Jinwu Financial News | According to Haitong Securities Research Report, the net revenue and profit of Yuexiu Service (06626) has been growing steadily, and shareholder returns have continued to increase. In 2023, we achieved operating income of RMB 3,224 million, +29.7% year on year; net profit to mother of RMB 487 million, +17.0% year on year; gross profit margin of 26.6%, which was basically the same; basic profit per share was RMB 0.32, with final dividend of HK$0.087 per share.
According to the bank, considering that the company has plenty of cash on hand, the contract area and amount have maintained a good growth trend, and has now promoted an equity incentive plan to successfully establish a modern enterprise system. The bank gave the company an EPS of 0.37 yuan in 2024, a 10-12 times PE valuation. The corresponding market value range was HK$58-7 billion, and the corresponding reasonable value range was HK$4.01-4.81 per share. Maintain an “better than market” rating.