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 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,868 million, representing a year-on-year growth of 20.0%[2] - Revenue from non-commercial property management and value-added services was RMB 3,134 million, up 19.2% year-on-year, while revenue from commercial property management and operation services was RMB 734 million, an increase of 23.7%[2] - Profit attributable to the owners of the company was RMB 353 million, down 27.5% year-on-year, primarily due to goodwill impairment during the year[2] - Core net profit, excluding the impact of goodwill impairment, was RMB 512 million, representing a year-on-year increase of 5.1%[2] - The net profit for the year ending December 31, 2024, was RMB 285,770 thousand, compared to RMB 499,882 thousand in 2023, indicating a decrease of approximately 43%[29] - The pre-tax profit for 2024 was RMB 462,499 thousand, down from RMB 687,142 thousand in 2023, indicating a decline of about 32.7%[54] - The net profit for the year was RMB 285.8 million, a decrease of 42.8% from RMB 499.9 million in the previous year, with a net profit margin of 7.4%[150] - The profit attributable to the company's owners was RMB 352.9 million, down 27.5% from RMB 487.0 million, while core net profit increased by 5.1% to RMB 512 million[151] Assets and Liabilities - Total non-current assets increased significantly to RMB 2,617 million from RMB 533 million year-on-year[7] - Cash and cash equivalents decreased to RMB 2,004 million from RMB 4,695 million year-on-year[7] - Total equity as of December 31, 2024, was RMB 3,587 million, slightly down from RMB 3,620 million in the previous year[8] - The total assets as of December 31, 2024, amounted to RMB 6,616,335 thousand, an increase from RMB 6,407,144 thousand in 2023, reflecting a growth of about 3%[34] - The total liabilities as of December 31, 2024, were RMB 3,028,656 thousand, compared to RMB 2,786,689 thousand in 2023, which is an increase of approximately 9%[34] - The total amount of other receivables, prepayments, and deposits increased to RMB 619,046 thousand in 2024 from RMB 453,432 thousand in 2023, marking a significant growth[78] - The total accounts payable and notes payable rose to RMB 651,499 thousand in 2024, up from RMB 399,277 thousand in 2023, indicating increased operational activity[77] Dividends - The board proposed a final dividend of HKD 0.083 per share, equivalent to RMB 0.078 per share, bringing the total dividend for the year to HKD 0.183 per share, or RMB 0.169 per share[2] - The proposed final dividend for 2024 is HKD 0.083 per share, totaling approximately RMB 115 million, pending shareholder approval[60] - The company proposed a final dividend of HKD 0.083 per share, equivalent to approximately RMB 0.078 per share, down from RMB 0.079 per share in the previous year[154] Operational Highlights - The total managed area as of December 31, 2024, was 69.31 million square meters, reflecting a year-on-year growth of 6.3%[2] - The company signed 85 new projects in 2024, with a total contracted area of 13 million square meters[91] - As of December 31, 2024, the company managed 437 projects, covering a total area of 69 million square meters, representing a year-on-year increase of 6.3%[102] - The total number of contracted projects increased to 508, with a total contracted area of 88.7 million square meters, reflecting a year-on-year growth of 6.3%[102] - The company expanded its Integrated Facility Management (IFM) product system, achieving contract amounts exceeding RMB 60 million, indicating successful market expansion efforts[89] - The company maintained a high occupancy rate in community commercial properties while exploring innovative business models, such as self-operated coffee services[89] - The company achieved a customer satisfaction response rate of 99.4%, reflecting its commitment to service quality improvement[87] Financial Reporting and Governance - The company submitted its financial statements for the year ending December 31, 2023, in accordance with the Companies Ordinance[13] - The auditor's report on the group's financial statements for the two years was unqualified, with no emphasis of matter or statements made under sections 406(2), 407(2), or (3) of the Companies Ordinance[14] - The group adopted revised Hong Kong Financial Reporting Standards for the first time this year, with no significant financial impact on the consolidated financial statements[17] - The audit committee has reviewed the group's financial statements and found no disagreements with the external auditors regarding accounting principles and policies[183] - The company has complied with all provisions of the Corporate Governance Code as per the listing rules during the year[176] Market and Strategic Focus - The company plans to focus on strategic cities and high-quality sectors such as corporate headquarters and universities to optimize project quality and expand market presence[97] - The company will strengthen self-operated businesses, creating a community service platform to connect supply and demand effectively[99] - The company emphasizes sustainable development and corporate social responsibility while striving to become a trusted leader in smart services[99] - The company aims to enhance service quality through digital applications and AI tools, improving customer experience and operational efficiency[96] Employee and Shareholder Information - The group has a total of 10,422 full-time employees in China and Hong Kong as of December 31, 2024, with total employee costs amounting to RMB 1,120.1 million[175] - The company repurchased a total of 11,558,500 ordinary shares during the year, at a total cost of approximately HKD 37 million[179] - Of the repurchased shares, 10,757,500 ordinary shares were cancelled during the year, with the remaining 801,000 shares to be cancelled in January 2025[180] Impairments and Costs - The company recognized a goodwill impairment of RMB 236,866 thousand in 2024, which was not present in 2023[49] - Intangible assets decreased significantly from RMB 332.9 million to RMB 85.4 million, primarily due to goodwill impairment of approximately RMB 236.9 million[155] - The cost of subcontractors for renovation and other services increased from RMB 399,693 thousand in 2023 to RMB 555,203 thousand in 2024, an increase of approximately 38.9%[49] - Administrative expenses rose by 6.1% to RMB 296.4 million, attributed to business expansion and new investments in smart and health-related initiatives[146]

