Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is deeply rooted in Hangzhou and is expanding nationwide, with value-added services driving significant performance growth. The projected earnings per share (EPS) for 2024-2026 are 2.11, 2.54, and 3.00 respectively, with corresponding price-to-earnings (P/E) ratios of 7.1, 5.9, and 5.0 [3][4]. Summary by Sections 1. High-End Residential Focus and Quality Service - The company has established itself in high-end residential property management, leading the market in service quality [10][11]. - The ownership structure is stable, with the top three shareholders being major stakeholders in the parent company, Binhai Group, ensuring collaborative growth [12]. - Revenue and profit have shown consistent growth, with a 2023 revenue of 28.10 billion yuan, a year-on-year increase of 41.5% [15]. 2. Property Management Expansion - The company has rapidly expanded its property management scale, with a managed area of 54.8 million square meters by the end of 2023, reflecting a 30.7% year-on-year growth [24]. - The average property management fee is approximately 4.21 yuan per square meter per month, which is above industry standards [39]. 3. Non-Owner Value-Added Services - Non-owner value-added services generated 5.81 billion yuan in revenue in 2023, a 7.5% increase, while the 5S value-added services saw a remarkable growth of 172.5% [3][15]. - The company has diversified its service offerings, including pre-delivery services and community space services, contributing to its revenue growth [3][15]. 4. Financial Forecast and Investment Recommendations - The company is expected to maintain revenue growth, with projected revenues of 35.28 billion yuan in 2024, 42.87 billion yuan in 2025, and 50.02 billion yuan in 2026 [5]. - The net profit for 2024 is estimated at 5.83 billion yuan, with a net profit margin of 17.0% [5][18].
滨江服务：港股公司首次覆盖报告：扎根杭州辐射全国，增值业务助力业绩腾飞