城管和城市管家这四类的项目那么我们在选取城市公共空间的项目拓展的时候也是比较注重合作的政府的财政状况那么我们也会挑选这方面给付能力比较高的一个地区去进行一个主要的拓展比如说像咱们长三角区域以及咱们的成渝还有大湾区这样子 所以我们其实去年的话看到液态的收缴率还是有接近88%的这样的一个水平那么今年的话我们在外拓的渠道来看差不多基本上还是以竞交持拓为主然后收兵购这边的话我们也是会有谨慎的去看市场上的有没有合适的优势的标的然后也要有合理的价格 但是目前的话我们还没有就是落地秋冰沟项目就是今年然后再来看一下商业的情况商业的话先看一下零售额的一个增幅五月份单月我们零售额的话整体是增长了18%统电的话差不多是增长了5%那么可以看到五月份单月这个统电的增长情况 比四月份是要略好一些但整体来说整个四五月份其实还是比较承受到那个宏观的这样的一个消费可能不太就是景气度欠佳的这样的一个压力那么 今年的话公司其实主要还是继续去做好自己在运营方面的各种动作包括去不断的去寻求最佳的租户组合那么去不断的去经济化的运营然后努力的去做到跑赢大势那看到累计的情况的话1到5月零售额整体是增长9% 肯定是7%这样的一个状况然后我们的出租率购物中心来 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price range of HKD 33.0 to HKD 37.7, indicating a potential upside of 3% to 18% from the current price of HKD 31.9 [6]. Core Insights - The company, China Resources Vientiane Life (01209.HK), is a leading residential property management and commercial operation enterprise in China, with a significant focus on high-end projects and strong operational capabilities [15][21]. - In 2023, the company reported a revenue of CNY 14.77 billion, representing a year-on-year growth of 22.9%, with a compound annual growth rate (CAGR) of 29.6% from 2020 to 2023 [24][30]. - The gross profit for the main business in 2023 was CNY 4.69 billion, up 30.0% year-on-year, with a CAGR of 37.0% from 2020 to 2023 [30]. Summary by Sections Company Overview - The company has a history of nearly 30 years in residential property management and 20 years in commercial operations, benefiting from the support of its parent company, China Resources Land [15][16]. - The management team is experienced, with a focus on talent development and integration of resources within the China Resources Group [19][21]. Residential Property Management - The residential property management business accounted for approximately 65% of total revenue in 2023, with a revenue of CNY 9.6 billion, growing by 23.1% year-on-year [24][30]. - The company has a managed area of 355 million square meters, with 38.6% coming from China Resources Land, ensuring stable growth in managed area [30]. Commercial Operations - The commercial operations segment, which includes shopping centers and office buildings, generated CNY 5.17 billion in revenue in 2023, reflecting a year-on-year growth of 22.6% [24][30]. - The company holds a leading position in the industry with a high average occupancy rate of 96.1% for its shopping centers, and it is expected to increase the number of operational shopping centers from 76 in 2023 to 117 by the end of 2027 [3][5][30]. Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are CNY 3.47 billion, CNY 3.92 billion, and CNY 4.49 billion, respectively, with corresponding earnings per share of CNY 1.52, CNY 1.72, and CNY 1.97 [6][7]. - The company’s gross profit margin improved to 31.8% in 2023, up from 30.1% in 2022, driven by the strong performance of the commercial operations segment [30].