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 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's revenue for the first half of 2024 reached RMB 19.60 billion, a year-on-year increase of 29.7%, slightly exceeding expectations [3] - Net profit attributable to the parent company was RMB 2.78 billion, up 12.1% year-on-year, in line with expectations [3] - The company's community value-added services revenue grew significantly, reaching RMB 6.45 billion, a year-on-year increase of 61.2%, with home improvement business revenue surging 207.0% to RMB 2.45 billion [3] - The company's gross margin declined by 2.2 percentage points to 25.9%, mainly due to lower gross margins in property management services, non-owner value-added services, and community value-added services [3] - The company's contracted area reached 88.81 million square meters, up 6.4% from the end of 2023, with 65% of new contracted areas coming from third parties [3] - The company's cash and cash equivalents totaled RMB 4.87 billion, 1.17 times its market capitalization as of August 20, 2024 [3] - The company initiated a share repurchase plan and maintained a 50% interim dividend payout ratio, enhancing shareholder returns [3] Financial Performance - Revenue for 2024H1: RMB 19.60 billion (+29.7% YoY) [3] - Net profit attributable to the parent company for 2024H1: RMB 2.78 billion (+12.1% YoY) [3] - Gross margin for 2024H1: 25.9% (-2.2 pct YoY) [3] - Contracted area as of June 2024: 88.81 million square meters (+6.4% from end of 2023) [3] - Cash and cash equivalents as of June 2024: RMB 4.87 billion [3] Business Analysis - Community value-added services revenue: RMB 6.45 billion (+61.2% YoY), with home improvement business revenue at RMB 2.45 billion (+207.0% YoY) [3] - Property management services gross margin: 15.4% (-0.6 pct YoY) [3] - Non-owner value-added services gross margin: 28.7% (-3.8 pct YoY) [3] - Community value-added services gross margin: 30.5% (-5.0 pct YoY) [3] - New contracted area in 2024H1: 9.26 million square meters (+12.1% YoY), with 65% from third parties [3] Valuation and Forecast - 2024-2026 net profit forecast: RMB 5.6 billion, RMB 6.4 billion, and RMB 7.2 billion, with year-on-year growth rates of 14.6%, 13.8%, and 12.7%, respectively [4] - 2024-2026 PE ratios: 7.46x, 6.56x, and 5.82x [4] - 2024-2026 revenue forecast: RMB 40.47 billion, RMB 49.29 billion, and RMB 57.66 billion, with year-on-year growth rates of 25.53%, 21.80%, and 16.99%, respectively [5] - 2024-2026 ROE forecast: 15.02%, 15.78%, and 16.37% [5] Shareholder Returns - Interim dividend per share: HKD 0.10, implying a full-year dividend yield of nearly 7% based on the closing price of HKD 2.99 on August 20, 2024 [3] - Share repurchase plan: Up to 30.44 million shares, representing 2% of the total shares before the repurchase [3] - Actual repurchase as of August 20, 2024: 2.93 million shares, representing 0.19% of the total shares before the repurchase [3]

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 容而引致的任何損失承擔任何責任。 （在香港註冊成立的有限公司） （股份代號：06626） 截至二○二四年六月三十日止六個月的 中期業績公告 | --- | --- | |-------|--------------------------------------------------------------------------| | | | | | 截至二○二四年六月三十日止六個月業績摘要 | | ‧ | 總收入為人民幣 1,960.2 百萬元，同比增長 29.7% ，其中： | | | (i) 自非商業物業管理及增值服務所得收入為人民幣 1,601.3 百萬元，同比增 | | | 長 32.3% ；及 | | | (ii) 自商業物業管理及運營服務所得收入為人民幣 358.9 百萬元，同比增長 | | | 19.2% 。 | | ‧ | 毛利率為 25.9% 。 | | ‧ | 本公司擁有人應佔盈利為人民幣 277.7 百萬元， ...

先来参加我们这个电话会昨天的话是520然后呢越秀服也公告了这个回购的这个计划市场昨天也给了一个比较积极的反馈然后我们今天呢非常荣幸啊邀请到越秀服的资本运营总监万总以及于总呢和大家做一个这样的这个交流那下面的话我们先请于总简单介绍一下公司这个回购的这个计划以及公司一到四月的这个经营的情况然后进入我们这个问答的环节啊现在时间交给于总 各位投资人朋友们好我是资本经营总监王思宇接下来的话我来简单说一下昨天公告的股权应该说是回购股票回购的计划其实基本上公告的内容也写的比较清楚了我们的回购的话主要就是 呃就是是这个公司的资金的情况以及公司的整体的运营情况来做出这个决定的那呃这个量来说的话呢就是我们是用股数来进行这个公告的就是不超过2%就是留在这个整体呃股数的这个就是2%的这样的一个量来进行这个回扣的这个计划的 那这个因为这个2%的话是在我们一般授权就是在股东大会的这个一般授权里面的话呢是已经是有一个10%的一个一般授权在这里的那所以就是这个2%的话呢是可以就是那个一般授权是可以透过到的那所以的话呢就我们就做了这样的一个自愿性的这样的一个公告 那就是可能投资者也会问就是说在这个就是就是说我们的计划或者说就是在金额上的这种这 ...