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]

[Performance Highlights](index=1&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E2%97%8B%E4%B8%80%E5%9B%9B%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) For the six months ended June 30, 2024, total revenue increased by 29.7% to RMB 1.96 billion, with profit attributable to owners growing 12.1% to RMB 278 million, and an interim dividend of HKD 0.100 per share proposed Key Performance Indicators for 2024 Interim Results | Metric | 2024 Interim | YoY Growth | | :--- | :--- | :--- | | Total Revenue | RMB 1,960.2 Million | +29.7% | | - Non-commercial Property Management and Value-added Services Revenue | RMB 1,601.3 Million | +32.3% | | - Commercial Property Management and Operations Services Revenue | RMB 358.9 Million | +19.2% | | Gross Profit Margin | 25.9% | - | | Profit Attributable to Owners of the Company | RMB 277.7 Million | +12.1% | | Basic Earnings Per Share | RMB 0.18 | - | | Proposed Interim Dividend | HKD 0.100 per share | - | | Dividend Payout Ratio | 50% | - | - As of the period end, the company's contracted GFA reached **88.8 million sq.m.**, with GFA under management at **66.7 million sq.m.**[2](index=2&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) During the reporting period, revenue increased by 29.7% to RMB 1.96 billion, gross profit grew 19.4% to RMB 507 million, and profit attributable to owners rose 12.1% to RMB 278 million, resulting in basic earnings per share of RMB 0.18 Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Item (RMB thousands) | 2024 (Unaudited) | 2023 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,960,175 | 1,511,846 | +29.7% | | Gross Profit | 507,362 | 424,962 | +19.4% | | Profit Before Tax | 394,338 | 350,896 | +12.4% | | Profit for the Period | 287,462 | 256,449 | +12.1% | | Profit Attributable to Owners of the Company | 277,675 | 247,691 | +12.1% | | Basic Earnings Per Share (RMB) | 0.18 | 0.16 | +12.5% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2024, total assets increased to RMB 7.0 billion and total equity to RMB 3.79 billion, with cash and term deposits totaling RMB 4.87 billion, indicating a robust financial position Statement of Financial Position Key Data (RMB thousands) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,004,825 | 6,407,144 | +9.3% | | Total Liabilities | 3,216,470 | 2,786,689 | +15.4% | | Total Equity | 3,788,355 | 3,620,455 | +4.6% | | Cash and Cash Equivalents | 2,733,155 | 4,695,204 | -41.8% | | Term Deposits | 2,133,001 | 9,062 | Significant Increase | | Trade Receivables | 761,121 | 573,524 | +32.7% | | Trade Payables | 628,828 | 399,277 | +57.5% | [Management Discussion and Analysis](index=18&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As of June 30, 2024, the Group's business expanded with contracted GFA growing 6.4% and GFA under management 2.2%, focusing on core regions like the Greater Bay Area, while residential property management fees increased and the company received multiple industry awards Business Scale Overview | Metric | June 30, 2024 | December 31, 2023 | Growth | | :--- | :--- | :--- | :--- | | Contracted Projects (Units) | 508 | 476 | +32 | | Contracted GFA (Million sq.m.) | 88.8 | 83.4 | +6.4% | | Projects Under Management (Units) | 418 | 408 | +10 | | GFA Under Management (Million sq.m.) | 66.7 | 65.2 | +2.2% | - Business development strategy adjusted to focus on regions with strong competitive advantages, such as the Greater Bay Area, where contracted GFA accounts for the highest proportion[34](index=34&type=chunk)[35](index=35&type=chunk) - Average residential property management fees increased from **RMB 2.7/sq.m./month** in the same period last year to **RMB 2.8/sq.m./month**[39](index=39&type=chunk) - The company received multiple awards, including '2024 China Property Service Top 100 Enterprises TOP12', affirming its industry leadership[42](index=42&type=chunk) [Future Outlook](index=24&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company will focus on enhancing service quality and operational efficiency through digital innovation, with strategic priorities including upgrading basic services, developing five major value-added service platforms, and pursuing high-quality growth through prudent investment and expansion - Basic Services: Iterating high-end service systems, establishing urban benchmarks, and enhancing customer