过去的一年房地产市场供求两端继续呈现缩量的态势，作为下游产业链，物业管理也经历着行业增量放缓、市场竞争加剧的变革。在这样的行业背景下，越 秀服务集中力量提升服务力，聚焦高质量市场拓展，取得了稳健的经营表现。 2024年全年，越秀服务（06626.HK）营业收入达38.68亿元，同比增长20%；毛利润超9亿元，同比增长5.3%；剔除商誉减值后的核心净利润为5.12亿元，同 比增长5.1%，核心盈利能力保持正向增长。 以核心盈利能力持续提升为根基，越秀服务积极践行股东回报承诺，延续一贯的分红政策，2024年全年派息总额为每股人民币0.169元，同比增加5.6%；全 年度派息比率达50%（按核心净利润计），回馈股东长期的支持。 行业调整仍在持续中。越秀服务执行董事兼行政总裁王建辉表示，未来物管行业的管理规模会逐步增加，同时行业集中度也会逐步提升，在这一发展趋势之 下，"好服务"会成为物业公司的核心竞争力。 基于此，越秀服务在2025年将"精益服务、向新图强"作为发展战略，以"精益服务"构建业主、员工和供应商的满意和信任，塑造护城河，并"向新图强"，抓 住数字转型机遇，实现变革和提效。王建辉表示，今年越秀服务会持续围 ...

2025 年 3 月 31 日 公司研究 经营业绩增长稳健，积极回购与分红 ——越秀服务（6626.HK）跟踪报告 2）毛利率有待企稳。截至 2024 年末，公司在管面积 6931 万平，合约面积 8873 万平，公司 2024 年新委聘项目在管面积 1131 万平方米，同时退出了 721 万平 方米的项目（上年退出 257 万平），规模快速扩张的同时，退出项目也进一步 增加；2024 年，公司整体毛利率同比下滑 3.3pct 至 23.3%，其中物业管理业务 毛利率为 15.0%，同比下滑 1.1pct，毛利率仍有待企稳。 3）在手现金充裕，分红慷慨，回购积极。截至 2024 年末，公司在手现金及现 金等价物和定期存款为 47 亿元，现金储备丰富，公司 2024 年全年派息总额为 每股 0.169 元，派息总额 2.6 亿元，对应 2025 年 3 月 28 日收盘价股息率为 6.4%， 股息率具备吸引力；另一方面，公司近期在二级市场积极回购股份，保障股东权 益；同时，考虑公司仍处在成长期，物管行业逐步回暖，公司手握充沛现金，下 一阶段，公司或有可能通过收并购等方式扩大规模，占据更多市场份额。 盈利预测、估 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 越秀服务（6626）公司年报点评 2025 年 03 月 25 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le4_日S收to盘ck价（In港fo元] ） | 2.87 | | --- | --- | | 周股价波动（港元） 52 | 2.48-3.94 | | 总股本（百万股） | 1509 | | 总市值（亿港元） | 43 | | 相关研究 | | [《Ta越b秀le服_R务e（p0o6r6t2In6.fHoK] ）2024 年中期业绩公 告点评：收入净利双增，市场拓展成效显著》 2024.08.25 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 1.78 4.63 11.74 | 绝对涨幅（%） | 1.78 | 4.63 | 11.74 | | --- | --- | --- | --- | | 相对涨幅（%） | -5.44 | -3.40 | 1.14 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-2318 ...

越秀服务 20250324 摘要 请介绍一下越秀服务 2024 年的整体业绩表现。 2024 年，越秀服务的营业收入达到 38.68 亿元，同比增长 20%。核心净利润为 5.12 亿元，同比增长 5.1%。基础物业管理业务收入为 12.36 亿元，同比增长 20.1%，客户满意度维持在 91 分的高位。公司管理规模稳步扩大，截至 2024 年 12 月 31 日，合约面积为 8,873 万平方米，同比增长 6.3%；在管面积为 6,931 万平方米，同比增长 6.3%。新增合约面积 1,295 万平方米，包括港珠澳大桥国 • 越秀服务 2024 年收入同比增长 20.1%，达 38.68 亿元，客户满意度维持 91 分高位。合约面积和在管面积均同比增长 6.3%，分别达到 8,873 万平方米 和 6,931 万平方米，显示出稳健的增长态势。 • 非商业板块收入占比 81%，同比增长 19.2%，其中基础物业管理收入增长 20%，社区增值服务增长 31%。商业板块收入占比 19%，同比增长 23%。非 业主增值服务受地产周期影响，但早期及智能化相关设计咨询业务表现突 出。 • 2024 年底，公司净资产同比 ...

