Investment Rating - The report maintains a "Buy" rating for Onewo (02602 HK) and lowers the target price to HKD 27.70, corresponding to a 13.0x P/E ratio for 2024 [3][4]. Core Views - Onewo is progressing steadily with its "Butterfly City" strategy by enhancing its smart technology advantages. The company's performance in 2023 showed balanced growth with a surprising 55% dividend payout ratio. The projected EPS for 2024-2026 is RMB 1.934, RMB 2.247, and RMB 2.623, respectively, with a CAGR of 16.5% from 2023 to 2026 [3][4][6]. Summary by Sections Financial Performance - In 2023, Onewo's total revenue grew by 10.2% year-on-year to RMB 33.183 billion, driven by a 14.2% increase in recurring business revenue to RMB 26.66 billion. The gross profit margin improved to 14.5%, with a net profit of RMB 1.955 billion, reflecting a 29.3% increase [3][4][7]. Strategic Initiatives - The "Butterfly City" strategy has led to a significant increase in efficiency, with the number of Butterfly Cities rising from 584 at the end of 2022 to 621 by the end of 2023. The company has invested over RMB 300 million in process upgrades across 150 Butterfly Cities, resulting in a 4.5% increase in overall efficiency and a 55.5% year-on-year growth in residential property gross profit [4][6]. Dividend Policy - The management announced a final dividend of RMB 0.777 per share, leading to a total dividend payout ratio of 55% for 2023, a significant increase from the previous year's 16%. The dividend payout ratio is expected to remain stable at 55% for 2024 [3][4][6]. Market Positioning - Onewo is actively reducing its reliance on developers by diversifying its client base. In 2023, 65% of new contracts for building maintenance services came from non-developer clients, with a 25.1% year-on-year increase in revenue from this segment [6][7].
实现更均衡的增长，高派息率，维持“买入”