研究报告全文：股票研TableTitleChunliZhan詹春立究CompanyReportCentralChinaNewLife09983HK85225097745EquityResearch公司报告建业新生活09983HKjameszhangtjascomhk23August2023TableSummaryConcernonRelated-PartyRiskMayContinueNeutral公DowngradetoNeutralwithTPofHK230WebelievetheRatingTableRankNeutralmarketconcernonCCNLsrelated-partyriskremainsespecially司Downgradedconsideringthat1theliquiditycrisisforitsrelateddevelopermaylast报foralongertimeand2weakpropertysalesperformancecontinues评级中性下调告inHenanWeforecastlossin2023FwithEPSat-RMB0021WeCompanyReportCompanyalsorevisedownourforecastsontheCompanys2024Fand2025F6TablePrice-18mTP目标价HK230EPStobeRMB0405andRMB0462WederiveourHK230TPforRevisedfrom原目标价HK320CCNLbyapplying52x2024FPEHencewedowngradeourinvestmentratingtoNeutralShareprice股价HK2150Disappointing1H2023resultsmainlyduetolargeimpairmentlossLargelyinlinewiththenegativeprofitwarningtheCompanyStockperformance证finallydeliveredalossattributabletoshareholdersatRMB2996mn股价表现券in1H2023ForthetoplineCCNLrecordedtotalrevenueofTableQuotePicRMB13533mnin1H2023downby135YoYConsideringthe400ofreturn研300increasingcreditriskofrelevanttradereceivablesfromCCREthe200究Companymadelargeimpairmentprovisionforthefirsthalfofthis100报yearatanamountofRMB6412mnWedonotruleoutthe00100possibilityforfurtherimpairmentaswebelievetheriskfromits告200relateddevelopermaylastforalongertimeEquityResearchReport300400Ontheothersidesolidgrowthinbasicpropertymanagement500broughtsomepositivesurpriseIn1H2023theCompanysbasic600businessinpropertymanagementmaintainedsolidgrowthamidaAug-22Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23HSIIndexCCNLchallengingenvironmentNotonlythegrowthinrevenuetheGPMofpropertymanagementalsoimprovedgreatlyby68pptYoYto257in1H2023Considering1thesolidgrowthinGFAunderChanTablePriceChangegeinSharePrice1M3M1Ymanagementand2highermarginofitscorebusinessofproperty股价变动1个月3个月1年房managementin1H2023webelieveCCNLsresilientperformanceinAbs204242304告itscorebusinessshouldbringsomerelieftotheCompanys2H2023绝对变动地resultsReltoHSIndex136157216报产相对恒指变动Upsiderisks1faster-than-expectedImprovementinprofitability2AvgSharepriceHK252627平均股价港元行究fastercompletionofpropertiesinHenanand3moreGFAacquiredSourceBloombergGuotaiJunanInternationalPropertySectorfromthirdpartiesorthroughMAsDownsiderisks1业研slower-than-expectedgrowthinbasicpropertymanagement2券deteriorationofliquiditypositionforCCREand3unexpectedlaborcosthikes证YearEndTTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE年结ablePr收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率1231ofitRMBmRMBmRMBxRMBxRMB2021A359962004912823623390703932242202022A31485620443984323200803551871912023F32402700211047945203010015880102024F35745180405na492277090203102188建09983HK2025F39625910462141432536080231116192告业Sharesinissuem总股数m12787Majorshareholder大股东WuPoSum681TableBaseData报新MarketcapHKm市值HKm27492Freefloat自由流通比率2513monthaveragevol3个月平均成交股数0006475FY23NetgearingFY23净负债股东资金Netcash生究52WeekshighlowHK52周高低HK38432024FY23EstNAVHKFY23每股估值港元31活研ChinaNewLifeNewChinaSourcetheCompanyGuotaiJunanInternational券证CentralSeethelastpagefordisclaimerPage1of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTWedowngradeCentralChinaNewLifeCCNLortheCompanytoNeutralwithTPofHK230WebelievethemarketconcernonCCNLsrelated-partyriskremainsespeciallyconsideringthat1theliquiditycrisisforitsrelateddevelopermaylastforalongertimeand2weakpropertysalesperformancecontinuesinHenanWeexpecttheCompanytorecordlossfor2023FwithEPSat-RMB0021WealsorevisedownourforecastsontheCompanys2024Fand2025FEPStobeRMB0405andRMB0462WithvaluationmethodusingPEmultiplewederiveourHK230TPforCCNLbyapplying52x2024FPEWedowngradeourinvestmentratingtoNeutralDisappointing1H2023resultsmainlyduetolargeimpairmentlossLargelyinlinewiththenegativeprofitwarningannouncedon15Aug2023theCompanyfinallydeliveredalossattributabletoshareholdersatRMB2996mninthefirsthalf23August2023ofthisyearForthetoplineCCNLrecordedtotalrevenueofRMB13533mnin1H2023downby135YoYwhichmissedourestimateConsideringthattheCompanysbasicpropertymanagementstillrecordedYoYgrowthof160in1H2023themaindragfactorscamefromtheCompanysVASbusinessesespeciallytheVAStonon-propertyownersDuringthefirsthalfofthisyeartheCompanyscommunityVASrecordedrevenueofRMB2976mndownby121YoYMeanwhiletherevenuefromVAStonon-propertyownersrepresentedagreatslumpof742YoYin1H2023recordingRMB1051mnObviouslythesharpdeclineinVAStonon-propertyownerswasattributedtothetroublefacedbyitsrelateddeveloperCentralChinaRealEstateCCRE00832HKConsideringtheincreasingcreditriskofrelevanttradereceivablesfromCCREtheCompanymadelargeimpairmentprovisionforthefirsthalfofthisyearatanamountofRMB6412mnIfweexcludedtheexceptionallosstheCompanyrecordedcorenetprofitattributabletoshareholdersofRMB2050mnin1H2023comparedtoRMB3132mnforthe2raMthgiRelbaTperiodof1H2022BasedonthecorenetprofittheCompanydeclaredinterimdividendofHK00871sharefor1H2023representingadividendpayoutratioof50OntheothersidesolidgrowthinbasicpropertymanagementbroughtsomepositivesurpriseAlthoughunexpectedinterimlossisdisappointingtheCompanysbasicbusinessinpropertymanagementmaintainedsolidgrowthamidachallengingenvironmentNotonlythegrowthinrevenuetheGPMofpropertymanagementalsoimprovedgreatlyby68pptYoYto257in1H2023TheCompanyscontinuouseffortsincostoptimizationalsoachievedresultsinlowerSGAexpensesTheCompanyssellingexpensetorevenueratiodeclinedfrom11in1H2022to07in1H2023meanwhilethe09983HKadministrativeexpensetorevenueratiodeclinedfrom67to60FortheoperationaldatafromJan2023toJul2023theCompanysGFAundermanagementincreasedby125mnsqmwhichincluded101sqmor812fromthirdpartiesConsidering1thesolidgrowthinGFAundermanagementand2highermarginofitscorebusinessofpropertymanagement建业新生活in1H2023webelieveCCNLsresilientperformanceinitscorebusinessshouldbringsomerelieftotheCompanys2H2023resultsFigure1CCNLsgrowthinbasicpropertymanagementFigure2CCNLsGFAundermanagementmaintainedremainedresilientsolidgrowthin1H2023RMBmnmnsqm2raMthgiRelbaT10009511801677CentralChinaNewLife15679008201601359800140700615120600100010050080400570603002004010020001H20211H20221H2023End-2019End-2020End-2021End-2022End-1H23BasicpropertymanagementrevenueTotalGFAundermanagementSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalRiskfromitsrelateddeveloperwilllastforalongertimeWearegladtoseetheCompanyscontinuousdeclineinconnectedtransactionswithitsrelatedpartiesIn2022therevenuefromCCNLsrelatedpartiesstillaccountedforalargerevenueproportionof306Howeverthisratiohasloweredto118in1H2023ItishardtosayitisactiveorpassivestrategyfortheCompanytoreducerelianceonitsrelateddeveloperasCCREexperiencedthemostpessimisticperiodinthefirsthalfofCompanyReportthisyearOn3Apr2023CCREproposedexchangeoffersonitsUSDseniornoteswhichofficiallyannouncedthatCCREhasenteredintothecampofdistresseddevelopersOn23Jun2023CCREfailedtopayinterestsonanoteandhenceannouncedSeethelastpagefordisclaimerPage2of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTthatitwouldsuspendpaymentsonalloffshoredebtsAccordingtothemanagementbasedonprudentaccountingprinciplestheCompanyhasalreadymadeenoughimpairmentprovisionataround40oftherelated-partyreceivablesHoweverconsidering1thecontinuousdeteriorationofliquiditypositionofCCREand2stillweakpropertysalesinHenanprovincewebelieveCCNLstradereceivableriskfromitsrelateddevelopermaylastforalongtimeInadditionin1H2023theCompanypaiddepositofRMB537mncanberefundedinoneyeartoacquiretheexclusivesalesagencyrightforcarparkingspaceswhichmayfurtherweighonitsliquiditypressureinourviewFigure3CCNLsconnectedrevenuedeclinedsharplyinFigure4TheproportionofCCNLsmanagedGFAfrom1H2023CCREcontinuedtodecline23August2023mnsqm50180GFAundermanagement449167715671603874014013593061205803010005631005388020451118604010437420549462202raMthgiRelbaT002020202120221H2023End-2020End-2021End-2022End-1H23ofrevenuefromconnectedtransactionsFromthirdpartiesFromCCRESourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalUpsiderisks1faster-than-expectedImprovementinprofitability2fastercompletionofpropertiesinHenanand3moreGFAacquiredfromthirdpartiesorthroughMAs09983HKDownsiderisks1slower-than-expectedgrowthinbasicpropertymanagement2deteriorationofliquiditypositionforCCREand3unexpectedlaborcosthikes建业新生活2raMthgiRelbaTCentralChinaNewLifeCompanyReportSeethelastpagefordisclaimerPage3of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTTable1CCNLskeyresultsin1H2023IncomestatementdataRMBmn1H20221H2023ChangeRevenue15651353135-Propertymanagementservices820951160-Communityvalue-addedservices338298121407105742-Value-addedservicestonon-propertyownersGrossprofit498380237-BOtherincomegainsandlosses451567223August2023Sellingandmarketingcosts179467Administrativeexpenses10482219Netimpairmentlossesonfinancialassets1464145275Otherlosses-net10241419Financecostsnet101056ShareofresultsofJVsandassociates007281Profitbeforetax3983621909Taxexpense97631651Minorityinterests121935Shareholdersnetprofit2902r300aMthgiR2034elbaTShareholderscorenetprofit313205345Grossprofitmargin31828103pptShareholdersprofitmargin185nanaBalancesheetdataRMBmn20221H2023ChangeNetdebtcash19801493246Totalequity30592538170NetgearingNetcashNetcashnaTradeandotherreceivables270928585509983HKTradeandotherpayables1245133572Operationaldata20221H2023ChangeContractedGFAmnsqm2715282541建业新生活GFAundermanagementmnsqm1567167770SourcetheCompanyGuotaiJunanInternationalNoteCorenetprofitwasadjustedbytheimpairmentprovisionforreceivablesandfairvaluegainsorlossesfromfinancialassetsatfairvaluethroughprofitorlossandrelatedtaxeffect2raMthgiRelbaTCentralChinaNewLifeCompanyReportSeethelastpagefordisclaimerPage4of7TablePageHeaderCentralChinaNewLife09983HKTable2Sectorvaluationcomparison1raMthgiRelbaTCompanyStockCodeCurrencyMktCapHKmPEPBROEDY2022A2023F2024F2025F2022A2023F2024F2025F2023F2023FHKlistedpropertymanagementcompanieswithmajorbusinessinmainlandChinaChinaResourcesMixcLifesty01209HKHKD760072962491951614744383218717ChinaOverseasPropertyHold02669HKHKD295162321791411138260453538417OnewoInc-H02602HKHKD2904915112498821615131211113CountryGardenServicesHold06098HKHKD245231085445430606050511061PolyPropertyServicesCo-H06049HKHKD21276164143117972423201716418GreentownServiceGroupCoL02869HKHKD12218191152124103151514131003323August2023SunacServicesHoldingsLtd01516HKHKD6694na815868080807079854JinkeSmartServicesGroup-H09666HKHKD6522na12210695111010098900EvergrandePropertyServices06666HKHKD62703830444428898930434naA-LivingSmartCityServices03319HKHKD6177292826240404030314727CifiEverSunshineServices01995HKHKD533596686185090908na14051CDPropertyManagementGrou02156HKHKD51831711421108936nanana229naBinjiangServiceGroupCoLt03316HKHKD51191078867523630221737334YuexiuServicesGroupLtd06626HKHKD4277898166561211100914044S-EnjoyServiceGroupCoLtd01755HKHKD3816755645491311090921157ShimaoServicesHoldingsLtd00873HKHKD3653na675953040404056700CentralChinaNewLifeLtd09983HKHKD27494240454408080807194126PowerlongCommercialManagem09909HKHKD25594943393408080706185812raMthgiRelbaTExcellenceCommercialProper06989HKHKD25515441332806nanana168114SceIntelligentCommercialM00606HKHKD23981027667580808070711038DexinServicesGroupLtd02215HKHKD2390180nanana29nananananaJinmaoPropertyServicesCo00816HKHKD2242564636301512100828586HevolServicesGroupCoLtd06093HKHKD1764220nanana25nananananaKwgLivingGroupHoldingsLt03913HKHKD1681na3330270504040314800E-StarCommercialManagement06668HKHKD1354756960531010090814578Sino-OceanServiceHoldingL06677HKHKD130215725232105080909329155HuafaPropertyServicesGrou00982HKHKD117752nanana4216nananananaNewHopeServiceHoldingsLt03658HKHKD896383529250705040415111709983HKFinancialStreetProperty-H01502HKHKD893635848390707060611885RonshineServiceHoldingCo02207HKHKD798449nanana10nananananaRoiservLifestyleServices-H02146HKHKD77828nanana03nananananaColourLifeServicesGroup01778HKHKD63207nanana01nanananana建业新生活SuxinJoyfulLifeServicesC02152HKHKD62569nanana07nananananaTimesNeighborhoodHoldings09928HKHKD542na353228030303038643YinchengLifeServiceCoLtd01922HKHKD53443nanana15nananananaDowellServiceGroupCoLtd02352HKHKD52846nanana10nananananaAoyuanHealthyLifeGroupCo03662HKHKD51628nanana05nananananaKangqiaoServiceGroupLtd02205HKHKD51178nananananananananaXinyuanPropertyManagement01895HKHKD494nananananananananana2raMthgiRelbaTCliffordModernLivingHoldi03686HKHKD48844nanana07nananananaCentralChinaNewLifeBeijingCapitalJiayeProper02210HKHKD43332nanana01nananananaFirstServiceHoldingLtd02107HKHKD40082nanana06nananananaSundyServiceGroupCoLtd09608HKHKD37498nanana10nananananaKaisaProsperityHoldingsLt02168HKHKD34832997750020505046929RedcoHealthyLivingCoLtd02370HKHKD336nanananananananananaLushangLifeServicesCoL-H02376HKHKD32732nanana01nananananaZhongAoHomeGroupLtd01538HKHKD27331nanana03nananananaZhenroServicesGroupLtd06958HKHKD240na04nana0201nana262745XingyeWulianServiceGroup09916HKHKD22040nanana05nananananaRedsunServicesGroupLtd01971HKHKD2162006nana0202nana312558LandseaGreenLifeServiceC01965HKHKD19756nanana04nananananaRiverineChinaHoldingsLtd01417HKHKD188133nanana06nananananaJiayuanServicesHoldingsLt01153HKHKD168nanananananananananaLingYueServicesGroupLtd02165HKHKD14016nanana03nananananaYeXingHoldingsLtd01941HKHKD69nananana03nananananaSimpleAverage937667599309141115696WeightedAverage185147118994725252016931SourceBloombergGuotaiJunanInternationalCompanyReportSeethelastpagefordisclaimerPage5of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTFinancialStatementsandRatiosTableIncomeStatementIncomeStatementTableBalanceSheetBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTotalrevenue35993148324035743962PPE9551393431-PropertymanagementandVAS30412881294132573629InterestsinassociatesJVs66677-Lifestyleservices407182209226240Intangibleassets274271271271271-Commercialpropertymanagement15185899193Prepaymentsandotherreceivables3376767676Costofsales24162105236326042880Deferredtaxassets4358585858Grossprofit118310438769701082Othernon-currentassets04