[Table_StockInfo] 2026 年 01 月 26 日 证券研究报告•公司动态跟踪报告 新 大 正（002968）房地产 目标价：17.76 元（6 个月） 买入 （维持） 当前价：13.76 元 经营提效与并购增利并进，迈入发展新阶段 | 指标/年度 [Table_MainProfit] | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3387.20 | 3719.76 | 7470.47 | 8070.84 | | 增长率 | 8.32% | 9.82% | 100.83% | 8.04% | | 归属母公司净利润（百万元） | 113.77 | 119.24 | 251.27 | 298.31 | | 增长率 | -28.95% | 4.80% | 110.72% | 18.72% | | 每股收益 EPS（元） | 0.50 | 0.53 | 1.11 | 1.32 | | 净资产收益率 ROE | 10.12% | 9.84% | 11.97% | 12.85% | | PE ...

南财智讯1月28日电，新大正在投资者关系活动中表示，嘉信立恒是少有的国内规模领先的独立第三方 IFM服务商，若剔除服务自身地产板块的业务部分，可跻身国内FM行业前列；标的公司净利率整体维 持在4%左右水平，其中大陆业务净利率维持在4.5%左右，香港地区因管理人员人工成本偏高导致盈利 能力偏弱。 ...

Q3:标的公司的应收账款情况和商誉情况如何？ A： 报告期各期末，标的公司应收账款账龄构成情况如下 单位：万元 | 账龄 | 2025.8.31 | 2024.12.31 | 2023.12.31 | | --- | --- | --- | --- | | 0-3 月 | 74,778.97 | 71,147.16 | 65,885.34 | | 3-6 月 | 5,716.82 | 4,966.31 | 5,452.21 | | 6-12 月 | 1,808.29 | 1,090.82 | 1,206.16 | | 1-2 年 | 672.59 | 902.03 | 448.57 | | 2-3 年 | 267.63 | 287.02 | 128.97 | | 3-4 年 | 157.10 | 115.89 | 75.23 | | 4-5 年 | 95.89 | 70.21 | 106.80 | | 5 年以上 | 460.51 | 390.30 | 283.50 | | 账面余额合计 | 83,957.79 | 78,969.73 | 73,586.79 | | 减：坏账准备 | 1,948.25 | 1 ...

Market Overview - The real estate service sector increased by 1.03% on January 28, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - TeFa Service (300917) closed at 38.68, up 2.33% with a trading volume of 65,900 shares and a transaction value of 253 million [1] - Wo Ai Wo Jia (000560) closed at 3.03, up 1.68% with a trading volume of 1.5174 million shares and a transaction value of 458 million [1] - Ningbo Fuda (600724) closed at 6.82, up 1.64% with a trading volume of 197,200 shares and a transaction value of 135 million [1] - Other notable performances include: - Zhaoshang Jiyu (001914) at 11.73, up 1.12% [1] - Shilianhang (002285) at 2.73, up 1.11% [1] - ST Mingcheng (600136) at 1.71, up 0.59% [1] - New Dazheng (002968) at 13.34, up 0.53% [1] - Nandu Property (603506) at 14.16, unchanged [1] - Zhujiang Co. (600684) at 4.47, down 0.45% [1] - Huangting International (000056) at 2.02, down 1.46% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 55.558 million from institutional investors, while retail investors experienced a net outflow of 40.3931 million [2] - Notable capital flows for individual stocks include: - Wo Ai Wo Jia (000560) had a net inflow of 55.6157 million from institutional investors [3] - Ningbo Fuda (600724) had a net inflow of 7.4156 million from institutional investors [3] - TeFa Service (300917) had a net inflow of 6.7338 million from institutional investors [3] - Zhaoshang Jiyu (001914) had a net inflow of 4.7044 million from institutional investors [3] - ST Mingcheng (600136) had a net inflow of 3.8735 million from institutional investors [3] - Conversely, stocks like Zhongtian Service (002188) and Huangting International (000056) experienced significant net outflows from institutional investors [3]

证券之星消息，1月27日房地产服务板块较上一交易日下跌1.16%，新大正领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。房地产服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600724 | 宁波富达 | 6.71 | 0.60% | 15.43万 | | 1.04亿 | | 001914 | 招商积余 | 11.60 | -0.26% | 8.55万 | 9881.55万 | | | 000056 | 皇庭国际 | 2.05 | -0.49% | 27.20万 | 5538.81万 | | | 603506 | 南都物业 | 14.16 | -0.91% | - 3.51万 | 4942.64万 | | | 002188 | 中天服务 | 6.75 | -1.03% | 16.08万 | | 1.07亿 | | 000560 | 我筹找家 | 2.98 | -1.65% | 149.51万 | | ...

证券研究报告 新大正 (002968 CH) 拟开展重大收并购，助力规模跃升、 业务延展、区域补强 | सह - | | --- | | 6 | | 泰研 | | 究 | 拟收购国内综合设施管理服务商，定价公允 嘉信立恒成立于 2020 年，由中信资本投资设立，通过收并购整合了安锐盟、 斯卡伊、杜斯曼、道威、朗杰、天纳等多个品牌，致力于打造中国领先的综 合设施管理服务商。25E 营收、剔除股份支付的归母净利润（基于 1-8M25 业绩表现年化计算）分别为 30.5、1.1 亿元，23-25E 年化增速分别为 4%/15%。本次交易对价 9.17 亿元（其中 50%通过现金支付、50%通过发 行股份支付），对应嘉信立恒 25PE 为 8.4 倍，远低于主流上市物管公司平 均 PE(TTM)14.7 倍（截至 1 月 26 日，剔除负值），我们认为定价较为合 理、亦符合当前物管收并购市场的整体水温。 有望为公司带来规模跃升、业务延展、区域补强三重增益 若交易落地，我们认为公司有望迎来三重增益：1、营收规模大幅跃升、行 业话语权增强，24 年公司营收将从 34 亿元提升至 64 亿元，在主流上市物 管公司中的排名将 ...

Summary of the Conference Call on Xinda Zheng's Acquisition of Jiaxing Liheng Company and Industry Overview - **Company**: Xinda Zheng - **Acquisition Target**: Jiaxing Liheng, a leading third-party FM (Facility Management) provider in China - **Industry**: Transition from traditional property management (PM) to integrated facility management (IFM) Key Points and Arguments - **Acquisition Details**: Xinda Zheng acquired 75% of Jiaxing Liheng, marking a strategic shift towards IFM to overcome development bottlenecks and achieve business upgrades [2][3] - **Financial Performance of Jiaxing Liheng**: Expected revenue for 2024 is nearly 3 billion yuan, with a profit of approximately 117 million yuan. The company primarily serves B-end clients, with key accounts contributing over 100 million yuan annually [2][4] - **Acquisition Structure**: The acquisition was structured as 50% equity and 50% cash payment, with no change in the controlling shareholders. CITIC Capital becomes a significant shareholder, enhancing governance and providing support [2][6] - **Goodwill Impact**: The acquisition is expected to generate around 400 million yuan in goodwill, which may decrease as variable net assets increase post-transaction. Preliminary reports indicate goodwill of about 530 million yuan [2][8] - **Market Positioning**: Jiaxing Liheng has a strong local advantage, with a young and market-oriented team. Its client base is concentrated in advanced manufacturing, new energy, and other sectors, complementing Xinda Zheng's offerings [2][9] Growth Expectations - **Future Growth Projections**: Jiaxing Liheng is expected to maintain a growth rate of approximately 10% in mainland China over the next three years, aligning with the average growth rate of the FM sector [2][10] - **Hong Kong Market Recovery**: Business in Hong Kong is anticipated to return to growth after April 2026, contributing positively to overall performance [2][10] Strategic Integration and Operational Efficiency - **Integration Strategy**: Xinda Zheng aims to create a dual-driven model of PM and FM, enhancing operational precision and standardized management. This integration is expected to reduce selling and administrative expenses, leading to profit growth [2][14] - **Team Characteristics**: The youthful and dynamic team at Jiaxing Liheng is a key factor in the acquisition decision, with plans to leverage their capabilities for market expansion and customer service [2][13][14] Market Dynamics - **Competitive Landscape**: The property management and FM sectors are experiencing significant changes, with traditional competitors lagging and new entrants emerging. This acquisition positions Xinda Zheng favorably in a competitive market [2][13] Conclusion - **Long-term Vision**: The acquisition of Jiaxing Liheng is a pivotal move for Xinda Zheng, aiming to redefine its business model and enhance its market position in the evolving property management landscape [2][3][11]

