> **来源：[研报客](https://pc.yanbaoke.cn)** # Binjiang Service (3316 HK) FY25 Summary and Analysis ## Core Content and Key Highlights Binjiang Service (3316 HK) reported a **14.1% YoY revenue increase** in FY25, reaching **RMB 4.1bn**, and a **12.1% YoY net profit growth** to **RMB 880mn**. Despite these gains, the company's results slightly underperformed against Bloomberg consensus and CMBI estimates. The company demonstrated **resilience** through: - **Reduced reliance on parent company** (GFA from related parties dropped to **36%** of FY25 newly-added GFA, down from **51%** in FY24) - **Improved collection rate** (up **0.29ppts** to **94.29%**) - **Increased average PM fee** to **RMB 4.2/sqm/month** (up from **RMB 4.1/sqm/month** in FY24) ## Key Financial Performance | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |------------------------|------|------|------|------|------| | Revenue (RMB mn) | 3,595 | 4,101 | 4,534 | 4,944 | 5,356 | | YoY Growth (%) | 28.0% | 14.1% | 10.6% | 9.0% | 8.3% | | Net Profit (RMB mn) | 546.5 | 595.5 | 634.0 | 675.3 | 719.4 | | YoY Growth (%) | 11.0% | 9.0% | 6.5% | 6.5% | 6.5% | | EPS (Reported) (RMB) | 1.98 | 2.15 | 2.29 | 2.44 | 2.60 | | YoY Growth (%) | 11.0% | 9.0% | 6.5% | 6.5% | 6.5% | | P/E (x) | 10.1 | 9.3 | 8.7 | 8.2 | 7.7 | | P/B (x) | 3.6 | 3.3 | 3.0 | 2.8 | 2.5 | | Dividend Yield (%) | 6.9 | 8.1 | 8.6 | 9.2 | 9.8 | | Net Margin (%) | 15.2% | 14.5% | 14.0% | 13.7% | 13.4% | ## Performance by Segment - **Property Management Services (PMS):** - Revenue grew **26.3% YoY** to **RMB 2,441mn** - Gross margin decreased **1.1ppts** to **17.3%** - **VAS to Non-Owners:** - Revenue declined **16.6% YoY** to **RMB 472mn** - Gross margin dropped **7.1ppts** to **31.5%** - **5S VAS:** - Revenue increased **8.3% YoY** to **RMB 1,188mn** - Gross margin rose **4.6ppts** to **28.5%** - Gross profit contribution hit a **record high of 37%**, driven by the **large-flat decoration business** (accounting for **83%** of segment revenue, but only **8% YoY growth**) ## Strategic Outcomes - **Strong third-party expansion** and **reduced parentco reliance** helped the company maintain performance in a challenging market. - The **termination rate** of managed GFA dropped significantly after two years of clearing low-efficiency projects. - **Dividend payout ratio** was raised to **75%** in FY25 and is expected to be maintained in FY26. ## Valuation and Investment Outlook - **Target Price (TP):** HK$32.06 (up **0.9%** from previous TP of HK$31.79) - **P/E multiple:** Based on **13x 2026E P/E**, with a **target multiple unchanged** - **NP Forecast (FY26-27E):** Lowered **10-15%** to reflect **industry headwinds** - **CMBIGM Rating:** **BUY**, indicating potential return of **over 15%** over the next 12 months ## Market Position and Risk Factors - **Market Cap:** HK$6,252.3mn - **Shareholding Structure:** - GREAT DRAGON VENTURES LTD: **45.9%** - HAOYU VENTURES LTD: **12.9%** - **Risks:** 1. **Slower growth in 5S VAS** 2. **Intensified competition** 3. **Weak third-party expansion** ## Comparative Valuation | Company | P/E (2026E) | Net Profit Growth (%) | Dividend Yield (%) | PEG | |----------------------|------------|------------------------|-------------------|----| | CR MixC | 19.9 x | 10.2 | 5.1% | 1.9 | | Onewo | 18.4 x | 28.4 | 10.5% | 0.6 | | Country Garden Services | 9.2 x | (18.5) | 5.6% | 0.1 | | Poly Services | 9.1 x | 6.3 | 4.7% | 1.5 | | COPH | 6.4 x | 32.8 | 5.0% | 0.2 | | China Merchant PO | 10.6 x | 50.4 | 2.6% | 0.2 | | Greentown Services | 11.6 x | 16.4 | 5.6% | 0.7 | | Binjiang Services | 8.7 x | 6.5 | 7.0% | 1.3 | | C&D PM | 7.8 x | (7.3) | 5.7% | -0.7 | ## Summary of Key Strategies - **Premium positioning** and **high concentration strategy** have been key to maintaining profitability amid industry trends. - **Proactive disposal of low-efficiency projects** has improved operational efficiency. - **Focus on large-flat decoration business** is seen as crucial for future growth, despite its **slower YoY growth**. ## Conclusion Binjiang Service has shown **resilience and strategic adaptability** in FY25, maintaining revenue and net profit growth despite industry headwinds. The company's **dividend policy**, **third-party expansion**, and **efficiency improvements** are positive indicators. However, **sustainability of 5S VAS growth** and **competition** remain key challenges. The **BUY rating** reflects the potential for **strong returns** over the next year.