Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [4][18]. Core Insights - The company reported a revenue of 439.93 billion yuan for the year 2024, representing a year-on-year growth of 3.2%. The net profit attributable to shareholders was 18.08 billion yuan, a significant increase of 518.7%, while the core net profit decreased by 22.9% to 30.38 billion yuan [1][4]. - The substantial increase in net profit was primarily due to a significant reduction in impairment losses, which decreased by 24.2 billion yuan year-on-year, leading to a 144.4% increase in operating profit. However, non-operating factors and objective circumstances contributed to the decline in core net profit [2]. - The core business, which includes property management services and community value-added services, saw a revenue increase of 9.4%, with its share of total revenue rising to 87%, up by 4.9 percentage points year-on-year [2]. Financial Performance - As of the end of 2024, the company had cash and cash equivalents of 181.8 billion yuan, a year-on-year increase of 40.5%. The operating cash flow net amount was 38.7 billion yuan, covering the core net profit by 1.3 times [3]. - The company plans to utilize 113% of its net profit for market value management, including share buybacks and dividends [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 22.3 billion yuan, 24.2 billion yuan, and 26.0 billion yuan, respectively, with expected growth rates of 23.1%, 8.7%, and 7.4% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.1x, 8.3x, and 7.8x for the years 2025 to 2027 [4].

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Insights - The company's core business gross margin has stabilized, indicating that the peak of asset impairment may have passed, which is expected to further enhance shareholder returns [1][2] - In 2024, the company achieved revenue of 43.99 billion RMB, a year-on-year increase of 3%, and a net profit attributable to shareholders of 1.81 billion RMB, a significant increase of 519% compared to the previous year, primarily due to lower-than-expected impairment of receivables and goodwill [1][2] - The company plans to continue enhancing shareholder returns through dividends and share buybacks, with a dividend payout ratio based on core net profit increasing to 33% in 2024 [3] Revenue and Profitability - The core business revenue (including basic property management, community value-added services, and ancillary services) grew by 9% year-on-year, while gross profit increased by 2%, leading to an increase in revenue and gross profit contribution to 87% and 91%, respectively [2] - The difference between net profit attributable to shareholders and core net profit is mainly due to goodwill impairment from previous acquisitions and other intangible asset amortization [2] Cash Flow and Shareholder Returns - The company has significantly improved cash flow management in the second half of 2024, with operating cash flow net income covering core net profit by 127%, an increase of 10 percentage points year-on-year [3] - The year-end cash and cash equivalents reached 18.18 billion RMB, supporting a dividend payout ratio of 33% and a dividend yield of 5.0% as of March 27 [3] Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 and 2026 are projected to be 0.63 RMB and 0.73 RMB, respectively, reflecting a downward adjustment of 7% and 6% from previous estimates [4] - The target price for the company is set at 7.89 HKD, based on a revised price-to-earnings (P/E) ratio of 8 times for 2025, up from a previous target of 5.20 HKD [4][7]

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 ...

Group 1 - Country Garden Services plans to repurchase at least RMB 500 million worth of shares, indicating confidence in its value and potential to boost stock prices [1] - Three Squirrels intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and supply chain capabilities [2] - China Life aims to promote multi-channel value contribution in 2025, shifting from reliance on individual insurance channels to include bank insurance, group insurance, and internet channels [3] Group 2 - Shubao International's stock surged 31.37% on its first day of trading on the Hong Kong Stock Exchange, reflecting strong investor confidence [4] - FWD Group has applied for a USD 5 billion medium-term note program on the Hong Kong Stock Exchange, indicating its financing needs and market confidence [5]

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 ...

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]