2024年3月28日 公司研究 盈利能力显著改善，现金充沛慷慨分红 ——绿城服务（2869.HK）2023 年度业绩点评 （要 点 买入（维持） 当 前价：2.94港元 事件：绿城服务2023年营收同比+17%，核心经营利润同比+32%。 绿城服务发布2023年度业绩公告，实现营收174亿元，同比增长17.1%，实现 毛利29亿元，同比增长21.3%，毛利率16.8%，同比提升0.6pct；核心经营利 作者 润13亿元，同比增长32.1%；归母净利润6.1亿元，同比增长10.6%；宣派末 分析师：何缅南 期股息每股0.15港元，2022年为每股0.1港元。 执业证书编号：S0930518060006 021-52523801 点评：基础物管稳健，园区服务亮眼，盈利能力显著改善，慷慨分红回馈股东。 hemiannan@ebscn.com 1)基础物管增长稳健，园区服务表现亮眼。2023年公司物管/园区服务/咨询服 联系人：韦勇强 务/科技服务收入111/36/23/4亿元，同比+17.5%/+25.0%/+11.1%/-12.6%， 021-52523810 物管基本盘稳健，是公司整体业绩稳步增长的基石，截至2 ...

Investment Rating - The report maintains a "Buy" rating for Greentown Service (02869.HK) [2] Core Views - The company achieved a revenue of 17.39 billion RMB in 2023, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of 605 million RMB, up 10.6% year-on-year, meeting market expectations [2][3] - The dividend payout ratio increased to 73%, reflecting a 21 percentage point rise from the previous year [2] - The company’s managed area grew by 17% year-on-year, with third-party management accounting for 84% of the total [2] - Greentown Service is recognized for its service quality and has a strong ability to raise property management fees, which contributes to stable long-term profit margins [2] Financial Performance Summary - Revenue for 2023 was 17,393 million RMB, with a year-on-year growth rate of 17.1% [3] - The net profit for 2023 was 605 million RMB, with a year-on-year growth rate of 10.6% [3] - The earnings per share (EPS) for 2023 was 0.19 RMB, an increase of 11% year-on-year [2][3] - The gross profit margin and net profit margin were 16.8% and 3.5%, respectively, with slight changes from the previous year [2] - The company plans to distribute a dividend of 0.15 HKD per share, corresponding to a dividend payout ratio of 73% [2] Revenue Breakdown - Property service revenue increased by 18% year-on-year, while park service revenue rose by 25% [2] - The revenue from property services, park services, consulting services, and technology services for 2023 was 111.0 million RMB, 35.7 million RMB, 23.0 million RMB, and 4.3 million RMB, respectively [2] - The gross profit margins for property services, park services, consulting services, and technology services were 13.0%, 21.5%, 23.4%, and 38.7%, respectively, with improvements noted in property and park services [2] Future Earnings Forecast - The report forecasts earnings per share of 0.22 RMB for 2024, 0.25 RMB for 2025, and 0.28 RMB for 2026 [3][5] - Revenue is projected to reach 20.16 billion RMB in 2024, with a growth rate of 15.8% [3] - The net profit is expected to grow to 700 million RMB in 2024, reflecting a year-on-year increase of 15.6% [3]

证券研究报告·海外公司点评·房地产服务 绿城服务（02869.HK） 2023年业绩公告点评：规模稳增利润率修复， 2024年 03月 28日 分红提升回馈股东 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 营业总收入（百万元） 14,856 17,393 20,919 24,758 28,781 执业证书：S0600523020003 同比 18.23% 17.08% 20.27% 18.35% 16.25% xiaoc@dwzq.com.cn 归母净利润（百万元） 547.50 605.37 760.25 910.75 1,103.22 证券分析师 白学松 同比 -35.30% 10.57% 25.58% 19.80% 21.13% 执业证书：S0600523050001 baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.17 0.19 0.24 0.29 0.35 P/E（现价&最新摊薄） 15.02 1 ...