Residential Property Management Services - Residential property management services under management: 1,731 projects with a total GFA of 355.3 million sq.m.[7] - Contracted residential property management projects: 1,931 projects with a total contracted GFA of 406.5 million sq.m.[7] - Residential property management services saw a 24.6% YoY growth in GFA under management, reaching 355.3 million sq.m.[11][13] - Contracted GFA for residential properties increased by 15.9% YoY to 406.5 million sq.m.[11][13] - Managed residential and other non-commercial properties increased to 1,731 projects, with a total GFA under management of 355.3 million sq.m., a YoY increase of 70.2 million sq.m.[28][29] - Contracted GFA for residential and other non-commercial properties reached 406,485 thousand sq.m., with 1,931 projects, while GFA under management was 355,339 thousand sq.m., with 1,731 projects[30] - Revenue from CR Land-managed residential properties was RMB3,731.3 million, while revenue from CR Group and third-party developers was RMB3,514.1 million, totaling RMB7,245.4 million[31] Commercial Operational Services (Shopping Malls) - Commercial operational and property management services: 184 shopping mall projects under management, including subleasing projects[7] - Opened shopping mall projects under commercial operational services: 101 projects, including subleasing projects[7] - Retail sales of shopping malls reached RMB181.2 billion, with 82 out of 101 shopping malls ranking top three in local market retail sales[8] - Commercial operational services for shopping malls experienced a 35.0% YoY growth in contracted GFA, reaching 20.4 million sq.m.[13] - Number of opened shopping malls increased to 101, with a total GFA of 11.0 million sq.m.[11] - Revenue from commercial operational and property management services for shopping malls increased by 30.5% YoY to RMB3,238.3 million, accounting for 21.9% of total revenue, with 98 opened shopping mall projects under management[34] - The Group provided commercial operational services to 98 shopping mall projects with an aggregate GFA of 10.6 million sq.m., with 81.4% of segment revenue coming from commercial operational and property management services[34] - Contracted GFA for shopping malls increased to 20,449 thousand sq.m. in 2023, up from 15,148 thousand sq.m. in 2022, representing a 35% growth[35] - Number of projects for contracted GFA in shopping malls rose to 179 in 2023, compared to 142 in 2022, a 26% increase[35] - GFA of opened projects in shopping malls reached 10,591 thousand sq.m. in 2023, up from 8,968 thousand sq.m. in 2022, an 18% growth[35] - Revenue from commercial operational services and property management services for shopping malls totaled RMB2,634.5 million in 2023, a 24% increase from RMB2,116.9 million in 2022[36] - Retail sales of shopping malls reached RMB 181.2 billion, a 43.3% year-on-year growth, with 101 shopping malls in operation[16] - The company signed 14 new commercial light asset expansion projects, all TOD projects in first and second-tier cities, with 83 shopping centers in reserve[16] - Shopping mall business achieved rental income of RMB22.0 billion, a YoY increase of 38.8%, with operating profit margin increasing by 5.0 percentage points to 64.7%[17] Commercial Operational Services (Office Buildings) - Contracted office projects under commercial operational services: 33 projects[7] - Opened office projects under commercial operational services: 26 projects[7] - Commercial operational services for offices saw a 5.2% YoY increase in contracted GFA, reaching 2.2 million sq.m.[13] - Revenue from office buildings' commercial operational and property management services grew by 11.3% to RMB1,928.0 million in 2023, accounting for 13.1% of total revenue[37][39] - Contracted GFA for office buildings' property management services increased to 18,784 thousand sq.m. in 2023, up from 15,181 thousand sq.m. in 2022, a 24% growth[40] - Number of projects for office buildings' property management services rose to 210 in 2023, compared to 170 in 2022, a 24% increase[40] - GFA under management for office buildings' property management services reached 14,820 thousand sq.m. in 2023, up from 11,996 thousand sq.m. in 2022, a 24% growth[40] - Revenue from property management services for office buildings totaled RMB1,795.8 million in 2023, a 12% increase from RMB1,605.2 million in 2022[41] - 93.1% of the segment revenue for office buildings was generated from property management services, with the remaining from commercial operational services[40] - Office business occupancy rate increased by 3.2 percentage points to 83.9% compared to the end of 2022[17] Financial Performance - Revenue grew by 22.9% to RMB 14,767 million, with gross profit increasing by 30.0% to RMB 4,694 million[14] - Net profit attributable to