Investment Rating - Maintain "Buy" rating for Poly Property Services (06049 HK) [2][3] Core Views - Poly Property Services achieved steady growth in 2023 with significant improvement in dividend payout ratio [2] - Revenue reached RMB 15 06 billion (+10 0% YoY) - Gross profit was RMB 2 95 billion (+14 7% YoY) - Net profit attributable to shareholders was RMB 1 38 billion (+24 0% YoY) - Dividend per share increased 98 4% YoY to RMB 0 998 with payout ratio reaching 40% (+15pct YoY) - The company demonstrated strong growth in managed area and third-party contracts [2] - Managed area reached 720 million sqm (+24 9% YoY) - Contracted area reached 920 million sqm (+19 5% YoY) - New third-party contract value increased 61% YoY to RMB 2 77 billion - Property management service revenue maintained steady growth while value-added service gross margin continued to improve [3] - Property management service revenue reached RMB 10 15 billion (+20 5% YoY) - Community value-added service gross margin improved 6 4pct YoY to 38 4% Financial Performance - Key financial metrics for 2023 [2] - Gross margin: 19 6% (+0 8pct YoY) - Net margin: 9 3% (+1 0pct YoY) - ROE: 16 9% (+1 5pct YoY) - Administrative expenses ratio: 8 1% (-0 7pct YoY) - Financial projections [4] - 2024E revenue: RMB 16 83 billion (+11 7% YoY) - 2024E net profit: RMB 1 60 billion (+16 1% YoY) - 2024E EPS: RMB 2 90 - 2024E PE: 7 8x (vs industry average of 11 1x) Business Development - Diversified property portfolio with strong non-residential exposure [2] - Residential: 40% of managed area - Public services: 56% of managed area - Commercial: 4% of managed area - Non-residential properties accounted for 60% of managed area - Steady improvement in property management fees [2] - Average residential property fee increased to RMB 2 31/sqm/month (+RMB 0 03 YoY) - Third-party property fee increased to RMB 1 82/sqm/month (+RMB 0 02 YoY) Industry Comparison - Poly Property Services shows superior growth compared to peers [6] - 2023 net profit growth: 24 0% (vs industry average of 20 2%) - 2024E net profit growth: 16 2% (vs industry average of 22 2%) - 2024E PE: 7 8x (vs industry average of 11 1x)
业绩稳步增长，分红率大幅提升