公司回购持续进行，积极分红回馈股东。2024 年公司公告拟在公 开市场回购不超过 3044 万股，占回购前总股本的 2%。截至 2025 年 3 月 20 日公司合计回购 1305 万股，占回购前总股本的 0.86%， 后续仍有进一步回购的空间。同时公司维持 50%的全年派息比例， 通过回购加分红的方式提升股东回报。 盈利预测、估值与评级 业绩简评 2025 年 3 月 20 日，公司发布 2024 年全年业绩：2024 年实现收入 38.68 亿元，同比增长 20.0%；归母净利润 3.53 亿元，同比下滑 27.5%。 经营分析 增值服务带动收入保持高速增长，受商誉减值影响归母净利润有 所回落。2024 年公司收入保持高速增长，其中社区增值服务收入 12.17 亿元，同比+30.6%；商业运营及管理服务收入 6.3 亿元，同 比+29.4%。受商誉减值影响，归母净利润减少 1.59 亿元，但剔除 商誉减值的核心净利润仍保持增长，同比+5.1%。公司综合毛利率 同比下降 3.3pct 至 23.3%，主要因为：①物业管理服务毛利率下 滑 1.1pct 至 15.0%；②非业主增值服务毛利率下滑 7.5pct ...

其中，基础物业管理服务作为越秀服务的支柱业务，2024年收入达12.36亿元，同比增收20.1%，占总收 入的32%，为公司整体营收提供了有力支撑。与此同时，越秀服务不断提高服务力，完善服务处理机制 和流程标准，2024年度响应及时率达99.4%，客户满意度进一步提升。 而社区增值服务2024年收入为12.17亿元，同比增长30.6%。社区增值服务的增长反映了越秀服务聚焦社 区场景，发挥"生活服务、商业配套、资产服务、科技服务"增值服务业务间的协同效应，对社区经济的 深度挖掘和运营能力的提升。 越秀服务（股票代码：6626.HK）发布了2024年业绩公告，营收连续三年保持双位数增长，展现出稳健 的发展态势。 公告显示，越秀服务2024年全年营业收入达 38.68 亿元，同比增长 20.0%，核心净利润 5.12 亿元，同比 增长 5.1%。 从营收结构来看，在非商收入方面，主要包括基础物业管理服务、社区增值服务、非业主增值服务。非 商收入仍是越秀服务收入的核心来源，全年收入达31.34亿元，同比增长19.2%，占总收入的81%。 一位券商分析师表示："物企通过整合资源、优化服务流程和引入创新模式，能够满足业主 ...

– 1 – ‧ 總收入為人民幣3,868百萬元，同比增長20.0%，其中： (i) 自非商業物業管理及增值服務所得收入為人民幣 3,134百萬元，同比增長 19.2%；及 (ii) 自商業物業管理及運營服務所得收入為人民幣 734百萬元，同比增長 23.7%。 ‧ 截至二○二四年十二月三十一日，本集團在管面積為69.31百萬平方米，同比 增長6.3%，本集團合約面積為88.73 百萬平方米，同比增長6.3%。 ‧ 毛利率為23.3%，同比下跌3.3個百分點。 ‧ 本公司擁有人應佔盈利為人民幣353百萬元，同比下降27.5%，主要由於年內 產生商譽減值所致。 ‧ 核心淨利潤（即本公司擁有人應佔盈利剔除商譽減值的影響）為人民幣512百 萬元，同比增長5.1%。 ‧ 董事會建議宣派末期股息每股0.083港元（相當於每股人民幣0.078元）。連 同中期股息，二○二四年全年派息總額為每股 0.183港元（相當於每股人民幣 0.169元）。 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，概不就因本公告全部或任何部分內容所產生或因倚賴該等內 容而引 ...

