新城悦服務(01755.HK)港股公司首次覆蓋報吿：內接外拓，至臻至善，增值服務持續發力，給予“買入”評級
機構：開源證券
評級：買入
內接外拓，規模成長，增值業務蒸蒸日上，首次覆蓋給予“買入”評級
新城悦服務背靠新城控股，竣工交付高峯期來臨，成長性佳，規模效應明顯；同時優質物管品牌持續賦能增值服務，未來增長空間可觀。此外，公司具備完善的激勵機制，持續加深管理層與公司利益的一致性。我們預計公司 2020-2022 年歸母淨利潤 4.16、6.26、9.32 億元，同比增長 47%、51%、49%，對應 EPS 為 0.51、0.76、1.14 元，當前股價對應 PE 為 34.7、23.0、15.5 倍。首次覆蓋給予“買入”評級。
物管服務：盈利能力持續提升，多引擎助推面積增長
（1）成本管控逐步改善，受益於規模效應，公司期間費用率不斷下降，帶動盈利能力提升，2020H1 物業服務毛利率達 32%，較 2016 年提升 10.6 個百分點。（2） 合管比持續高位，有效保障未來業績成長。截至 2020H1 公司合約面積超 1.67億平米，在管面積 7122 萬平米，合約/在管居於主流物管公司首位，未來業績釋放有充分保障。（3）多引擎助推面積增長，關聯公司新城控股銷售規模 TOP10，同時第三方外拓逐步發力，佔比穩步提升，從 2016 年的 24%持續提升至 2020H1的 35%。
增值服務多元化發展，加快放量
（1）開發商增值服務，收入主要由新城系項目提供，新城控股迎來竣工高峯期，未來交付項目增長迅猛，開發商增值服務增長可觀。（2）社區增值服務，新橙居等五項業務多元化發展，盈利能力優秀，2019 年社區增值服務毛利率 64.3%，為公司各項業務最高。（3）智慧園區服務，2020H1 實現營收 2.08 億元，同比增長113%，2015-2019 年年複合增長率 121%，有望成為公司新利潤增長點。
專業管理團隊搭配完善激勵機制
公司擁有內部培養、經驗豐富的管理團隊，並且建立了完善的激勵機制，先後三次授出購股權或獎勵股份，實現了公司利益與管理層利益的深度綁定。
風險提示：行業銷售規模波動加大，外拓業務不及預期，人工成本上行壓力。
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