Financial Performance - The company's operating revenue for Q1 2024 was ¥866,795,193.71, representing a 19.54% increase compared to ¥725,078,917.78 in the same period last year[5] - Net profit attributable to shareholders decreased by 16.85% to ¥39,404,831.73 from ¥47,392,634.59 year-on-year[5] - Total operating revenue for the first quarter reached ¥866,795,193.71, an increase of 19.5% compared to ¥725,078,917.78 in the previous period[20] - Net profit for the quarter was ¥43,530,484.07, a decrease of 8.6% from ¥47,565,107.90 year-over-year[21] - Basic and diluted earnings per share were both ¥0.17, down from ¥0.21 in the previous year[21] Cash Flow - The net cash flow from operating activities was -¥280,306,472.66, a decline of 42.55% compared to -¥196,638,596.62 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥280,306,472.66, worsening from a net outflow of ¥196,638,596.62 in the same period last year[22] - The company generated cash inflows from operating activities totaling ¥676,627,154.95, compared to ¥534,737,144.10 in the previous period, reflecting a growth of 26.5%[22] - Cash and cash equivalents at the end of the period totaled ¥302,372,898.43, down from ¥384,863,384.52 at the end of the previous period[23] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥2,014,564,856.40, down 1.83% from ¥2,052,215,857.33 at the end of the previous year[5] - Total assets as of March 31, 2024, amounted to CNY 2,014,564,856.40, a decrease from CNY 2,052,215,857.33 at the beginning of the period[16] - Total liabilities decreased to CNY 761,903,394.67 from CNY 831,923,124.27, a reduction of approximately 8.4%[18] - The company reported a decrease in current liabilities from CNY 777,876,963.20 to CNY 701,190,525.26, a decline of approximately 9.8%[18] Equity and Shareholder Information - The company's equity attributable to shareholders increased to CNY 1,221,819,315.16 from CNY 1,193,720,733.43, showing an increase of about 2.4%[18] - The company’s total equity increased to CNY 1,252,661,461.73 from CNY 1,220,292,733.06, reflecting a growth of approximately 2.6%[18] - The number of common shareholders at the end of the reporting period was 13,627[14] - The largest shareholder, Wang Xuan, holds 28.66% of the shares, totaling 65,274,426 shares[14] Investment Activities - The net cash flow from investment activities was -¥788.09 million, a 97.04% increase in outflow compared to -¥399.96 million in the previous year[12] - The company reported a significant increase in investment income, rising 14,515.67% to ¥83.74 million from ¥0.57 million, due to profits from joint ventures[10] - The company reported an investment loss of ¥5,356,391.74, compared to a loss of ¥3,500,265.00 in the previous period[21] Operational Costs - Total operating costs amounted to ¥821,278,927.30, up 22.8% from ¥668,552,291.58 in the prior period[20] - The company incurred sales expenses of ¥10,445,622.00, an increase of 28.6% from ¥8,129,782.84 in the prior period[20] - The company’s management expenses decreased slightly to ¥44,982,096.35 from ¥46,905,707.14 year-over-year[20] Accounts Receivable and Cash Equivalents - Accounts receivable increased by 36.22% to ¥939,239,600 from ¥689,501,700, attributed to the expansion of the company's operations[8] - Cash and cash equivalents decreased to CNY 309,863,033.89 from CNY 615,818,361.36, representing a decline of approximately 49.7%[16] - Accounts receivable increased to CNY 939,239,600.21 from CNY 689,501,718.83, reflecting a growth of about 36.2%[16] - The company experienced a 49.68% decrease in cash and cash equivalents, dropping to ¥309,863,000 from ¥615,818,400, primarily due to year-end bonus payments[8]

分析师：李垚 Email：houxd@zts.com.cn 投资要点 2023 年公司实现新拓展项目中标总金额 18.76 亿元，饱和年化合同收入金额 9.69 亿 元，其中重庆以外区域市场项目占比约 65.82%，同比+26.54%。从收入结构看，2023 年 公司来自重庆区域的收入占比 34.98%，同比增长 5.32%，来自重庆之外区域占比 65.0 2%，同比增长 30.34%。公司全国化布局、深耕全国重点城市的"城市合伙人"战略得 到充分实践，完成了一家业务覆盖区域型企业到全国型企业的蜕变。 请务必阅读正文之后的重要声明部分 请务必阅读正文之后的重要声明部分 - 2 - 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力求独立、客 观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性和完整性，且本报告中 的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。本公司对本报告所含信息可在不发 出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。