Project and Area Management - Total contracted projects increased to 508, with a total contracted area of 88.8 million square meters, representing a growth of 6.4%[4] - Total managed projects increased to 418, with a total managed area of 66.7 million square meters, representing a growth of 2.2%[4] - Newly contracted area for the period was 9.26 million square meters, while terminated contracts accounted for 3.90 million square meters[6] - The Greater Bay Area accounted for the largest share of contracted area at 52.54 million square meters, followed by the Central and Western regions at 17.07 million square meters[9] - Non-commercial contracted projects increased to 416, with a total contracted area of 81.4 million square meters[9] - Commercial contracted projects slightly increased to 92, with a total contracted area of 7.41 million square meters[15] Revenue and Profit - The company's revenue for the period was RMB 1,960.2 million, a year-on-year increase of 29.7%[24] - Non-commercial property management and value-added services revenue increased by 32.3% to RMB 1,601.3 million, driven by an increase in managed non-commercial projects to 335 and managed area to 60.1 million square meters[31] - Community value-added services revenue grew by 61.2% to RMB 645.5 million, attributed to the expansion of managed non-commercial property area and diversified service offerings[31] - Commercial property management and operation services revenue rose by 19.2% to RMB 358.9 million, with managed commercial projects increasing to 83 and managed area to 6.6 million square meters[33] - Revenue from independent third parties accounted for 60.8% of total revenue, increasing to RMB 1,191.9 million[26] - Revenue from Guangzhou Yuexiu, Yuexiu Property, and their associates increased by 9.5% to RMB 768.3 million, driven by deeper cooperation in diversified business areas such as intelligent services[29] - The company's revenue from mainland China accounted for 97.5% of total revenue, reaching RMB 1,910.2 million[30] - Gross profit rose to RMB 507.4 million, but overall gross margin decreased from 28.1% to 25.9%[38] - Net profit increased by 12.1% to RMB 287.5 million, with a net profit margin of 14.7%[43] - Earnings per share rose to RMB 0.18 from RMB 0.16[44] - Revenue for the first half of 2024 increased to RMB 1,960,175 thousand, up 29.7% from RMB 1,511,846 thousand in the same period of 2023[71] - Gross profit rose to RMB 507,362 thousand in H1 2024, a 19.4% increase from RMB 424,962 thousand in H1 2023[71] - Net profit attributable to the company's owners grew to RMB 277,675 thousand in H1 2024, up 12.1% from RMB 247,691 thousand in H1 2023[71] - Basic and diluted earnings per share increased to RMB 0.18 in H1 2024, compared to RMB 0.16 in H1 2023[71] - The group's profit for the period increased to RMB 287,462 thousand in H1 2024, up from RMB 256,449 thousand in H1 2023[97] - Total group revenue for H1 2024 reached RMB 1,960,175 thousand, a significant increase from RMB 1,511,846 thousand in H1 2023[100] - Non-commercial property management and value-added services revenue increased to RMB 1,601,274 thousand in H1 2024, up from RMB 1,210,790 thousand in H1 2023[100] - Commercial property management and operation services revenue rose to RMB 358,901 thousand in H1 2024, compared to RMB 301,056 thousand in H1 2023[100] - Revenue from property management services under non-commercial segment grew to RMB 600,948 thousand in H1 2024, up from RMB 457,936 thousand in H1 2023[100] - Community value-added services revenue surged to RMB 645,509 thousand in H1 2024, compared to RMB 400,474 thousand in H1 2023[100] - Revenue from commercial operation and management services increased to RMB 308,096 thousand in H1 2024, up from RMB 250,881 thousand in H1 2023[100] - Market positioning consulting and tenant recruitment services revenue slightly rose to RMB 50,805 thousand in H1 2024, from RMB 50,175 thousand in H1 2023[100] - Non-owner value-added services revenue remained stable