ONEWO(02602.HK):TOWARDS MORE BALANCED GROWTH WITH HIGH DIVIDEND PAYOUT MAINTAIN "BUY"
ONEWO(02602.HK):TOWARDS MORE BALANCED GROWTH WITH HIGH DIVIDEND PAYOUT MAINTAIN "BUY"
We maintain "Buy" rating and revise down TP to HK$27.70. We forecast the Company's 2024F-2026F EPS to be RMB1.934, RMB2.247 and RMB2.623, respectively, which represents a CAGR of 16.5% during 2023-2026F. With PE multiple valuation method, we derive our new TP at HK$27.70 for Onewo by applying 13.0x 2024F PER. We maintain our "Buy" rating.
我們維持 “買入” 評級，並將目標價下調至27.70港元。我們預計該公司2024財年至2026財年的每股收益將分別爲人民幣1.934元、人民幣2.247元和人民幣2.623元，這意味着2023-2026財年的複合年增長率爲16.5％。使用市盈倍估值法，我們採用13.0倍的2024F市盈率得出Onewo的新目標價爲27.70港元。我們維持我們的 “買入” 評級。
Towards more balanced growth with high dividend payout. The Company is reaching a more balanced growth with prudent scale expansion and improvement in profitability. In 2023, the Company reached a stable revenue growth at 10.2% YoY. Thanks to its solid revenue growth and improved profitability, Onewo's shareholders' net profit recorded stronger growth at 29.3% YoY to RMB1,955 mn in 2023. The full-year 2023 dividend payout ratio was at 55% out of the core net profit. Moreover, the management guided that the dividend payout ratio should be stable for the year of 2024.
通過高股息支出實現更平衡的增長。通過審慎的規模擴張和盈利能力的提高，公司正在實現更加平衡的增長。2023年，公司實現了穩定的收入增長，同比增長10.2％。由於其穩健的收入增長和盈利能力的提高，Onewo股東的淨利潤在2023年實現了更強勁的同比增長29.3％，達到19.55億元人民幣。2023年全年股息支付率爲核心淨利潤的55％。此外，管理層指導2024年的股息支付率應保持穩定。
Efficiency improvement from Onewo Town strategy has become more obvious. The total number of Onewo Towns has increased from 584 by the end of 2022 to 621 by the end of 2023. By the end of 2023, the Company has invested over RMB300 mn in total to carry out process transformation for 150 Onewo Towns, including a total of 1,124 residential property projects. After the process transformation, the overall efficiency of the transformed Onewo Towns improved by 4.5 ppts, and the overall gross profit of the residential properties increased by 55.5% YoY in 2023. Furthermore, we believe the Onewo Town strategy should bring more opportunities to its diversified business development, e.g. decoration business, community commerce business.
Onewo Town戰略的效率提高變得更加明顯。Onewo Towns的總數已從2022年底的584個增加到2023年底的621個。到2023年底，該公司總共投資了超過 RMB300 百萬個，用於對150個Onewo城鎮進行流程改造，其中包括總共1,124個住宅物業項目。流程轉型後，改造後的Onewo Towns的整體效率提高了4.5個百分點，住宅物業的整體毛利在2023年同比增長了55.5％。此外，我們認爲Onewo Town戰略應爲其多元化業務發展帶來更多機會，例如裝飾業務、社區商業業務。
Catalysts: 1) Fast growth in the number of Onewo Towns; 2) better improvement in profitability; and 3) potential M&As to create more synergy.
催化劑：1）Onewo Towns數量的快速增長；2）盈利能力的改善；3）潛在的併購可以產生更多的協同效應。
Downside risks: 1) Slower-than-expected project acquisitions; 2) less effective use of technology; and 3) rising labour costs.
下行風險：1) 項目收購慢於預期；2) 技術使用效率降低；3) 勞動力成本上升。
譯文內容由第三人軟體翻譯。