satisfaction[43](index=43&type=chunk) - Value-added Services: Focusing on five major platforms—brokerage, new retail, home improvement, community commerce, and smart solutions—to incubate innovative business models[44](index=44&type=chunk) - Investment and Expansion: Optimizing market expansion mechanisms, focusing on high-quality targets, and pursuing high-quality scale development[45](index=45&type=chunk) [Financial Review](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2024, total revenue grew 29.7% to RMB 1.96 billion, driven by non-commercial and commercial property services, while gross profit increased to RMB 507 million, though overall gross margin declined from 28.1% to 25.9%, and net profit rose 12.1% to RMB 288 million with a 14.7% net margin Revenue by Business Segment (RMB thousands) | Business Segment | 2024 Interim | Proportion | 2023 Interim | Proportion | YoY Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Non-commercial Property Management and Value-added Services | 1,601,274 | 81.7% | 1,210,790 | 80.1% | +32.3% | | Commercial Property Management and Operations Services | 358,901 | 18.3% | 301,056 | 19.9% | +19.2% | | **Total** | **1,960,175** | **100.0%** | **1,511,846** | **100.0%** | **+29.7%** | - Revenue from independent third parties increased from **53.6%** to **60.8%**, indicating effective market expansion[48](index=48&type=chunk) - Community value-added services revenue significantly increased by **61.2%** year-on-year, becoming the primary growth driver for the non-commercial segment[52](index=52&type=chunk) Gross Profit and Gross Profit Margin by Business Segment | Business Segment | 2024 Interim Gross Profit Margin | 2023 Interim Gross Profit Margin | | :--- | :--- | :--- | | Non-commercial Property Management and Value-added Services | 24.4% | 27.3% | | Commercial Property Management and Operations Services | 32.4% | 31.5% | | **Overall** | **25.9%** | **28.1%** | - The overall gross profit margin decline was primarily due to the decrease in gross profit margin for non-commercial property management and value-added services, especially non-owner value-added services and community value-added services[58](index=58&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) As of June 30, 2024, the Group maintained a robust financial position with RMB 4.87 billion in cash and term deposits, zero bank borrowings, and a zero debt-to-asset ratio, with RMB 1.27 billion of global offering proceeds remaining for strategic acquisitions and service development - As of June 30, 2024, cash and cash equivalents and term deposits totaled **RMB 4.87 billion**[67](index=67&type=chunk) - The Group has no bank borrowings, maintaining a **zero debt-to-asset ratio**[67](index=67&type=chunk) Use of Proceeds from Global Offering (As of June 30, 2024) | Category | Unutilized Proceeds (RMB thousands) | Expected Timeline for Use | | :--- | :--- | :--- | | Strategic Acquisitions and Investments | 502,445 | By end of 2026 | | Development of Value-added Services | 217,221 | By end of 2026 | | Development of Information Technology Systems | 182,515 | By end of 2026 | | Promotion of ESG Development | 132,814 | By end of 2026 | | Replenishment of Working Capital | 231,648 | By end of 2026 | | **Total** | **1,266,643** | - | [Other Corporate Information](index=38&type=section&id=%E5%85%B6%E4%BB%96%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) [Interim Dividend](index=40&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of HKD 0.100 per share (equivalent to RMB 0.091 per share) for 2024, payable on or about September 20, 2024, to shareholders on record as of September 5, 2024 2024 Interim Dividend Details | Item | Details | | :--- | :--- | | Dividend Per Share | HKD 0.100 (equivalent to RMB 0.091) | | Shareholder Record Date | September 5, 2024 | | Payment Date | On or about September 20, 2024 | [Share Repurchases](index=39&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, the company repurchased 1,172,000 ordinary shares on the Stock Exchange in June 2024 for approximately HKD 3.7 million, at an average price of HKD 3.19 per share, demonstrating management's confidence in the company's value Share Repurchase Details (June 2024) | Item | Data | | :--- | :--- | | Number of Shares Repurchased | 1,172,000 Shares | | Highest Price Per Share | HKD 3.30 | | Lowest Price Per Share | HKD 3.09 | | Total Consideration Paid | HKD 3,744 thousands |