owners of the parent surged by 32.8% to RMB 2,929 million, with core net profit up by 31.2% to RMB 2,920 million[14] - Total assets increased by 7.5% to RMB 27,783 million, while total equity rose by 11.9% to RMB 16,036 million[14] - Gross profit margin improved by 1.7 percentage points to 31.8%, and net profit margin increased by 1.5 percentage points to 19.9%[14] - Revenue for the year ended 31 December 2023 was RMB14,767.0 million, a 22.9% increase YoY, driven by business M&A, market expansion, and growth in commercial operational and management services[52] - Cost of sales for 2023 was RMB10,072.7 million, up 19.8% YoY, primarily due to increased costs from business scale growth[53][54] - Gross profit for 2023 was RMB4,694.3 million, a 30.0% increase YoY, with a gross profit margin of 31.8%, up 1.7 percentage points[55][56] - Residential property management services gross profit margin was 17.5%, down 1.4 percentage points YoY due to a decrease in value-added service income proportion[57][58] - Commercial operational and property management services gross profit margin was 58.4%, up 7.7 percentage points YoY, driven by improved leverage and cost efficiency[59] - Marketing expenses for 2023 were RMB284.7 million, an 88.3% increase YoY, due to expanded market efforts and new commercial subleasing projects[59] - Administrative expenses for 2023 were RMB949.8 million, a 9.8% decrease YoY, due to cost control and management efficiency improvements[59] - Net profit for 2023 was RMB2,942.6 million, a 33.0% increase YoY[60] - Total bank deposits and cash as of 31 December 2023 were RMB11,646.8 million, mainly held in RMB[60] - Gearing ratio as of 31 December 2023 was 42.3%, a decrease of 2.3 percentage points YoY[60] - Net proceeds of RMB 11,600.4 million were raised, with RMB 1,185.7 million used during the year ended 31 December 2023, leaving RMB 7,191.5 million unused as of 31 December 2023[63] - 60% of the net proceeds (RMB 6,960.3 million) were allocated for strategic investments and acquisitions to expand property management and commercial operational businesses, with RMB 826.0 million used during the year and RMB 4,631.5 million remaining unused[63] - 15% of the net proceeds (RMB 1,740.1 million) were allocated for strategic investments in value-added services and supply chain, with RMB 210.0 million used during the year and RMB 1,317.6 million remaining unused[63] - 15% of the net proceeds (RMB 1,740.1 million) were allocated for investments in information technology systems and smart communities, with RMB 149.7 million used during the year and RMB 1,242.4 million remaining unused[63] - Final dividend per share increased by 54.2% to RMB0.481, with the dividend payout rate rising by 10 percentage points to 55%[21] Membership and Customer Engagement - Number of members exceeded 46 million, reflecting strong customer engagement[8] - The "MIXC Star" membership program exceeded 46.25 million members, with 12.25 million new members added in 2023[16] - The "E-MIXC" platform saw a 52% increase in monthly active users, driving in-store spending of RMB260 million[19] - Property management fee prepayment increased by nearly 200% due to the "MIXC Star" gift activity[19] - The Group aims to enhance its membership programs to attract new users, improve customer loyalty, and create cross-segment customer diversion through digital connections and enriched member benefits[45] Corporate Governance and Leadership - China Resources Land Limited holds a 72.29% stake in China Resources Mixc Lifestyle Services Limited[6] - China Resources (Holdings) Company Limited holds a 1.43% stake in China Resources Mixc Lifestyle Services Limited[6] - The company was ranked No. 1 in capital market excellence among listed property service enterprises in 2023[9] - CR Mixc Lifestyle was included in the Hang Seng Index as a constituent stock on 18 November 2022[8] - Mr. YU Linkang, aged 52, has been the President of the Company since August 2020 and has approximately 30 years of experience in real estate investment and corporate management[74] - Mr. YU Linkang was appointed as the senior vice president of CR Land and the chairman of its property management business, managing the overall operation and business of the Group[75] - Mr. GUO Ruifeng, aged 45, was appointed as an executive Director and the Chief Strategy and Operating Officer in January 2024, bringing extensive experience in property development and management[78] - Mr. Guo was appointed as the Chief Operating Officer of the Company in August 2022 and has been serving as the Vice President of the Company since December 2023[80] - Mr. Guo specialized in the commercial operational services business of the Group since November 2016 and served as the general manager of Hangzhou MIXC under the commercial real estate business division[79] - Mr. Wang Haimin was appointed as an executive Director and the Vice President of the Company in August 2020, with extensive experience in real estate and corporate management[80] - Mr. Wang Lei was appointed as an executive Director and the Vice President of the Company in January 2024, with extensive experience in property development and management, commercial property operation and management, and corporate operation and management[81] - Mr. Wang Lei joined China Resources Group in July 2002 and has served in various roles including mechanical and electrical engineer, cost engineer, and executive manager at Shenzhen Mixc City Project[81] - Mr. Wang was appointed as the General Manager of the Asset Management Department of CR Land headquarters in October 2020, responsible for the commercial property services division[82] - Mr. Nie Zhizhang was appointed as the Executive Director, Secretary to the Board, Vice President, and Chief Financial Officer of China Resources Mixc Lifestyle Services Limited in August 2023, bringing extensive experience in finance, operation, marketing, and investment[83] - Mr. Nie served as the General Manager of the Finance Department and Marketing Department of CR Land's Northeast region from June 2019 to January 2020, overseeing legal, audit, and investment management[83] - Mr. Li Xin has been the Chairman of the Board of Directors of CR Land since May 2022, with extensive experience in corporate management and real estate development[84] - Mr. Li was appointed as the Co-President of CR Land and Chairman of East China Region in July 2016, responsible for the business development of East China region[84] - Mr. GUO Shiqing has been a Director since December 2018 and was appointed as a non-executive Director in August 2020[85] - Mr. Guo served as the finance director of China Resources (Dalian) Co., Ltd. from September 2006 to January 2011[85] - Mr. Guo was appointed as the chief financial officer of CR Land in June 2020[85] - Mr. Guo has been serving as an executive director of CR Land since December 2020[85] - Mr. Guo was further appointed as the secretary to the board of directors of CR Land in December 2022[85] - Mr. LAU Ping Cheung Kaizer was appointed as an independent non-executive Director on 25 November 2020[87] - Mr. Lau has more than 30 years of experience in the real estate industry[87] - Mr. Lau is currently a member of the National Committee of the Chinese People's Political Consultative Conference since March 2018[87] - Mr. Lau served as a member of the HKSAR Legislative Council between October 2000 to September 2004[87] - Mr. Lau obtained a higher diploma in quantity surveying from Hong Kong Polytechnic[87] - Mr. CHEUNG Kwok Ching, aged 63, was appointed as an independent non-executive Director on 25 November 2020 and has over 30 years of experience in the real estate industry[88] - Mr. CHEUNG Kwok Ching is the founder and chairman of ACR Asset Management, founded in March 2019[88] - Mr. CHEUNG Kwok Ching served as the Greater China CEO and chairman of Asia Pacific Board of Cushman & Wakefield until April 2019[88] - Mr. CHAN Chung Yee Alan, aged 57, was appointed as an independent non-executive Director on 25 November 2020 and is currently the chief operations officer of Miramar Hotel and Investment Company, Limited[89] - Mr. CHAN Chung Yee Alan served as an independent non-executive director of Upbest Group Limited from September 2007 to August 2022 and UBA Investments Limited from September 2007 to April 2022[89] - Mr. CHAN Chung Yee Alan was the managing director of Chinalink Express Holdings Limited from 2003 to 2021[89] - Mr. CHAN Chung Yee Alan has been appointed as a member of the Chief Executive's Policy Unit Expert Group on 30 May 2023[89] - Ms. LO Wing Sze, aged 52, was appointed as an independent non-executive Director with effect from 1 July 2023 and is a member of audit committee, nomination committee, and sustainability committee of the Company[90] - Ms. Lo was appointed as a Justice of the Peace in 2017 and awarded the Bronze Bauhinia Star in 2020 by the HKSAR Government[91] - Ms. Lo holds a Bachelor of Economics Degree from the University of Sydney and a Master of Commerce in Finance Degree from the University of New South Wales[91] - Ms. Lo is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of CPA Australia[91] - Mr. Lou Kewei was appointed as the chief human resources officer of the Company in April 2022[92] - Mr. Lou has experience in human resources administration and party-mass work[92] - Mr. Lou joined CR Land in May 2009 and has held various positions including recruitment specialist, senior human resources executive, and assistant general manager[92] - Mr. Lou served as the assistant general manager of the human resources department of CR Land from March 2021[92] - Mr. Xu Fan, aged 43, was appointed as Vice President