2023年度业绩点评：非住宅业态发展迅速，物业费单价稳步提升

Investment Rating - The report maintains a "Buy" rating for Poly Property (6049.HK) [5] Core Insights - Poly Property achieved a revenue of 15.06 billion RMB in 2023, representing a year-on-year growth of 10%, with a net profit attributable to shareholders of 1.38 billion RMB, up 24% year-on-year [1][2] - The company is focusing on the rapid development of non-residential sectors, with a steady increase in average property management fees [1] - The company has a cash and cash equivalents balance of approximately 11 billion RMB at the end of 2023, an increase of 22.9% year-on-year [1] Summary by Relevant Sections Financial Performance - Revenue for 2023 was 15.06 billion RMB, with a gross profit of 2.95 billion RMB, leading to a gross margin of 19.6%, up from 18.8% in the previous year [1] - The net profit attributable to shareholders was 1.38 billion RMB, with an EPS of 2.49 RMB, reflecting a 24% increase year-on-year [2][6] - The company declared a dividend of 0.998 RMB per share, with a payout ratio of 40%, an increase of 15 percentage points year-on-year [1] Business Segments - The revenue breakdown shows that basic property management, community value-added, and non-owner value-added services generated 10.15 billion RMB, 2.82 billion RMB, and 2.09 billion RMB respectively, with growth rates of 20.5%, -8.1%, and -4.6% [1] - The company has established two major brands, "Xingyun Enterprise Services" and "Poly Public Services," targeting commercial and public service sectors [1] Operational Efficiency - The average property management fee for residential properties was 2.31 RMB/month/sqm, with non-residential projects averaging 456 million RMB/year for commercial and 394 million RMB/year for public services [1] - The company managed a total area of 720 million sqm, with third-party projects accounting for 64.7% of the total [1] - The gross margins for basic property management, community value-added, and non-owner value-added services were 14.6%, 38.4%, and 18.7% respectively, showing improvements [1] Future Projections - The net profit forecasts for 2024, 2025, and 2026 are adjusted to 1.6 billion RMB, 1.79 billion RMB, and 1.96 billion RMB respectively, with corresponding EPS estimates of 2.88 RMB, 3.24 RMB, and 3.54 RMB [1][2] - The report anticipates a continued focus on core business areas, with an emphasis on improving profitability and operational efficiency [1]