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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][16] Core Insights - The company reported a slight increase in revenue but a significant decline in net profit. In 2023, the company achieved operating revenue of 42.61 billion yuan, a year-on-year increase of 3.0%. However, the net profit fell to 520 million yuan, a decrease of 77.2%, with attributable net profit down 85.0% to 290 million yuan [5][9][12] Summary by Sections Revenue and Profitability - The company achieved operating revenue of 42.61 billion yuan, up 3.0% year-on-year. Gross profit was 8.73 billion yuan, down 14.9%, and net profit was 520 million yuan, down 77.2%. Attributable net profit was 290 million yuan, down 85.0% [9][12][18] Business Segments Performance - Property management services generated revenue of 24.70 billion yuan, up 8.1%, accounting for 58.0% of total revenue. Community value-added services saw revenue of 3.75 billion yuan, down 6.6%, while non-owner value-added services dropped 41.7% to 1.55 billion yuan. The "Three Supplies and One Industry" segment increased revenue by 17.4% to 6.52 billion yuan [5][9][12][14] Cost and Margin Analysis - The overall gross margin decreased to 20.5%, down 4.3 percentage points from the previous year. The net profit margin was 0.7%, down 4 percentage points. The gross margin for property management services was 22.1%, down 3.4 percentage points [10][12][18] Financial Position - As of the end of 2023, total assets were 69.24 billion yuan, down 1.2% year-on-year, while net assets were 38.78 billion yuan, down 2.8%. Cash and cash equivalents increased by 13.7% to 12.94 billion yuan, and contract liabilities rose by 26.9% to 7.59 billion yuan [6][13][18] Management Area Expansion - The company continued to expand its managed area, with property management service contract management area reaching 1,633 million square meters, up 1.9% year-on-year. The chargeable management area increased by 10.1% to 956.9 million square meters [14][18]

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。 ...

2024 年 3月 27日，公司发布2023 年业绩：实现收入426.12 亿元， 同比+3.0%；归母净利润 2.92 亿元，同比-85.0%；核心归母净利 润39.40 亿元，同比-21.6%。 收入略不及预期，归母不及预期主因大幅减值。2023 年公司收入 增速降档略不及预期，主因：①物管收入同比增速较 2022 年大幅 下降57.6pct（2022 年有收并购并表导致当期增速高且基数高）； ②社区增值服务收入同比-6.6%；非业主增值服务收入同比 -41.7%；商业运营服务收入同比-21.2%。而归母净利润大幅下滑 主要因为：①计提应收账款减值拨备31.33 亿元，同比增加 25.35 亿元；②计提商誉及无形资产减值 14.76 亿元；③各项业务毛利 港币(元) 成交金额(百万元) 率均有下降，整体毛利率同比降低4.3pct 至20.5%。 16.00 2,500 物管服务稳健增长，收入占比进一步提升。2023 年公司基础物管 14.00 2,000 收入 247.0 亿元，同比+8.1%，收入占比较期初提升 2.7pct 至 12.00 1,500 10.00 58.0%，进一步发挥业绩压舱石作用。 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 42,611.5 million, representing a 3.0% increase from RMB 41,366.6 million in 2022[3] - Gross profit decreased by 14.9% to RMB 8,731.9 million, down from RMB 10,257.5 million in the previous year[3] - Net profit for the year was RMB 516.7 million, a significant decline of 77.2% compared to RMB 2,261.3 million in 2022[3] - Profit attributable to shareholders decreased by 85.0% to RMB 292.3 million from RMB 1,943.4 million in the prior year[3] - Core net profit attributable to shareholders was RMB 3,939.5 million, down 21.6% from RMB 5,021.8 million in 2022[3] - Basic and diluted earnings per share were both RMB 8.69, a decrease of 84.9% from RMB 57.68 in the previous year[3] Cash and Assets - Total cash and bank deposits increased by 13.7% to RMB 12,939.3 million, compared to RMB 11,376.8 million in 2022[3] - Total assets decreased from RMB 70,076,896 thousand in 2022 to RMB 69,244,074 thousand in 2023, a decline of approximately 1.2%[12] - Cash and cash equivalents increased from RMB 11,215,770 thousand in 2022 to RMB 12,637,187 thousand in 2023, an increase of approximately 12.7%[12] - The company's retained earnings decreased from RMB 9,313,601 thousand in 2022 to RMB 8,164,706 thousand in 2023, a decrease of approximately 12.3%[12] Liabilities and Equity - Non-current liabilities decreased from RMB 5,173,725 thousand in 2022 to RMB 4,078,482 thousand in 2023, a reduction of about 21.0%[13] - Current liabilities increased from RMB 24,994,171 thousand in 2022 to RMB 26,383,515 thousand in 2023, an increase of approximately 5.5%[13] - Total equity decreased from RMB 39,909,000 thousand in 2022 to RMB 38,782,077 thousand in 2023, a decline of about 2.8%[13] Revenue Breakdown - Revenue from property management and related services outside of "Three Supplies and One Industry" increased to RMB 30,195,273 thousand in 2023, up from RMB 29,691,448 thousand in 2022, representing a growth of approximately 1.7%[33] - Revenue from "Three Supplies and One Industry" business reached RMB 6,520,190 thousand in 2023, compared to RMB 5,553,124 thousand in 2022, marking an increase of about 17.4%[37] - Total revenue from urban services was RMB 4,883,630 thousand in 2023, slightly up from RMB 4,836,881 thousand in 2022, indicating a growth of approximately 1.0%[33] Expenses and Profit Margins - The group's total cost for the year was approximately RMB 33,879.6 million, an increase of about 8.9% compared to RMB 31,109.1 million for the year ended December 31, 2022[137] - The overall gross profit decreased by approximately RMB 1,525.6 million to about RMB 8,731.9 million, representing a decline of approximately 14.9%[139] - The overall gross profit margin fell by 4.3 percentage points to approximately 20.5% from about 24.8% for the year ended December 31, 2022[139] Dividends - The company proposed a final dividend of RMB 2.19 per share and a special dividend of RMB 27.27 per share, compared to RMB 14.40 and RMB 22.81 per share in 2022, respectively[4] Employee and Training - As of December 31, 2023, the group had 213,712 employees, a decrease from 227,759 employees as of December 31, 2022[181] - The group organized a total of 2,486 training sessions, with employees accumulating 936,528 hours of learning as of December 31, 2023[184] Strategic Initiatives - The company is focusing on a "1+N+X" community value-added development strategy to enhance its core business capabilities[107] - The company has made significant investments in digitalization, including AIoT business and self-developed IoT solutions to enhance service quality and management efficiency[102] Acquisitions and Share Repurchases - The company completed a share donation of 674,640,867 shares, representing approximately 20% of the total issued shares, to the Guo Qiang Charity Foundation (Hong Kong) for charitable purposes[193] - The company repurchased a total of 30,184,000 shares at a total cost of HKD 289,932,000, which were subsequently cancelled[195] Impairments - The company has recognized an impairment provision for trade receivables from related parties amounting to approximately RMB 1.8 billion to RMB 2.3 billion[200] - An impairment provision for goodwill and other intangible assets has been estimated at approximately RMB 1.4 billion to RMB 1.8 billion[200]