of the Company in March 2024, bringing extensive experience in real estate development and company operation management[93] - Mr. Xu has held various leadership roles at CR Land since 2007, including General Manager of Guangzhou Company in South China Region since November 2021[93] - The Company has integrated its corporate culture of integrity, results orientation, and people orientation into employee training and talent development[96] - The Company complied with all applicable code provisions of the Corporate Governance Code in 2023, except for Code Provision F.2.2 regarding the Chairman's attendance at the AGM[96] - The Company has adopted the Model Code for Securities Transactions by Directors to regulate all dealings of the Company's securities by Directors[96] - The Board of Directors currently comprises five executive Directors, two non-executive Directors, and four independent non-executive Directors[97] - The Board held eight meetings during the financial year ended 31 December 2023, with active participation from the majority of Directors[98] - Mr. LI Xin, the Chairman, attended 6 out of 8 Board meetings, while Mr. GUO Shiqing attended all 8 meetings during the financial year[99] - Mr. YU Linkang, the President, attended all 8 Board meetings, and Mr. WANG Haimin also attended all 8 meetings[99] - Ms. WEI Xiaohua, who retired on 15 January 2024, attended 7 out of 8 Board meetings[99] - Ms. YANG Hongxia, who resigned on 17 August 2023, attended 5 out of 5 Board meetings before her resignation[99] - Mr. NIE Zhizhang, appointed on 17 August 2023, attended 3 out of 3 Board meetings after his appointment[99] - Independent non-executive Directors Mr. LAU Ping Cheung Kaizer, Mr. CHEUNG Kwok Ching, and Mr. CHAN Chung Yee Alan attended all 8 Board meetings[99] - Ms. QIN Hong, who resigned on 1 July 2023, attended 3 out of 4 Board meetings before her resignation[99] - Ms. LO Wing Sze, appointed on 1 July 2023, attended all 4 Board meetings after her appointment[99] - The Board has complied with the Listing Rules by appointing at least three independent non-executive Directors, with one-third of the Board being independent non-executive Directors[100] - Seven Directors

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 34.71, indicating significant upside potential from the current price of HKD 26.80 [4]. Core Insights - The company's performance slightly exceeded expectations, with 2023 revenue reaching RMB 14.77 billion, a year-on-year increase of 22.9%, and net profit attributable to shareholders of RMB 2.93 billion, up 32.8% year-on-year. The annual dividend was RMB 1.61 billion, with a payout ratio of 55%, and the company committed to increasing the dividend ratio in the future to enhance shareholder returns [2][14]. - The residential property management segment was the main driver of growth, with revenue of RMB 9.60 billion, accounting for 65% of total revenue, and a year-on-year increase of 23.1%. The managed area for residential properties reached 355 million square meters, a 25% increase year-on-year [2][18]. - The shopping center segment showed strong performance with a revenue of RMB 3.24 billion, up 30.5% year-on-year, while office building revenue was RMB 1.93 billion, an 11.3% increase. The shopping center's retail sales reached RMB 181.2 billion, reflecting a 43.3% year-on-year growth [2][19]. - Profitability forecasts indicate that the company is expected to achieve revenues of RMB 17.49 billion and RMB 20.24 billion in 2024 and 2025, respectively, with net profits of RMB 3.61 billion and RMB 4.37 billion, representing year-on-year growth of 23.1% and 21.3% [2][3]. Summary by Sections Performance Overview - The company reported a revenue of RMB 14.77 billion for 2023, a 22.9% increase year-on-year, and a net profit of RMB 2.93 billion, up 32.8% year-on-year. The core net profit was RMB 2.92 billion, reflecting a 31.2% increase [2][14]. Residential Property Management - Revenue from residential property management reached RMB 9.60 billion, contributing 65% to total revenue, with a year-on-year growth of 23.1%. The managed area increased to 355 million square meters, with an average management fee of RMB 1.70 per square meter per month, a 4.3% increase year-on-year [2][18]. Commercial Management - The shopping center segment generated RMB 3.24 billion in revenue, a 30.5% increase year-on-year, while office building revenue was RMB 1.93 billion, an 11.3% increase. The shopping center's retail sales reached RMB 181.2 billion, reflecting a 43.3% year-on-year growth [2][19]. Profitability Forecast and Investment Advice - The company is projected to achieve revenues of RMB 17.49 billion and RMB 20.24 billion in 2024 and 2025, respectively, with net profits of RMB 3.61 billion and RMB 4.37 billion, indicating year-on-year growth of 23.1% and 21.3% [2][3].