444444423August2023-Sellingandmarketingexpenses5732262932Totalnon-currentassets452506494489487-Administrativeexpenses230239217232254-Impairmentlossesonfinancialassets101786613030Inventories1814233343-Otherincomeexceptional196502030Contractassets2424252730Operatingprofit81475928699796Tradeandotherreceivables22222709278730753409-Financeincomecostsnet120444Restrictedcash25555-ShareofresultsofJVsandassociates00000Cashcashequivalents22642049231527783276Profitbeforetax82675932695793Othercurrentassets5527272727Incometax17318814168192Totalcurrentassets45854829518359466790Profitaftertax65357118527600Totalassets50375335567764367277Non-controllinginterest349999620562275185912raMthgiRelbaTShareholdersprofitlossTradeandotherpayables1053124519162114234304910443002104050462BasicEPSRMBContractliabilities544588605668740Short-termborrowings022151515TableCashFlowStatementCashFlowStatementCurrenttaxliabilities199261253427625Yearend31DecRMBm2021A2022A2023F2024F2025FOthercurrentliabilities287777OperatingactivitiesTotalcurrentliabilities18252123279732303730Profitbeforeincometax82675932695793Depreciationamortisation5842332016Long-termborrowings052595959Impairmentoftradeandotherreceivables1010000Contractliabilities8756565656Financecosts30444Deferredtaxliabilities273838383809983HKInterestincome60000Othernon-currentliabilities426666Others240000Totalnon-currentliabilities156152159159159Changesinworkingcapital7243036004045Totalliabilities19802276295633903890建业新生活Netcashfromoperations283499605679768Incometaxpaid105130666Totalshareholdersequity29542943259529113243Cashfromoperatingactivities178369611685774Minorityinterest102117126135144InvestingactivitiesTotalequity30573059272130463387Interestreceived60000TableFinancialRatioPurchaseofPPEintangibleassets325201514FinancialRatiosAcquisitionsdisposalsofsubsidiaries11300002021A2022A2023F2024F2025F2raMthgiRelbaTPaymentproceedsfromotherfinancialRevenuegrowth35612529103109CentralChinaNewLifeassets38516000Grossprofitgrowth375118160107115Otherinvestingcashflow042000Operatingprofitgrowth49967103726096139Cashfrominvestingactivities24653201514Shareholdersprofitgrowth45292104820184141FinancingactivitiesDividendpaidtoownersoftheCompany343583320203259Grossmargin329331271271273Increaseindebts074000Operatingprofitmargin226241-09196201Capitalraised6516000Shareholdersprofitmargin172179-08145149Interestpaid20444ROE219191-10188192Otherfinancingcashflow2136000ROA133108-058686Cashfromfinancingactivities3611061324207263Netchangesincash64746266463497Currentratiox2523191818Cashatbeginningofyear22182264204923152778NetgearingratioNetcashNetcashNetcashNetcashNetcashExchangelosses17530000Totalliabilitiestotalassets393427521527535Cashatendofyear22642049231527783276SourcetheCompanyGuotaiJunanInternationalReceivableturnoverdays18002858309629942987Payableturnoverdays15031992244228252825CompanyReportTableCompanyRatingDefinitionSeethelastpagefordisclaimerPage6of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral23August2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorable2raMthgiRelbaTNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTEREOFINTERESTSSTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthis09983HKResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport建业新生活6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMER2raMthgiRelbaTCentralChinaNewLifeThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanyReportSeethelastpagefordisclaimerPage7of7