Jinwu Financial News | Everbright Securities released a research report showing that Sunac Services (01516) managed an area of 270 million square meters at the end of 2023, an increase of 29.42 million square meters over the end of 2022. Of these, housing accounts for 87%, 1,713 projects under management, covering 1.58 million owners, and the basic market is steadily expanding. The company made business adjustments to value-added services for non-owners based on the principle of marketization, and real estate-related businesses were basically controlled. In the next stage, we still need to focus on resolving existing receivables.
According to the bank, due to the downturn in real estate in the related party Sunac China, the company's related business revenue and profit were greatly adjusted; in 2023, due to the slowdown in overall industry growth, the company's goodwill depreciation exceeded expectations. ; As of the end of 2023, the company still had some related party trade receivables awaiting recovery. We adjusted the company's 2024-2025 net profit forecast to 40/530 million yuan, adding the 2026 forecast to 710 million yuan, corresponding to the 2024-2026 EPS of 0.13 (original forecast 0.23) /0.17 (original forecast 0.25) /0.23 yuan. The current stock price corresponds to a PE of 12/9/7 times. The company's operating conditions have improved and maintained an “increase in holdings” rating.