The Zhitong Finance App learned that Guojin Securities released a research report stating that the first “buy” rating for Binjiang Service (03316) is estimated to have a net profit of 4.4/58/ 720 million yuan in 2022-24 (up 35%/34%/23% over the previous year), with a target price of HK$21.51. The bank believes that Binjiang Group, a housing enterprise associated with the company, is highly secure, and that there is a high degree of certainty that the company's management scale will continue to grow. Combined with the rapid growth of 5S value-added services, future performance is expected to continue to grow.

According to the report, the company is in 20215S value-added serviceRevenue was 140 million yuan, and the revenue CAGR in 2015-21 reached 49.3%. The bank believes that its high service quality has a strong moat, that the target owners have strong high-end consumption power, and that there is a lot of room for development of 5S value-added services in the future; it also expects that with the implementation of the hardware business this year, the annual revenue of this sector business is expected to grow 65%. 2021Value-added services for non-ownersRevenue was 420 million yuan (up 34.5% year on year), of which over 40% of revenue came from third-party projects. Among them, 1H22 non-owners' value-added income was 230 million yuan (up 46% year on year). The bank believes that the company's non-owners' value-added value does not depend entirely on related parties, and future growth is sustainable.