Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company has successfully implemented a "Big Community + Big Logistics" strategy, achieving a comprehensive layout in the catering service sector and expanding its management area significantly [2][8]. - The company has diversified its revenue sources, with non-cyclical business segments showing robust growth, contributing to a second growth curve [2][27]. - The company’s profitability remains stable, with a decreasing reliance on real estate-related income, which helps mitigate risks associated with the downturn in the real estate market [2][39]. Summary by Sections 1. Business Development and Strategy - The company has completed a full-service layout in various sectors, including commercial, hospital, school, and government public services, with a managed area of 224 million square meters, reflecting a 12.8% year-on-year growth [2][8]. - The "Big Community + Big Logistics" strategy has allowed the company to cover diverse client groups, enhancing its service capabilities [12][18]. - The company has maintained a strong market position, ranking 11th in the China Property Management Top 100 list in 2023, up from 24th in 2016 [8]. 2. Core Business and Revenue Growth - The company’s community value-added services have become the second-largest source of income, with a gross margin of 35.7% [2][27]. - Non-cyclical business segments now account for 80% of total revenue, up 7.7% from 2022, indicating a shift towards more stable income sources [2][37]. - The catering service revenue reached 4.5 billion yuan in 2023, growing by 26.5% year-on-year, showcasing the success of the catering business [2][27]. 3. Financial Analysis - The company’s operating revenue grew steadily, with a core net profit of 4.5 billion yuan in 2023, reflecting a recovery from previous declines due to adjustments in cash flow management [2][42]. - The revenue from property management services reached 35.6 billion yuan in 2023, representing a 17.5% increase year-on-year, with its share of total revenue rising to 65.5% [20][47]. - The company has effectively reduced its reliance on real estate-related services, with the proportion of income from developer value-added services dropping to 10.2% in 2023 from 46.8% in 2019 [39][47].
新城悦服务：首次覆盖报告：B端业务渐入佳境，多点突破蓄势待发