Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report emphasizes that Poly Property is a leading enterprise in the property management industry, benefiting from abundant delivery resources from its parent company, Poly Development. The company is expected to continue its revenue and profit growth due to an increasing proportion of third-party management and a strong growth rate in managed area [6][7]. Financial Summary and Valuation Indicators - As of August 6, 2024, the current stock price is HKD 26.60, with a total market capitalization of HKD 147.19 billion and a circulating market capitalization of HKD 40.79 billion. The estimated earnings per share (EPS) for 2024-2026 are projected to be CNY 2.82, CNY 3.18, and CNY 3.58, respectively, with corresponding price-to-earnings (PE) ratios of 8.6, 7.7, and 6.8 [4][6]. Business Strength and Growth - The company has seen a significant increase in property management scale, with managed area and contracted area growing by 24.9% and 19.5% year-on-year, respectively, as of the end of 2023. The proportion of third-party projects in the managed area has reached 64.7% [7][34]. - The company’s revenue from property management services reached CNY 101.5 billion in 2023, reflecting a year-on-year growth of 20.5%, with third-party project revenue growing by 27.6% [28][29]. Community Value-Added Services - The report notes a decline in value-added service revenue to CNY 28.16 billion in 2023, down 8.1% year-on-year. However, the overall gross margin for these services improved by 6.4 percentage points to 38.4% [8][64]. Profit Growth and Dividend Policy - The company achieved a net profit of CNY 1.38 billion in 2023, representing a year-on-year growth of 24.0%. The dividend payout ratio has increased to 40%, indicating a commitment to shareholder returns [9][10].
保利物业：质效双增助力多业态并进，多维增值完善全周期布局