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 ...

Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 3,224 million, a 29.7% increase from RMB 2,486 million in 2022[8] - Gross profit for 2023 was RMB 857 million, with a gross margin of 26.6%, compared to a gross margin of 27.3% in 2022[8] - Net profit for 2023 was RMB 500 million, resulting in a net profit margin of 15.5%, down from 17.1% in the previous year[8] - The company reported earnings per share of RMB 0.32, an increase from RMB 0.27 in 2022[8] - The group's revenue for the year ended December 31, 2023, reached RMB 3,223.6 million, an increase of 29.7% compared to the previous year[86] - The group's net profit attributable to shareholders was RMB 487.0 million, representing a year-on-year growth of 17.0%[86] - The group maintained a gross profit margin of 26.6%, which remained stable compared to the previous year[86] - The total dividend for the year was HKD 0.176 per share, equivalent to RMB 0.160 per share, with a total payout ratio of 50%[86] Asset Management and Growth - The total assets as of December 31, 2023, amounted to RMB 6,407 million, up from RMB 5,948 million in 2022[8] - The company managed a total area of 41.21 million square meters, serving over 280,000 households as of December 31, 2023[25] - The company has achieved significant growth in contract area, reaching 83,448 thousand square meters in 2023, compared to 70,597 thousand square meters in 2022[11] - The total contracted area across various regions amounts to 83.45 million square meters, with the Guangdong-Hong Kong-Macao Greater Bay Area accounting for 46.79 million square meters[62] - By the end of 2023, the company managed a total of 476 contract projects, up from 387 the previous year, indicating a robust growth trajectory in project management[111] - The total contracted area increased to 83.4 million square meters as of December 31, 2023, representing an 18.2% year-on-year growth from 70.6 million square meters[115] - The managed area rose to 65.2 million square meters, a 26.2% increase compared to 51.7 million square meters as of December 31, 2022[115] Service Offerings and Customer Satisfaction - The company has developed three residential product systems: "Zhenyue," "Baiyue," and "Xiangyue," focusing on differentiated property services[23] - The company aims to enhance its asset management services by integrating "assets + services + operations" across various commercial property types[29] - The group is developing five value-added service platforms to enhance high-quality and high-value-added services, catering to diverse customer needs[43] - Customer satisfaction for residential properties scored 91 points, while commercial properties achieved a satisfaction score of 99.9 points[89] - The company aims to enhance service quality and customer satisfaction, focusing on differentiated competition and expanding service offerings in response to increasing customer demands[99] Strategic Initiatives and Partnerships - The group established a joint venture with Otis Elevator to enhance elevator management professionalism and explore smart building solutions[70] - The group signed a cooperation agreement with the Guangzhou Institute of Energy Research to promote green property management and develop low-carbon solutions[70] - The company has actively sought suitable acquisition opportunities during the year, utilizing part of the funds for feasibility studies and due diligence on potential targets[181] - The company has established an ESG committee to oversee sustainability management and performance, reflecting its commitment to environmental, social, and governance practices[195] Financial Management and Expenses - Administrative expenses increased by 32.4% to RMB 279.3 million, compared to RMB 210.9 million in the previous year[160] - The sales cost for the year was RMB 2,367.0 million, a 31.0% increase from RMB 1,806.8 million in 2022[153] - The income tax expense for the year was RMB 187.3 million, a 23.6% increase from RMB 151.6 million in the previous year, consistent with the growth in profit before tax[165] - The group's accounts receivable decreased by 5.0% from RMB 603.6 million to RMB 573.5 million, attributed to improved cash collection management[172] - The group's cash and cash equivalents increased to RMB 4,695.2 million, up from RMB 4,360.8 million, primarily due to cash generated from operating activities[177] Market Position and Recognition - The group was recognized as one of the top 14 property service companies in China by the China Index Academy[71] - The group improved its ESG rating from "BBB" to "A," the highest rating level for property management companies in mainland China[71] - The company received recognition as the 14th among the top 100 property service companies in China and improved its ESG rating to A from MSCI, the highest rating for property management companies in mainland China[98]

Equity Research 股 票 研 究 证 券 研 究 报 告 Change in Share Price [Table_PriceChange] 股价变动 1 M 1 个月 3 M 3 个月 1 Y 1 年 Abs. % 绝对变动 %8.9 13.8 (28.6) Rel. % to HS Index 相对恒指变动 %7.2 14.3 (15.6) Avg. Share price(HK$) 平均股价（港元） 2.7 2.6 2.9 Source: Bloomberg, Guotai Junan International. Company Report 公 司 报 告 Yuexiu Services (06626 HK) 越 秀 服 务 Equity Research Report 房 地 产 行 业 Property Sector [Table_Title] Company Report: Yuexiu Services (06626 HK) 中文版 Chunli Zhan 詹春立 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | - ...

[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 2024年03月21日 [Table_InvestInfo] 投资评级 优于大市 维持 收入净利稳定增长，全年派息率达 50% 股票数据 [Table_Summary] 0[3Ta月b2le0_日S收to盘ck价（In港fo元] ） 2.75 投资要点： 52周股价波动（港元） 2.32-3.89 总股本（百万股） 1522 事件：公司公告2023年年度业绩公告 总市值（百万港元） 4186  相关研究 收入净利稳定增长，股东回报不断提高。2023年，公司实现营业收入人民币 [《Ta越b秀le服_R务e（p 0o 6r 6t 2In 6.f Ho K] ）2023年中期业绩点  32.24 亿元，同比+29.7%；归母净利润人民币 4.87 亿元，同比+17.0%；毛 评：经营业绩稳定增长，首次宣派中期股息》 利率 26.6%，同比基本持平；每股基本盈利人民币 0.32 元，末期派息每股 2023.08.27 0.087港币，连同中期股息，2023年全年派息每股0.176港币，全年派息率 《立破并举 ...