at RMB 354,817 thousand in H1 2024, compared to RMB 352,380 thousand in H1 2023[100] Property Management Fees - Residential property management fees increased to RMB 2.8 per square meter per month, up from RMB 2.7 in the same period last year[11] - Average management fees for office buildings and shopping malls remained stable at RMB 20.0 and RMB 35.7 per square meter per month, respectively[17] - The average property management fee for office buildings decreased slightly to RMB 20.0 per square meter per month in 2024, compared to RMB 20.5 in the same period of 2023[18] - The average property management fee for shopping malls decreased to RMB 35.7 per square meter per month in 2024, compared to RMB 36.6 in the same period of 2023[18] Costs and Expenses - Sales cost increased by 33.7% to RMB 1,452.8 million, driven by expanded managed area and diversified value-added services[36] - Administrative expenses grew by 24.9% to RMB 158.9 million due to business expansion and headquarters relocation[39] - Employee costs for the period totaled RMB 513.3 million, with a total of 13,781 full-time employees in mainland China and Hong Kong[57] - Depreciation expenses rose to RMB 46,984 thousand in H1 2024, compared to RMB 35,611 thousand in H1 2023[97] - Pre-tax profit for the first half of 2024 included employee benefits expenses of RMB 513,260 thousand, a slight decrease from RMB 520,406 thousand in the same period of 2023[104] Financial Position - Accounts receivable increased by 32.7% to RMB 761.1 million, reflecting business scale expansion[46] - Other receivables grew by 27.2% to RMB 499.9 million, driven by business development[47] - Accounts payable surged by 57.5% to RMB 628.8 million, due to adjusted payment schedules[48] - Cash and cash equivalents increased to RMB 4,866.2 million, supported by operating activities[50] - The company maintained a debt ratio of 0% with no bank borrowings[50] - Total non-current assets surged to RMB 1,997,065 thousand as of June 30, 2024, from RMB 533,394 thousand as of December 31, 2023[75] - Cash and cash equivalents decreased to RMB 2,733,155 thousand as of June 30, 2024, from RMB 4,695,204 thousand as of December 31, 2023[75] - Total current liabilities increased to RMB 3,034,141 thousand as of June 30, 2024, up 13.8% from RMB 2,665,280 thousand as of December 31, 2023[75] - Net assets grew to RMB 3,788,355 thousand as of June 30, 2024, from RMB 3,620,455 thousand as of December 31, 2023[77] - Total equity increased to RMB 3,788,355 thousand as of June 30, 2024, up from RMB 3,620,455 thousand at the beginning of the year[78] - Retained earnings grew to RMB 1,340,883 thousand, a significant increase from RMB 1,197,774 thousand at the start of the year[78] - Net cash generated from operating activities was RMB 209,146 thousand, a decrease from RMB 292,518 thousand in the same period last year[80] - Cash and cash equivalents decreased to RMB 2,733,155 thousand from RMB 4,695,204 thousand at the beginning of the year[80] - The company added RMB 2,123,939 thousand to fixed deposits during the period[80] - Non-controlling interests increased to RMB 185,662 thousand, up from RMB 175,875 thousand at the start of the year[78] - Total assets as of June 30, 2024, were RMB 7,004,825 thousand, an increase from RMB 6,407,144 thousand as of December 31, 2023[102] - Total liabilities as of June 30, 2024, were RMB 3,216,470 thousand, up from RMB 2,786,689 thousand as of December 31, 2023[102] - Capital expenditures for the first half of 2024 were RMB 84,450 thousand, compared to RMB 107,692 thousand in the same period of 2023[102] - Accounts receivable increased to RMB 803,432 thousand as of June 30, 2024, compared to RMB 609,286 thousand at the end of 2023[117] - The aging analysis of accounts receivable shows that 31 to 180 days category increased to RMB 339,995 thousand as of June 30, 2024[118] - Prepayments, other receivables, and other assets totaled RMB 573,041 thousand as of June 30, 2024, up from RMB 453,432 thousand at the end of 