公司研 究 证 券研究 报 告 房地产 2024年04月10日 华 润万象生活（01209.HK）2023 年业绩公告点评 推 荐 （维持） 目标价：37.46港元 商管能力突出，红利属性提升 当前价：26.65港元 事项： 华创证券研究所  公司发布2023年业绩公告，2023年实现营业收入147.7亿元，同比增长22.9%； 证券分析师：单戈 毛利润 46.9亿元，同比增长 30%，毛利率 31.8%，同比提升 1.7pcts；归母净 利润29.3亿元，同比增长32.8%；核心净利润29.2亿元，同比增长31.2%。 邮箱：shange@hcyjs.com 评论： 执业编号：S0360522110001 联系人：杨航  购物中心毛利率提升至71.9%，贡献49.6%的毛利润。1）公司商管能力突出， 核心城市规模效应加深，效率提升带动毛利率明显提升，23 年购物中心毛利 邮箱： yanghang@hcyjs.com 率同比提升7.7pcts至71.9%。23年购物中心零售额同比提升43.3%，剔除新 开业同比提升30.9%，零售额月坪效增长27%至2624元/平，平均出租率维持 公司基本数据 96.1% ...

证券研究报告 公 2024年04月02日 司 报 告 华润万象生活(01209) │ 行 业： 房地产/房地产服务 港 投资评级： 买入（维持） 股 当前价格： 24.75港元 - 物管商管携手高增，数字化有望创新增 公 目标价格： 34.42港元 司 事件： 点 基本数据 评 研 3月26日公司发布2023年业绩公告，全年实现营业收入147.67亿元，同 总股本/流通股本(百万股) 2,282.50/2,282.50 究 比增加22.9%；毛利率为31.8%，同比增加1.7pct；实现归母净利润29.29 流通市值(百万港元) 56,491.88 亿元，同比增加32.8%；董事会决议宣派末期股息每股0.481元。 每股净资产(元) 7.09 ➢ 物管业务高增，社区增值业务增长稳健 资产负债率(%) 43.13 2023 年公司住宅物业管理服务实现营收 96.01 亿元，同比增长 23.1%，其 一年内最高/最低(港元) 44.50/20.45 中物业管理服务营收72.45亿元，同比增长30.0%，社区增值服务营收15.26 亿元，同比增长21.5%。物管业务在管建筑面积3.55亿平方米，同比增长 股价相对走 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (1209) with a target price of HKD 43.20, indicating a potential upside of 74.2% from the current price of HKD 24.75 [1]. Core Insights - The company has demonstrated strong growth, with a 22.9% increase in revenue for 2023, reaching CNY 14.77 billion, and a core net profit growth of 32.8% to CNY 2.93 billion [1][2]. - The overall gross margin improved to 31.2% in 2023, with expectations to rise to 31.8% in 2024 [1]. - The management of commercial properties has shown significant improvement, with revenue from this segment increasing by 22.6% to CNY 5.17 billion and gross margin rising to 58.4% [1][2]. - The company is expanding its presence in high-end markets, with rental income from shopping centers growing by 50.6% to CNY 2.20 billion [1]. Financial Performance Summary - Revenue for 2023 was CNY 14.77 billion, a 22.9% increase from 2022, with projected revenues of CNY 18.85 billion for 2024 [2]. - Core net profit for 2023 reached CNY 2.93 billion, reflecting a 32.8% year-on-year growth, with expectations of CNY 3.67 billion for 2024 [2]. - The company’s earnings per share (EPS) for 2023 was CNY 1.28, with projections of CNY 1.61 for 2024 [2]. - The dividend per share is expected to increase from CNY 0.70 in 2023 to CNY 0.88 in 2024, indicating a dividend yield of 3.2% for 2023 [2]. Market Position and Strategy - The company is positioned among the top tier in the property management industry, benefiting from strong operational capabilities and a stable growth in managed area [1]. - The report highlights the synergy between property management and commercial operations as a key advantage for sustained growth [1]. - The total managed area reached 3.7 billion square meters by the end of 2023, with a significant portion coming from third-party contracts [1].