2024年3月20日 公司研究 增值服务表现优秀，分红比例显著提升 ——越秀服务（6626.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：2.80港元 事件：越秀服务2023年营收同比+30%，归母净利润同比+17%，派息比率50%。 公司发布 2023 年度业绩公告，实现收入 32.2 亿元，同比增长 29.7%，其中非 商业板块收入26.3亿元，同比+35.5%，商业板块收入5.9亿元，同比+8.9%； 作者 毛利率26.6%，归母净利润4.9亿元，同比增长17.0%。 分析师：何缅南 执业证书编号：S0930518060006 截至 2023 年末，公司在管面积 6520 万平，合约面积 8340 万平，分别较上年 021-52523801 末增加26.2%和18.2%。2023年全年，公司派息比率为50%。 hemiannan@ebscn.com 点评：业绩符合预期，增值服务表现优秀，外拓力度增强，分红比例显著提升。 联系人：韦勇强 1)业绩符合预期，增值服务表现优秀。整体来看，公司2023年度业绩基本符合 021-52523810 我们预期（我们预测公司收入和归母净利润为32.5/ ...

2024年3月18日，公司发布2023年全年业绩：实现营业收入32.24 亿元，同比+29.7%；归母净利润4.87 亿元，同比+17.0%。 营收、归母净利润符合预期。随着公司商业及非商各项业务的稳 步推进，公司营收稳健增长。归母净利增速不及收入，主要由于 毛利率下滑，2023 年公司毛利率为 26.6%，同比下降 3.6 个百分 点，其中：①物业管理服务毛利率下滑0.3pct 至16.1%；②非业 主增值服务受地产下行拖累及业务结构影响，毛利率下滑 2.4pct 至 32.5%；③社区增值服务毛利率下滑 0.2pct 至 32.7%；④商业 港币(元) 成交金额(百万元) 运营及管理服务毛利率下滑0.2pct 至 29.4%；⑤市场定位咨询及 5.00 30 租户招揽服务毛利率下滑1.5pct至 42.0%。 25 管理规模稳步提升，积极践行多元化外拓。截至 2023 年末，公司 4.00 20 15 在管面积 6521 万方，同比+26.2%；合约面积 8345 万方，同比 3.00 10 +18.2%。全年公司新增第三方外拓合约面积 1064 万方，同比 5 +26.2%，其中商业及产业园、城市服务及 ...

证券研究报告·海外公司点评·地产(HS) 越秀服务（06626.HK） 2023 年业绩公告点评：管理规模稳健扩张， 2024年 03月 19日 TOD 全国化布局持续推进 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 执业证书：S0600523020003 营业总收入（百万元） 2,487 3,224 4,020 4,962 6,091 xiaoc@dwzq.com.cn 同比 29.63% 29.66% 24.66% 23.44% 22.75% 证券分析师 白学松 归母净利润（百万元） 416.10 487.02 590.19 711.70 855.14 执业证书：S0600523050001 同比 15.73% 17.04% 21.18% 20.59% 20.15% baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.27 0.32 0.39 0.47 0.56 P/E（现价&最新摊薄） 9.1 ...

交银国际研究 公司更新 内地房地产 收盘价 目标价 潜在涨幅 2024年3月19日 港元2.75 港元5.35 +94.5% 越秀服务 (6626 HK) 2023 年业绩符合预期，现金充裕支持并购及股份回购  2023 年业绩符合预期：2023 年收入同比增加 29.7%至 32.24 亿元人民币 个股评级 （下同），稍低于我们预测（33.49亿元） 约3.7%。由于外拓项目的贡献 比重增加（外拓项目的毛利率较低）以及部分非业主增值业务仍处于初期 买入 培育阶段，整体毛利率轻微下滑0.7个百分点至26.6%。净利润同比增长 17.1%至4.87亿元，大致符合我们预测（4.94亿元）。每股末期股息拟定 为人民币 7.9 分，加上中期股息，全年股息为人民币 16.0 分同比增加 1年股价表现 64.9%，派息率由35.6%提升至50.0%。 6626 HK 恒生指数 10%  在管面积稳步扩张：2023 年，在管面积/合约面积同比增长26.2%/18.2% 5% 0% 至6,521万/8,345万平方米。新增项目113个，新签合约面积为1,542万 -5% 平方米（同比+17.8%），其中约1,064万平方 ...