2023[119] - Accounts payable increased to RMB 628,828 thousand as of June 30, 2024, compared to RMB 399,277 thousand at the end of 2023[123] - Other payables and accrued expenses totaled RMB 1,467,331 thousand as of June 30, 2024, up from RMB 1,362,568 thousand at the end of 2023[124] - The company's property rights assets increased to RMB 142,901 thousand as of June 30, 2024, up from RMB 103,691 thousand at the beginning of the year[113] - Intangible assets totaled RMB 326,335 thousand as of June 30, 2024, with goodwill accounting for RMB 260,408 thousand[114] - The company purchased assets worth RMB 5,553 thousand in the first half of 2024, down from RMB 7,291 thousand in the same period of 2023[112] Dividends and Share Repurchases - An interim dividend of HKD 0.100 per share (equivalent to RMB 0.091 per share) was declared for the year 2024[64] - The company repurchased 1,172,000 ordinary shares on the Hong Kong Stock Exchange during the period, with a total consideration of HKD 3.7 million[60] - The company declared a final dividend of RMB 120,606 thousand for the year 2023[78] - The company declared an interim dividend of RMB 0.091 per share for 2024, totaling approximately RMB 138,838 thousand, up from RMB 0.081 per share and RMB 124,411 thousand in 2023[108] - The company repurchased a total of 1,172,000 ordinary shares on the Hong Kong Stock Exchange during the period, with a total consideration (excluding expenses) of approximately HKD 3.7 million[172] - The company repurchased 1,172,000 ordinary shares in June 2024 at a maximum price of HKD 3.30 and a minimum price of HKD 3.09, with a total payment of HKD 3,744,000[173] - The company suspended share transfer registration from September 4, 2024, to September 5, 2024, to process interim dividend eligibility[174] Related Party Transactions - Total transactions with related parties for the six months ending June 30, 2024, amounted to RMB 768,304,000, an increase from RMB 701,894,000 in the same period in 2023[131] - The company's outstanding receivables from related parties as of June 30, 2024, totaled RMB 400,229,000, up from RMB 341,997,000 as of December 31, 2023[135] - The company's total outstanding payables to related parties as of June 30, 2024, were RMB 263,940,000, compared to RMB 157,394,000 as of December 31, 2023[136] - The company's total contract liabilities with related parties as of June 30, 2024, were RMB 128,815,000, up from RMB 86,084,000 as of December 31, 2023[136] - The company's total lease liabilities with related parties as of June 30, 2024, were RMB 59,311,000, compared to RMB 20,145,000 as of December 31, 2023[136] - The company's total bank deposits with a related party as of June 30, 2024, were RMB 572,611,000, a significant increase from RMB 43,631,000 as of December 31, 2023[136] - The company's total prepayments, other receivables, and other assets with related parties as of June 30, 2024, were RMB 170,995,000, up from RMB 106,762,000 as of December 31, 2023[135] - The company's total contract assets with related parties as of June 30, 2024, were RMB 87,672,000, compared to RMB 56,649,000 as of December 31, 2023[135] Equity and Investments - The fair value of equity investments measured at fair value through other comprehensive income was RMB 33,865 thousand as of June 30, 2024, compared to RMB 33,624 thousand as of December 31, 2023[140][143] - A 100 basis point increase/decrease in the expected value of each asset or liability in equity investments measured at fair value through other comprehensive income would result in an increase/decrease of approximately RMB 333,000 in the company's equity as of June 30, 2024[141] - The fair value of equity investments measured at fair value through other comprehensive income was classified as Level 3 in the fair value hierarchy, with no transfers between levels during the period[144][145] - The company's financial department conducts Level 3 fair value valuations for financial reporting purposes, with discussions between