Core Viewpoint - New Dazheng Property Group Co., Ltd. plans to acquire 75.15% of Jiaxin Liheng Facility Management Co., Ltd. for 917 million yuan through a combination of share issuance and cash payment, pending regulatory approval [2] Group 1: Acquisition Details - The acquisition involves a supplemental agreement and is part of a broader strategy by New Dazheng to enhance its capabilities and market position [2] - Jiaxin Liheng has grown from a regional player to a national enterprise, covering 32 provinces and cities, serving over 2,700 clients, and managing more than 3,800 projects [2] Group 2: Strategic Integration - The integration process faced challenges due to the independence of each acquired company, but a strong team culture has developed over time [4] - Jiaxin Liheng is viewed as a platform enterprise, emphasizing deep strategic integration rather than mere financial mergers [5] Group 3: Future Strategy and Market Outlook - New Dazheng's acquisition is seen as not just asset integration but also capability enhancement, strategic collaboration, and value reconstruction [5] - The current A-share market is experiencing a resurgence in mergers and acquisitions, with expectations for continued growth in this area [6]

Group 1 - The core viewpoint of the article highlights the strategic partnership between Xinjiazhen and Xincheng Capital, focusing on the acquisition of a stake in Jiaxin Liheng, which signifies a significant asset restructuring in the property management and facilities management sectors [3] - Xinjiazhen, established in 1998, specializes in the operation and management of smart city public spaces and building facilities, with a diversified strategy encompassing six major business areas, including campus services, medical logistics, aviation services, public property, urban services, and FM management [1] - Xincheng Capital has invested in seven facilities management companies since 2018, creating Jiaxin Liheng to integrate these businesses, which has expanded its operations to cover 32 provinces and cities nationwide, serving over 2,700 clients and managing more than 3,800 projects [1] Group 2 - The collaboration between Xinjiazhen and Jiaxin Liheng is expected to create new opportunities for synergistic development, reinforcing their leading positions in the industry and establishing a more competitive benchmark enterprise [1] - Both Xincheng Capital and Jiaxin Liheng express strong confidence in the long-term growth of China's property management and facilities management sectors, with Xinjiazhen positioned as an industry leader with significant potential [1]

1月23日晚间，新大正公告，公司拟通过发行股份及支付现金的方式向TS Capital Facility Management HoldingCompany Limited（以下简称"信宸设施管 理"）等8名交易对方购买其合计所持有的嘉信立恒设施管理（上海）有限公司（以下简称"标的公司""嘉信立恒"）75.1521%股权（对应2,306.9737 万元注 册资本），交易价格为9.17亿元。同时，向不超过35名特定投资者发行股份募集配套资金，总额不超过4.59亿元。交易完成后，这家以公建物业见长的物 业公司将正式切入综合设施管理（IFM）赛道，意图打造"物业管理+设施管理"双轮驱动格局。 本次交易完成后，公司总股本将增至281,594,090 股，信宸设施管理及其一致行动人将持有公司42,016,052股，合计持股比例将达到14.92%，将成为公司持 股5%以上的股东。 本次交易前后公司控股股东均为王宣女士，实际控制人均为王宣女士及其一致行动人李茂顺先生，本次交易前后，未导致上市公司控制权发生变化。 根据公告，本次交易构成重大资产重组，构成关联交易，但不构成重组上市。交易尚需履行相关决策和审批程序，包括上市公司股 ...