兴业证券-物业管理2024H1港股物管中报总结-有质量的外拓有现金的利润有分红的业绩.pdf

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1、 请务必阅读正文之后的信息披露和重要声明请务必阅读正文之后的信息披露和重要声明 海外研 海外研 究 究 行业投资策略研究报告 行业投资策略研究报告 证券研究报告证券研究报告 industryId 物业管理物业管理 investSuggestion 推荐推荐 (维持维持 ）重点公司重点公司 重点公司重点公司 评级评级 华润万象生活 买入 绿城服务 增持 中海物业 买入 保利物业 买入 越秀服务 买入 来源：兴业证券经济与金融研究院 relatedReport 相关报告相关报告 海外研究海外研究 emailAuthor 分析师：分析师：宋健 SFC：BMV912 SAC：S019051801000

2、2 孙钟涟 SAC：S0190521080001 请注意：孙钟涟并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管的活动 assAuthor 投资要点投资要点 summary 国企和民企的分化依然在持续国企和民企的分化依然在持续：1）2024H1 样本公司中国企营收、归母净利润平均同比增速均高于样本民企；2）民企计提关联方应收款减值损失仍是归母净利率的扰动因素；3）2024H1，样本国企平均贸易应收款周转天数为 79天，而样本民企平均贸易应收款周转天数拉长至 108 天。核心业务盈利能力表现稳定，通过管理举措持续降费：核心业务盈利能力表现稳定，通过管理举措持续降费：2024H1

3、 虽然行业整体在回款、外拓、储备项目交付、计提减值等方面均承压，但头部物管公司仍通过多种管理举措提高人效，盈利能力表现稳定。通过主动退出低效益项目，加强机器化作业覆盖，加大分包力度，严格控制职能部门员工数量，加强人效管理等举措，2024H1 样本公司平均基础物管毛利率同比提升 0.27 个百分点至 18.4%；样本公司平均员工成本/营收比重同比下降 4.2 个百分点至 28.6%；样本公司平均销售+管理费用率同比下降 0.7 个百分点至 7.5%。市场拓展项目质量要求提高：市场拓展项目质量要求提高：基于客户付费能力和规模效应考虑，物管公司市场拓展更加聚焦深耕区域以加强项目密度；存量市场加大对非

4、住业态拓展力度；同时，奖励机制向高合约额的项目倾斜。因此头部物管公司 2024H1市场拓展合约额/面积中非住业态占比、单项目合同额千万级以上项目占比均有提升。加强应收账款管理：加强应收账款管理：1）大部分民企关联方应收款得到控制，除万物云外，2024H1 民企物管公司关联方贸易应收款原值占比均较 2023H1 持平或下滑。2）2024H1 账龄结构较去年同期略有拉长，2024H1 样本公司整体平均回款率为 85%，较 2023H1 仅略降 0.6 个百分点。4 家物管公司优化股东回报，回应资本市场诉求：家物管公司优化股东回报，回应资本市场诉求：2024H1 华润万象生活、万物云、永升服务均增加

5、特别派息，派息率分别高达 132%、100%和 70%；中海物业将中期派息率从 30%提升至 35%。加强资金管理，提升利息收入：加强资金管理，提升利息收入：基于充裕的现金，物管公司需在平衡业务营运资金投入和股东回报需求的同时，加强资金管理能力，提升利息收入。2024H1 样本公司中年化利率 TOP 3 的公司为华润万象生活、滨江服务、越秀服务。我们的观点：我们的观点：下半年市场拓展和现金回款仍是样本公司的共同挑战，建议关注现金充裕、回款健康、注重股东回报的优质物管公司华润万象生活、绿城服务、中海物业、保利物业、越秀服务。风险提示：风险提示：派息不及预期，收缴率不及预期，增值业务拓展不及预期，

6、计提应收账款减值损失超预期，市场拓展不及预期。title 2024H12024H1 港股物管中报总结港股物管中报总结：有有质量的外拓，有现金的利润，有分红的业绩质量的外拓，有现金的利润，有分红的业绩 createTime1 2024 年年 09 月月 10 日日 请务必阅读正文之后的信息披露和重要声明请务必阅读正文之后的信息披露和重要声明 -2-海外行业投资策略研究报告海外行业投资策略研究报告 OverweightOverweight （Maintained）Property ManagementProperty Management AnalystAnalyst SONG JianSONG

7、Jian SAC:S0190518010002 SFC:BMV912 SUN ZhonglianSUN Zhonglian SAC:S0190521080001 Notice:Sun Zhonglian is not a license holder registered at the Securities and Futures Commission(SFC),and is not allowed to engage in regulated activities in Hong Kong.The divergence between state-owned and private ente

8、rprises continue：The divergence between state-owned and private enterprises continue：1)In the 2024H1 sample companies,state-owned enterprises average YoY growth of revenue and net profit attributable to the shareholders are both higher than those of private enterprises.2)The impairment losses of rec

9、eivables from related parties by private enterprises remain a disturbance factor for the net profit margin attributable to the shareholders.3)In 2024H1,the average trade accounts receivables turnover days for the sample state-owned enterprises were 79 days,while the average trade accounts receivable

10、s turnover days for the sample private enterprises extended to 108 days.Core business profitability remains stable,with continuous cost reduction through management initiatives：Core business profitability remains stable,with continuous cost reduction through management initiatives：Despite the indust

11、ry facing pressure in terms of receivables collection,expansion,delivery of reserve projects,and impairment provisions in 2024H1,leading property management companies still improved efficiency through various management initiatives,demonstrating stable profitability.By actively exiting low-profitabi

12、lity projects,strengthening mechanized operations coverage,increasing subcontracting efforts,strictly controlling the number of employees in functional departments,and enhancing labor efficiency management,the average property management service gross margin of the sample companies in 2024H1 increas

13、ed by 0.27 ppts year-on-year to 18.4%;the average employee cost/revenue ratio of the sample companies decreased by 4.2 ppts year-on-year to 28.6%;the average SG&A ratio of the sample companies decreased by 0.7ppts year-on-year to 7.5%.Market expansion project quality requirements have increased:Mark

14、et expansion project quality requirements have increased:Based on customer payment capacity and scale effect considerations,property management companies are more focused on deepening regional development to strengthen project density.The existing market is increasing efforts to expand non-residenti

15、al projects.The reward mechanism is tilted towards projects with higher contract amounts.As a result,the proportion of non-residential formats in the 2024H1 market expansion contract amount/area and the proportion of projects with contracts over ten million in the leading property management compani

16、es have both increased.Strengthen accounts receivable management:Strengthen accounts receivable management:1)Most private enterprises have controlled related party receivables,and except for Onewo,the proportion of the original value of trade receivables from related parties of private property management companies in 2024H1 has remained the same or declined compared to 2023H1.2)The age structure of accounts in 2024H1 has slightly extended compared to the same period last year,with the overall a