证券研究报告 ＃industryId＃ 物业管理 ＃01209.HK ＃华dy润Com万pa象ny＃生活 港股通（沪、深） ＃investSuggestion＃ ＃ 买入 维持 ( ） ＃title＃ 业绩高速增长，派息率提升 ＃createTime1＃ 2024年03月 29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 日期 2024.03.28  2023年业绩好于预期，派息率提升：公司2023年营业收入147.7亿元， 收盘价(港元) 24.75 同比增长22.9%；其中住宅物业管理和商业运营及物业管理的收入分别为 总股本(亿股) 22.82 96.0和51.7亿元，分别同比增长23.1%和22.6%。归母核心净利润为29.2 亿元，同比增长31.2%，业绩好于预期。公司末期每股派息0.481元，加 总市值(亿港元) 564.92 上中期每股派息0.223元，全年每股派息为0.704元，派息率由45%提升 总资产(亿元) 277.83 至55%。 净资产(亿元) 159.48  盈利能力持续提升：公司2023年毛利率为31.8%，同比提升1.7个百分 每股净资产(元) 6.9 ...

Investment Rating - Buy rating maintained for China Resources Mixc Lifestyle Services (1209 HK) [4] Core Views - The company demonstrated strong resilience in commercial operations and significant dividend payouts, showcasing robust financial strength [4] - Revenue and profit growth met expectations, with a substantial increase in dividends reflecting the company's financial capabilities [5] - The shopping center segment showed remarkable resilience, with the company leading in the number of luxury malls, further solidifying its position as an industry leader [5] - Residential and other non-commercial properties saw revenue growth driven by scale expansion, with a continuous increase in third-party managed areas [6] - The company is positioned as a long-term investment target with both a "good track" and "good company" attributes, expected to maintain strong growth in the coming years [6] Revenue and Profit Growth - 2023 revenue reached 14 77 billion (+22 9%), with net profit attributable to shareholders of 2 93 billion (+32 8%) [5] - Core net profit attributable to shareholders was 2 92 billion (+31 2%), with a comprehensive gross margin of 31 8% (+1 7pct) [5] - Dividend payout ratio increased to 55 0% (+10 0pct), with total dividends per share of 0 704 yuan (+60 4%) [5] Shopping Center Segment - Retail sales grew by 43 3% to 181 2 billion, with monthly average sales per square meter increasing by 27 0% to 2,624 yuan [5] - Rental income from property owners reached 22 billion (+38 8%), with NOI increasing by 50 6% to 14 2 billion [5] - Revenue from commercial operations and subleasing grew by 33% and 65% respectively, with gross margins of 76 4% (+12 0pct) and 67 7% (-0 6pct) [5] - The company opened 13 new shopping centers in 2023, bringing the total to 98, with 13 luxury malls, ranking first in the industry [5] Residential and Non-Commercial Properties - Managed area for property management reached 3 7 billion square meters (+24 6%), with third-party managed areas accounting for 60 4% (+3 3pct) [6] - Residential property management revenue grew by 23 1% to 9 6 billion, driven by scale expansion [6] - Gross margin for property management was 17 5% (-1 4pct), with basic property management and non-owner value-added services declining by 0 4pct and 2 2pct respectively [6] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 3 67 billion, 4 39 billion, and 5 14 billion in 2024, 2025, and 2026, with growth rates of 25%, 20%, and 17% respectively [6] - The P/E ratios for 2024-2026 are projected to be 14X, 12X, and 10X, maintaining a "Buy" rating [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][18] Core Insights - The company achieved resilient growth in operating performance, with total revenue reaching 14.767 billion RMB, a year-on-year increase of 22.9%, and net profit attributable to shareholders of 2.929 billion RMB, up 32.8% year-on-year [6][10] - The company has solidified its industry-leading position, reaching a milestone of 101 operational shopping malls, with retail sales of 181.2 billion RMB, a 43.3% increase year-on-year [6][14] - The company is actively transforming into a "city space operation service provider," managing a total area of 370 million square meters, a 24.6% increase year-on-year [6][15] - The membership program has expanded significantly, with the total number of members growing by 36% to 46.25 million, enhancing cross-industry service experiences [7][17] Financial Performance Summary - In 2023, the company reported total revenue of 14.767 billion RMB, with a year-on-year growth of 22.9% [8][10] - The net profit for 2023 was 2.929 billion RMB, reflecting a year-on-year increase of 32.8% [8][10] - The company’s EPS for 2024 is projected to be 1.48 RMB, with a valuation range of 66.3 to 73.6 billion HKD, corresponding to a share price range of 29.0 to 32.3 HKD [18][20]