本报告所载的资料、工具、意见、信息及 推测只提供给客户作参考之用，不构成任何投资、 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an attractive valuation in the non-residential property management sector in A-shares [2][4]. Core Insights - The company reported a revenue of 3.1 billion yuan in 2023, a year-on-year increase of 20.4%, while the net profit attributable to the parent company was 160 million yuan, a decrease of 13.8% [9]. - The company is a leading third-party public building management firm, expanding its operations beyond Chongqing to strategic areas such as the Yangtze River Delta and the Greater Bay Area, with 90% of its projects acquired through bidding [2][8]. - The report adjusts the net profit forecasts for 2024-2026 to 190 million, 210 million, and 240 million yuan respectively, with corresponding EPS estimates of 0.82, 0.93, and 1.03 yuan [2][10]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue reached 3.1 billion yuan, up 20.4% year-on-year [9]. - Net profit attributable to the parent company was 160 million yuan, down 13.8% year-on-year [9]. - The company's gross margin decreased by 3.4 percentage points to 12.77% due to budget cuts from public building clients and increased market competition [8]. - Earnings Forecast: - The company expects EPS of 0.82, 0.93, and 1.03 yuan for 2024, 2025, and 2026 respectively, with P/E ratios of 10, 9, and 8 [2][10]. - Cash Flow: - The operating cash flow for 2023 was 226 million yuan, indicating a healthy cash generation despite the profit decline [10]. Business Expansion and Strategy - The company has actively expanded its project portfolio, with a total bid amount of 1.88 billion yuan for new projects in 2023, leading to a 30.3% increase in revenue from regions outside Chongqing [8]. - The company has diversified its service offerings, achieving positive growth across various sectors, including office, public, school, residential, and aviation services [8]. - The report highlights the company's strategic acquisitions in the aviation sector, enhancing its specialized service capabilities [8].

[Table_RightTitle] 证券研究报告|房地产 [Table_BaseData] 基础数据 数据来源：聚源，万联证券研究所 14.3%/14.3%/184.3%。 盈利预测与投资建议：2023 年由于行业竞争加剧等因素影响公司毛利率持 续承压，2024 年公司计划通过业态聚焦、城市聚焦、新赛道聚焦，夯实特 色化差异化发展优势，基于 2023 年业绩表现我们下调公司业绩预测，预计 24-26 年归母净利润分别为 1.8/2.1/2.4 亿元（2024-2025 年原盈利预测 结果为 2.1/2.5 亿元），维持"买入"评级。 风险因素：市场竞争持续加剧、公司项目外拓不及预期、项目转化不及预 期、毛利率持续下降等 [Table_Pagehead] 证 券 研 究 报 告 公司点评报告 公司研究 [Table_Title] 利润端承压，重点业态稳中有进 [Table_Summary] 事件:4 月 12 日，公司披露了 2023 年年度报告，2023 年度公司营业收入实 现 31.27 亿元，同比增长 20.35%；实现归属于上市公司股东的净利润 1.6 亿元，同比下降 13.83%。公司拟向全体股东给 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][24]. Core Views - The company's performance remains under pressure, with a revenue growth of 20.4% year-on-year in 2023, while net profit attributable to shareholders decreased by 13.8% [3]. - The company is actively expanding across multiple business segments despite the challenges faced in profitability [3]. - The company has a strategic focus on non-residential property management, particularly in sectors such as education, public services, and aviation, where it has established a strong reputation [3]. Financial Summary - In 2023, the company achieved a total revenue of 3.13 billion yuan, with a gross profit margin of 12.8% and a net profit margin of 5.1% [3][13]. - The company plans to distribute a cash dividend of 2.85 yuan per 10 shares, corresponding to a dividend payout ratio of 40% and a dividend yield of 3% [3]. - The company reported a new project bidding amount of approximately 1.88 billion yuan in 2023, with an annualized contract amount of 970 million yuan [3]. Business Segment Performance - Revenue contributions from various segments in 2023 were as follows: office properties (41%), public properties (25%), educational properties (14%), residential properties (11%), and aviation properties (9%) [3]. - The company has seen significant growth in its public property segment, with a year-on-year increase of 40% [3]. - The company continues to enhance its national operational layout, with projects outside Chongqing accounting for 65.8% of its total projects by the end of 2023, an increase of 5.6 percentage points year-on-year [3]. Future Projections - The company has revised its net profit forecasts for 2024 and 2025 to 176 million yuan and 196 million yuan, respectively, down from previous estimates due to increased competitive pressures and economic headwinds [3]. - The projected net profit for 2026 is estimated at 210 million yuan [3].

Financial Performance - The company reported a total revenue of 500 million CNY for the fiscal year, representing a 12% increase compared to the previous year[16]. - The company's operating revenue for 2023 was ¥3,126,910,237.11, representing a year-on-year increase of 20.35% compared to ¥2,598,105,988.07 in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥160,127,514.06, a decrease of 13.83% from ¥185,662,462.63 in 2022[22]. - The company achieved operating revenue of 3.127 billion yuan in 2023, representing a year-on-year growth of 20.35%[56]. - The company reported a revenue of 263 million yuan from urban services, marking a remarkable growth of 184.34%[75]. - The company achieved a total of 27,132,000 shares held by directors, with a net decrease of 388,600 shares during the reporting period[147]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.85 CNY per 10 shares (including tax) to all shareholders[4]. - The company plans to distribute a cash dividend of 2.85 yuan per 10 shares, amounting to a total cash dividend of approximately 64.16 million yuan (including tax) for 2023[194]. - The total cash dividend represents 40.07% of the distributable profit of 160.13 million yuan[194]. - The company distributed a cash dividend of 3.00 RMB per 10 shares, totaling 68.38 million RMB (including tax) for the 2022 annual profit distribution plan[191]. Growth and Market Expansion - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by market expansion strategies[16]. - Market expansion efforts include entering three new cities, aiming to increase market share by 25% in the next two years[16]. - The company is focusing on expanding its urban services and innovative services as part of its strategic plan, aiming to enhance revenue and profit sources[32]. - The company has established a strong foundation for future growth, with revenue increasing from 1.055 billion yuan in 2019 to 3.127 billion yuan in 2023[60]. - The company plans to expand its market presence by entering three new cities in 2024, aiming for a 25% increase in market share[171]. Research and Development - The company is investing in new product development, allocating 10 million CNY towards R&D initiatives in smart property management technologies[16]. - The company is investing in technology development, allocating 100 million RMB towards R&D for innovative property management solutions[162]. - Research and development investments increased by 30%, focusing on smart property management technologies[171]. Operational Efficiency and Cost Management - The company has maintained a stable gross margin of 30% despite rising operational costs[16]. - The company aims to improve operational efficiency, targeting a 5% reduction in operational costs through process optimization[162]. - The company has set a goal to reduce operational costs by 10% through improved efficiency measures[171]. Strategic Partnerships and Acquisitions - A new strategic partnership has been established with a technology firm to integrate AI solutions into property management services[16]. - The company is exploring potential mergers and acquisitions to enhance service offerings and operational efficiency[16]. - The company is considering strategic acquisitions to enhance service offerings, with a budget of 300 million RMB earmarked for potential deals[162]. - New acquisitions include Chongqing Linxuan Environmental Technology Co., Ltd. and Chongqing Linhezhang Environmental Technology Co., Ltd., aimed at extending the municipal sanitation service industry chain[116]. Governance and Management Changes - The company has established a complete corporate governance structure with independent operational departments and no interference from shareholders[142]. - The company’s board of directors underwent a re-election process, resulting in the appointment of new independent directors[148]. - The company emphasized the importance of maintaining a strong governance structure through the