducted its first regional digital expert certification training event, enhancing its digital capabilities[34]. - The company has implemented a new training mechanism for its service staff in January 2023[27]. - The company organized 2,486 training sessions with a cumulative learning duration of 936,528 hours for employees as of December 31, 2023[115]. Financial Performance - For the fiscal year ending December 31, 2022, the company's revenue increased to approximately RMB 41.37 billion, a growth of 43.4% compared to RMB 28.84 billion in 2021[28]. - Gross profit rose to approximately RMB 10.26 billion, reflecting a 15.7% increase from RMB 8.86 billion in the previous year[28]. - The net profit attributable to shareholders decreased by 48.0% to RMB 2.26 billion, down from RMB 4.35 billion in 2021[28]. - Core net profit attributable to shareholders increased by 9.0% to RMB 5.02 billion, compared to RMB 4.61 billion in 2021[28]. - The company achieved a revenue of approximately RMB 42,611.5 million, with a gross profit of RMB 8,731.9 million and a net profit of RMB 516.7 million for the year ending December 31, 2023[49]. - Core net profit attributable to shareholders was approximately RMB 3,939.5 million, with basic earnings per share of RMB 8.69[49]. - Total revenue for 2023 reached RMB 42,611.5 million, representing a year-on-year increase of approximately 3%[57]. - Property management service revenue was approximately RMB 24,698.5 million, with a year-on-year growth of about 8.1%, accounting for approximately 58% of total revenue[62]. - The company recorded a significant decrease in related party income, down approximately 45%, accounting for only about 3.1% of total revenue[50]. - The company’s total issued shares amounted to 3,373,127,390, with all resolutions approved at the annual general meeting[33]. ESG and Sustainability - The company received a BBB rating from MSCI for its ESG performance, indicating strong sustainability practices[23]. - The company has a low-risk ESG rating from Sustainalytics, ranking 590th out of 15,974 assessed companies globally[23]. - The company has implemented an ESG strategy, achieving a BBB rating from MSCI and being recognized as a low-risk enterprise by Sustainalytics[60]. - The company aims to deepen its ESG strategy and upgrade its sustainable development system in the future[55]. - The company has actively participated in community governance and various charitable activities, contributing to rural revitalization with a total transaction amount exceeding RMB 46.68 million[55]. - The company is committed to building safe, green, smart, and convenient communities to meet the aspirations of homeowners for a better life[72]. Awards and Recognition - The company has been recognized with multiple awards, including "Top 100 Property Service Companies in China" and "Leading Company in Property Technology Empowerment" for 2023[18]. - The company was recognized as a leading enterprise in various categories, including the top 10 in operational performance and service scale in the 2023 China Property Service Hundred Strong list[46]. - The company received multiple industry accolades, including "Top 1 in Comprehensive Strength of Property Enterprises in China 2023," reflecting its leading position in the industry[54]. Challenges and Risks - The company faces significant credit risk related to trade receivables from Country Garden Group, amounting to RMB 2,757.9 million, due to increased uncertainty regarding the group's ability to meet its debt obligations[119]. - The company has identified major risks including economic fluctuations, market conditions, and regulatory changes in the property management industry that could impact operations and revenue growth[111]. - The company has made a provision for expected credit losses totaling RMB 2,198,613,000 for trade receivables from related parties, with a specific provision of RMB 2,181,665,000 for receivables from Country Garden Group, reflecting an expected credit loss rate of 79.1%[121]. Corporate Governance - The company has adopted and complied with all applicable provisions of the corporate governance code during the year[154]. - The board consists of seven directors, including three executive directors and three independent non-executive directors as of December 31, 2023[157]. - The company has established a remuneration policy for directors and senior management, which is reviewed and adjusted regularly based on industry standards and individual performance[162]. - The company has arranged appropriate liability insurance for directors and senior management to protect against claims arising from corporate activities[160]. - The company has confirmed that all directors complied with the standard code of conduct for securities trading during the year[155]. - The independent non-executive directors have confirmed their independence according to the relevant listing rules[161]. Employee Development - The total employee cost for the year was approximately RMB 15,384.5 million, with the number of employees decreasing to 213,712 from 227,759 in the previous year[114]. - The representation of female executives in the core management team of the domestic operating entity is 35%[190]. - The company is focused on enhancing employee development through diverse training programs tailored to business needs and employee career growth[115]. Strategic Initiatives - The company aims to enhance customer satisfaction through a comprehensive customer satisfaction management system and digital tools for real-time feedback analysis[72]. - The strategic focus includes expanding community life services and establishing a competitive advantage through a "1+N+X" development strategy[73]. - The company plans to continue its "lean" digital transformation to improve operational efficiency and service quality[75]. - Future initiatives will focus on community quality improvement and environmental renovation to enhance the living experience for homeowners[72].

资产减值大幅影响业绩，地产关联业务占比进一步降低 碧桂园服务（6098.HK）/物业 证券研究报告/公司点评 2024年4月2日 服务行业 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：5.01港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 41,416 42,622 46,201 48,045 49,488 分析师：由子沛 增长率yoy% 44% 3% 8% 4% 3% 执业证书编号：S0740523020005 净利润（百万元） 1,943 292 1,955 2,234 2,437 Email：youzp@zts.com.cn 增长率yoy% -52% -85% 569% 14% 9% 每股收益（元） 0.58 0.09 0.58 0.67 0.73 每股现金流量 0.99 1.07 2.06 1.91 2.06 分析师：李垚 净资产收益率 5% 1% 5% 6% 6% 执业证书编号：S0740520110003 P/E 7.8 51.9 7.8 6.8 6.2 ...

[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 2024年03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 营收小幅增加，在管面积持续提升 股票数据 [Table_Summary] 3[T月ab29le日_S收t盘oc价kI（n港fo元] ） 5.01 投资要点： 52周股价波动（港元） 4.680-14.628 总股本（亿股） 33.43 总市值（亿港元） 167.5  营收小幅增加，归母净利润有所下滑。2023年，公司实现营业收入426.1亿 相关研究 元，同比增长 3.0%；实现毛利润 87.3亿元，同比下滑 14.9%；实现净利润 [碧Ta桂b园le服_R务e 2p 0o 23rtI年nf半o年] 报点评：营收小幅增 5.2亿元，同比下滑77.2%，归母净利润2.9亿元，同比下滑85.0%。 加，在管面积持续提升 2023.09.14  基础物管持续发展，多元业务有所波动。从几大主营业务来看，2023年，物 业管理服务实现收入247.0亿元，同比增长8.1%，收入占比58.0%，较2022 市场表现 年 ...

智通财经APP获悉，花旗发布研究报告称，维持碧桂园服务(06098)“买入”评级，在经营性现金流改善、加强市场化运作及内部优化工作支持下，公司将可透过变革来应对行业挑战，目标价从7.7港元降至7.6港元。 报告中称，在企业转型的过程中，碧服目标今年利润实现低单位数升幅，利润率则保持稳定。徐彬淮去年10月获委任为碧桂园服务总裁，公司组织架构调整，在新的管理团队带领下，碧服订立“稳中求进”的发展方向，目标是专注于提升服务水平、健康现金流、加强ESG发展，以及通过分红及回购来回馈股东。 ...