Financial Performance - The group's revenue reached RMB 17,393.3 million, representing a year-on-year increase of 17.1% compared to RMB 14,856.3 million in 2022[2]. - Gross profit amounted to RMB 2,913.4 million, up 21.3% from RMB 2,402.0 million in 2022, with a gross margin of 16.8%, an increase of 0.6 percentage points[3]. - Core operating profit was RMB 1,296.0 million, reflecting a growth of 32.1% compared to the previous year[3]. - Profit attributable to equity shareholders was RMB 605.4 million, a 10.6% increase from RMB 547.5 million in 2022[3]. - The overall comprehensive income for the year was RMB 777.4 million, slightly down from RMB 782.2 million in 2022[6]. - The company's net income after tax increased significantly to RMB 1,641,412 thousand in 2023 from RMB 896,863 thousand in 2022, representing an increase of approximately 83.0%[9]. - The company's profit before tax for 2023 was RMB 972,226,000, an increase from RMB 863,941,000 in 2022, representing a growth of approximately 12.6%[36]. - The net profit for the year was RMB 716.1 million, up 13.4% from RMB 631.4 million in 2022[74]. Revenue Breakdown - Property services generated RMB 11,101.5 million in revenue, accounting for 63.8% of the total revenue, an increase from the previous year's contribution[2]. - The group's revenue from community services rose to RMB 3,521,880 thousand, a 24.8% increase from RMB 2,820,751 thousand in the prior year[15]. - Consulting services revenue increased to RMB 2,295,256 thousand, representing a growth of 11.1% compared to RMB 2,066,796 thousand in 2022[16]. - Technology services revenue decreased to RMB 427,954 thousand, down 12.5% from RMB 489,390 thousand in 2022[15]. - Revenue from property management services was RMB 253,132 thousand, up 70.7% from RMB 148,343 thousand in the previous year[16]. Cash and Liquidity - As of December 31, 2023, cash and cash equivalents were RMB 4,530.8 million, an increase of 8.3% from RMB 4,183.4 million in 2022[3]. - Net cash from operating activities increased to RMB 1,436,072 thousand in 2023, up from RMB 695,276 thousand in 2022, reflecting a growth of approximately 106.5%[9]. - The company reported a net cash outflow from investing activities of RMB 377,530 thousand in 2023, compared to RMB 140,769 thousand in 2022, indicating a significant increase in investment expenditures[9]. - The net cash used in financing activities was (717,246) thousand RMB in 2023, slightly lower than (720,423) thousand RMB in 2022[10]. - Cash and cash equivalents increased by 341,296 thousand RMB in 2023, contrasting with a decrease of (165,916) thousand RMB in 2022[10]. Assets and Liabilities - Total assets decreased to RMB 9,524,144 thousand in 2023 from RMB 9,466,218 thousand in 2022, representing a decline of approximately 0.61%[7]. - Current liabilities rose to RMB 8,557,525 thousand in 2023, compared to RMB 7,387,474 thousand in 2022, indicating an increase of approximately 15.8%[8]. - The company's total liabilities decreased to RMB 1,298,940 thousand in 2023 from RMB 1,590,075 thousand in 2022, a reduction of approximately 18.3%[8]. - The company's equity attributable to shareholders increased to RMB 7,405,535 thousand in 2023 from RMB 7,120,989 thousand in 2022, marking an increase of about 4.0%[8]. Expenses and Costs - Selling and marketing expenses increased by 28.7% to RMB 342.6 million, primarily due to costs associated with community services[65]. - Administrative expenses grew by 10.4% to RMB 1,274.8 million, which was lower than the revenue growth rate, indicating effective cost management[66]. - The total cost of goods sold increased to RMB 1,134,658,000 in 2023 from RMB 771,689,000 in 2022, marking an increase of around 47%[34]. - The total employee costs rose to RMB 5,816,872,000 in 2023, up from RMB 5,064,528,000 in 2022, reflecting an increase of about 15%[31]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.150 per share for 2023[3]. - The proposed final dividend per ordinary share for 2023 is HKD 0.150, representing an increase of 50% compared to HKD 0.100 for 2022, with total dividends payable amounting to RMB 434,185 thousand[45]. - The company approved and paid a final dividend of HKD 0.100 per share for the previous fiscal year, totaling RMB 285,115 thousand, down 47.5% from RMB 542,837 thousand in 2022[46]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. - The company aims to enhance its service capabilities by integrating various service sectors, including community management and urban services[60]. - The company is committed to digital transformation to improve operational efficiency and management effectiveness[57]. - The company will continue to explore innovative service models to enhance customer experience and market share[59]. Governance and Compliance - The company confirmed compliance with all applicable corporate governance codes during the year ending December 31, 2023[110]. - Changes in the board included the resignation of several directors and the appointment of new independent non-executive directors[111]. - The company established an Audit Committee consisting of four independent non-executive directors to oversee financial reporting and risk management[113].

ENTOWN SERVICE GROUP CO. 集團有限公司 视挂筒里群最法例註冊成立的有限公司 hoostoonlind inder the line of the Centrer hierch whilesh wh STOCK CODE 服務代號: 2869 x 米 2023 甲期報告 Contents 目錄 | --- | --- | |--------------------------------------------------------------------------------------------------|-------| | | | | Corporate Information 公司資料 | 2 | | Definitions 釋義 | 5 | | Company Overview 公司概覽 | 7 | | Historical Financial and Operating Data Highlights 歷史財務與運營數據摘要 | 10 | | Chairman's Statement 主席報告 | 15 | | Management Discussion and A ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Greentown Service Group Co. Ltd. 綠城服務集團有限公司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2869） 截 至2023年6月30日 止 六 個 月 未 經 審 核 中 期 業 績 公 告 綠 城 服 務 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」、「集 團」）截 至2023年6月30日 止 六 個 月（「期 內」）的 未 經 審 核 綜 合 財 務 業 績，連 同 截 至2022年6月30日 止 同 期 的 比 較 數 字 如 下。 | --- | | ...

| --- | --- | |-------|-------| | | | | lt # | 7 | | | E P | GREENTOWN SERVICE 綠城服務集團有限公司 GREENTOWN SERVICE GROUP CO. LTD. 根據開曼群島法例註冊成立的有限公司 noorporated under the Caynen hlands with linted l STOCK CODE 股份代號: 2869 真誠 SINCERITY 善意 WELLINTENTIONED 核心價值 CORE VALUES 精緻 IMPECCABILITY PERFECTION 完美 真誠 SINCERITY 核心價值 CORE VALUES 完美 PERFECTION 善意 WELLINTENTIONED IMPECCABILITY 精緻 Contents 目 錄 | --- | --- | |--------------------------------------------------------------------------------------------------|-------| | | ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Greentown Service Group Co. Ltd. 綠城服務集團有限公司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2869） 截 至2022年12月31日 止 年 度 的 全 年 業 績 公 告 綠 城 服 務 集 團 有 限 公 司（「本 公 司」、「公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」、「集 團」）截 至2022年12月31日 止 年 度 的 經 審 核 綜 合 財 務 業 績，連 同 截 至2021年12月31日 止 年 度 的 比 較 數 字 如 下。 | --- | |----------------- ...