recent board changes[148]. - The new management team is tasked with implementing innovative strategies to improve financial performance and market competitiveness[154]. Employee and Training Initiatives - The total number of employees at the end of the reporting period was 43,538, with 7,905 in the parent company and 35,633 in major subsidiaries[185]. - The company conducted 9 sessions of professional training for project managers, covering over 2,400 participants, and achieved a retention rate of 96.6% for the 2023 management trainees[188]. - The company has established a scientific and fair compensation mechanism, linking employee salaries to performance and competency[187]. Challenges and Market Conditions - The overall economic environment remains challenging, with the property management industry facing increased competition and pressure on profit margins[31]. - The company faces challenges from increased competition and rising operational costs, impacting net profit margins[79].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of 15% or more over the next six months [3][15]. Core Insights - The company reported a revenue of 3.13 billion yuan for 2023, reflecting a year-on-year growth of 20.4%. However, the net profit attributable to shareholders decreased by 13.8% to 160.13 million yuan, aligning with expectations [7]. - The decline in net profit is attributed to several factors, including a 3.4 percentage point drop in gross margin to 12.8%, increased credit impairment losses, and a higher proportion of minority interests in net profit [7]. - The company demonstrated resilience in market expansion, with a total new project bid amounting to 1.88 billion yuan and a stable annual contract revenue of 970 million yuan [7]. - The company has made significant strides in diversifying its business, particularly in the medical and elderly care sectors, with notable project wins in 2023 [7]. - Share buybacks and management's stock purchases reflect confidence in the company's future, with a proposed dividend of 0.285 yuan per share, representing a payout ratio of 40.1% [7]. Financial Forecasts - The company has adjusted its net profit forecasts for 2024 and 2025 to 180 million yuan and 210 million yuan, respectively, with an expected net profit of 230 million yuan in 2026. Corresponding EPS estimates are 0.80, 0.91, and 1.01 yuan for the same years [7]. - The projected P/E ratios are 11.9X for 2024, 10.6X for 2025, and 9.5X for 2026, indicating a favorable valuation trend [7].

新大正物业集团股份有限公司 内部控制自我评价报告 新大正物业集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和深交所内部控制监管 要求（以下简称"企业内部控制规范体系"），结合新大正物业集团股份有限公 司（以下简称"公司"或"本公司"）内部控制制度和评价办法，在内部控制日 常监督和专项监督的基础上，我们对公司 2023 年 12 月 31 日（内部控制评价 报告基准日）的内部控制有效性进行了评价。 一、重要声明 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制评价结果推测未来内部控制的有效性具有一定的风险。 二、内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定标准，于内部控制评价报告基准 日，本公司不存在财务报告内部控制重大缺陷。董事会认为，公司已按照企业内 部控制规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部 控制。 根据公 ...

证券代码：002968 证券简称：新大正 公告编号：2024-024 新大正物业集团股份有限公司 2023 年度募集资金存放与实际使用情况专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准重庆新大正物业集团股份有限公司首 次公开发行股票的批复》（证监许可〔2019〕1994 号）文核准，并经深圳证券 交易所同意，新大正物业集团股份有限公司（以下简称"公司"或"新大正"） 向社会公开发行人民币普通股（A 股）股票 17,910,667 股，发行价为每股人民 币 26.76 元，共计募集资金 47,928.94 万元，扣除各项发行费用人民币 4,461.64 万元后,实际募集资金净额为人民币 43,467.30 万元。天健会计师事务所(特殊普 通合伙)于 2019 年 11 月 26 日对本次发行股票资金到位情况进行了审验，并出具 了《验资报告》（天健验〔2019〕8-13 号）。 （二）募集资金使用和结余情况 以前年度，公司使用募集资金 24,848.58 万元 ...

新大正物业集团股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项审计说明 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 串网童 V7B117A074 您可使用手机"扫一扫"或进入"注册会计师行业统一出看是有执业许可的会计师事务所出具 的 报告编码:浙24FYP3G7EY 天健审〔 2024 〕8-118 号 新大正物业集团股份有限公司全体股东: 我们接受委托,审计了新大正物业集团股份有限公司(以下简称新大正公司) 2023 年度财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表,以及财务报表附注,并出具了审计报告。在此基础上,我们审计了后 附的新大正公司管理层编制的 2023 年度《非经营性资金占用及其他关联资金往 来情况汇总表》(以下简称汇总表)。 非经营性资金占用及其他关联资金往来情况的 专项审计说明 一、对报告使用者和使用目的的限定 本报告仅供新大正公司年度报告披露时使用,不得用作任何其他 ...