Jinwu Financial News | According to Everbright Securities Research, the results of Jinmao Services (00816) show that in 2023, the company achieved revenue of about RMB 2.7 billion, an increase of 11.0% year on year, realized gross profit of about RMB 750 million, up 1.7% year on year, and net profit to mother was 340 million yuan, up 0.4% year on year. The company declared a final dividend of HK$0.17 per share, with a dividend ratio of 41%.
According to the bank, the company's net operating cash flow in 2023 was 450 million yuan, a significant increase over 2022 (150 million yuan). The company's 2023 dividend amount was about 140 million yuan, and the dividend ratio was stable. According to the closing price on April 15, 2024, the company's dividend rate was about 8.1%, which had a high allocation value; the company's related party, Jinmao, China continued to deliver high-quality residential projects, and the company's basic property management growth was strongly guaranteed. At the same time, it gave Jinmao Services more business collaboration at the value-added service level, such as opening up China's Jinmao membership system in various business formats. As for customer demand for value-added services, the company still has a lot of room for future performance growth.
The bank said that the company is a rapidly growing high-end property management target. The rate of scale expansion is increasing, and there is a strong guarantee of growth in basic property management; the share of real estate-related businesses has decreased, and the revenue structure has been optimized. The bank reduced the revenue and profit forecast for non-landlords, forecasted a net profit of 3.9/450 million yuan for 2024-2025, and an additional forecast of 510 million yuan for 2026. The corresponding EPS is 0.43 (original forecast 0.46) /0.56 yuan. The current stock price is 0.43 (original forecast 0.54) /0.56 yuan, respectively. The company has a central enterprise background. The quality of the projects it manages is high, the valuation is attractive, and it maintains a “buy” rating.