management and independent qualified valuers at least every six months[140] - The fair value of equity investments measured at fair value through other comprehensive income was derived using the sum-of-the-parts method[141] - The company's equity investments measured at fair value through other comprehensive income recognized a gain of RMB 241 thousand in other comprehensive income during the period[145] - The company's directors and key executives held approximately 0.07% of the company's issued shares as of June 30, 2024[148] - Guangzhou Yuexiu Group held a 66.95% stake in the company as of June 30, 2024[152] - Guangzhou Metro Group held a 5.94% stake in the company as of June 30, 2024[152] - The company's directors and key executives held interests in associated companies ranging from 0.002% to 0.05% as of June 30, 2024[149] - The total number of issued shares of Yuexiu Property as of June 30, 2024, is 4,025,392,913[153] - Mr. Zhang Jin holds interests in 331,173 shares of Yuexiu Property, with 231,936 shares as beneficial owner and 99,237 shares as a beneficiary of the employee share award plan trust[153] - Mr. Zhang Chenghao holds interests in 115,162 shares of Yuexiu Property, with 15,439 shares as beneficial owner and 99,723 shares as a beneficiary of the employee share award plan trust[153] - Yuexiu Property indirectly owns approximately 43.39% of Yuexiu Enterprise[154] - The total number of issued shares of Yuexiu Services Group as of June 30, 2024, is 1,521,449,677[154] - The maximum number of shares that can be issued under the stock option incentive plan is 10% of the issued shares as of the adoption date, which is 152,203,017 shares[160] - As of January 1, 2024, and June 30, 2024, the number of stock options that can be granted under the plan is 137,216,417 shares, representing approximately 9.02% of the issued shares[160] - No stock options were vested in the six months ended June 30, 2024, and no shares were issued under the stock option plan during this period[160] - The stock option plan is effective from February 15, 2023, and will remain valid for ten years unless canceled or amended[164] - As of June 30, 2024, the company had 14,986,600 unexercised stock options, with no options exercised or canceled during the period[166] - The stock options granted under the plan will vest in three tranches: 33% after 24 months, 33% after 36 months, and 34% after 48 months from the grant date[166] - The vesting conditions for the stock options include achieving a non-GAAP net profit growth rate of at least 32% in 2023, 52% in 2024, and 75% in 2025 compared to 2021[167] - The company’s accounts receivable turnover ratio must not be less than 4.2 for the years 2023, 2024, and 2025 to meet the vesting conditions[167] - The cash dividend ratio must not be less than 30% of the distributable net profit of the most recent fiscal year[167] - The company’s non-GAAP return on equity (ROE) must be at least 12.8% in 2023, 12.9% in 2024

交银国际研究 公司更新 | --- | --- | --- | |-----------|-----------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 2.99 | 港元 4.72 | +57.9% | 越秀服务 (6626 HK) 2024 上半年业绩符合预期，现金充裕支持股份回购 2024 上半年业绩大致符合预期：收入同比增 29.7%至 19.6 亿元人民币（下 同），和我们的预测基本一致（为我们全年预测 41 亿元的 47.8%）。整体 毛利率同比下跌 2.2 个百分点至 25.9%，比我们全年预测 24.9%略高。净利 润同比增 12.1%至 2.78 亿元，为我们全年利润预测约 50.5%。每股中期股 息拟定为0.1港元（2023年上半年：0.089港元），派息比率维持在50%。 在管面积扩张至 66.7 百万平方米：截至 2024 年 6 月，在管面积/合约面积 环比增长 14.6%/13.5%至 8,880 万/6,670 万平方米。上半年新签约项目 59 个，新签合约面积为926万平方米，其中约599万平方米来自第三方项目， 占 65%。鉴于外拓能力提升 ...

2024 年 8 月 26 日 公司研究 非商业板块高速增长，大湾区竞争优势明显 ——越秀服务（6626.HK）2024 年中期业绩点评 要点 事件：越秀服务 2024H1 营收同比+30%，归母净利润同比+12%，派息比率 50%。 公司发布 2024 年中期业绩公告，实现收入 19.6 亿元，同比增长 29.7%，其中 非商业板块收入 16.0 亿元，同比+32.3%，商业板块收入 3.6 亿元，同比+19.2%； 毛利率 25.9%，归母净利润 2.8 亿元，同比增长 12.1%。截至 2024 年 6 月 30 日，公司在管面积 6670 万平，合约面积 8880 万平，公司宣派 2024 年度中期 股息每股 0.1 港元，派息比率为 50%。 点评：非商业板块高速增长，大湾区竞争优势明显，现金充裕中期分红慷慨。 1）商业板块稳步复苏，非商业板块高速增长。2024 年上半年，公司非商业/商 业板块收入占比分别为 81.7%/18.3%，非商业板块是主要的收入贡献来源，其 中物业管理/社区增值/非业主增值服务收入增速分别为 31.2%/61.2%/0.7%，得 益于在管面积的快速扩张，基础物管保持较高增 ...