POLY PROPERTY SERVICES(6049.HK):RESULTS LARGELY IN LINE 10% GROWTH TARGET UNCHANGED
POLY PROPERTY SERVICES(6049.HK):RESULTS LARGELY IN LINE 10% GROWTH TARGET UNCHANGED
Key Factors for RatingPoly Property Services
保利物業服務
Results largely in line, 10% growth target unchanged
業績基本符合預期，增長目標10%不變。
Poly Property Services' (PPS) 1H24 revenue grew by 10.2% YoY to RMB7.9bn, in line with our estimation. As expected, the growth was mainly driven by basic property management segment and grew by 16.1%, while community and non-community VAS revenues declined by 1.8% and 2.1%, respectively. Gross margin narrowed by 0.7ppt from 1H23 to 20.5%, due to 0.2ppt lower gross margin from basic property management and less contribution from VAS. The lower gross margin was offset by a 5.8% decrease of SG&A expenses, leading to 0.06ppt higher net margin than 1H23 to 10.7%. As such, net profit grew by 10.8% YoY to RMB846m, in line with our estimation. Trade receivables increased by 20.9% YoY, faster than revenue growth. Nevertheless, operating cash flow remained positive, amounting to RMB427m. New third party contract value declined by 13.6% YoY, but with increased quality. We like PPS for its strong support from parent, and unique competitiveness in public and SOE segments. Maintain BUY.
保利物業服務（PPS）1H24年營收同比增長10.2%至79億元人民幣，與我們的估算相符。如預期，此增長主要得益於基本物業管理業務部門，同比增長16.1%，而社區和非社區增值服務業務分別下降1.8%和2.1%。由於基本物業管理毛利率下降0.2個百分點，加上增值服務貢獻較少，毛利率比1H23年下降了0.7個百分點至20.5%。低毛利率被SG&A支出減少5.8%抵消，使淨利率比1H23年增長0.06個百分點至10.7%。因此，淨利潤同比增長10.8%至84600萬元，符合我們的估算。應收賬款同比增長20.9%，高於收入增長速度。儘管如此，經營現金流仍保持正值，達到42700萬元人民幣。新的第三方合同價值同比下降13.6%，但質量有所提高。我們喜歡PPS，因爲其得到母公司的強力支持，以及在公共和國企領域的獨特競爭力。繼續買入。
Key Factors for Rating
評級的關鍵因素
New third party contracted value decreased by 13.6% YoY to RMB1.2bn. This was partially due to intensified competition, and partially thanks to PPS' intentional move to improve concentration and quality. New contracted value from four major economic zones increased from 66.5% in 1H23 to 77.0%. New contract value from projects with over RMB10m annual contract value increased from 58.6% in 1H23 to 64.3%. Contribution from SOE also increased by 10ppts.
新的第三方簽約價值同比下降13.6%至12億元人民幣。這部分原因是由於競爭加劇，部分原因是由於PPS有意提高集中度和質量。四個主要經濟區的新簽訂的價值從1H23的66.5%增加到77.0%。年合同價值超過1000萬元的項目的新合同價值從1H23的58.6%增加到64.3%。國有企業的貢獻也增加了10個百分點。
Trade receivables increased by 20.9% YoY, higher than the 10.2% revenue growth, but not too out of the line when compared to 16.1% basic property management revenue growth. The headwind was similar among the residential segment and third-party public projects, with cash collection rate for both declining by 3ppts, showing no particular difficulties with PPS' public projects. Historical overdue amount for public projects decreased from c.RMB600m at end-2023 to RMB100m at end-1H24, and PPS is actively exiting these projects. Cash collection rate for commercial and office buildings increased by 0.4ppt, which is an area that PPS also has strong competitive advantage especially for SOE ones. Commercial and office buildings accounted for 36% of PPS' new contracted value in 1H24, up from 24% in 1H23.
應收賬款同比增長20.9%，高於10.2%的營收增長，但與16.1%的基本物業管理營收增長相比不算太高。住宅與第三方公共項目的困境相似，兩者的收款率均下降了3個百分點，說明PPS在公共項目方面沒有特別的困難。公共項目歷史上的逾期金額從2023年底的約6億元人民幣降至1H24年底的1億元人民幣，並且PPS正在積極退出這些項目。商業和辦公樓的收款率提高了0.4個百分點，這也是PPS在國有企業方面具有強大競爭優勢的領域。商業和辦公樓在1H24年佔PPS新籤合同的36%，高於1H23年的24%。
Key Risks for Rating
評級的主要風險
Economic pressure may continue to lead to lower cash collection rate.
經濟壓力可能會導致現金收款率下降。
Valuation
估值
Our TP at HK$54.17 is based on 17x 2025E P/E. The stock currently trades at 7.8x 2025E P/E, which we think is attractive given PPS' double-digit growth, strong support from parent, and its unique competitiveness in public and SOE segments.
我們的目標價爲54.17港元，基於2025年17倍市盈率。該股票目前的市盈率爲7.8倍2025年市盈率，我們認爲這很有吸引力，因爲PPS具有雙位數增長、得到母公司的強力支持以及在公共和國企領域具有獨特的競爭力。
譯文內容由第三人軟體翻譯。
