Core Viewpoint - The report from CICC indicates a downward adjustment of Midea Real Estate's (03990) 2025 core net profit forecast by 11% to 607 million yuan, reflecting a year-on-year increase of 20%, while introducing a 2026 forecast of 676 million yuan, a year-on-year increase of 12% [1] Group 1: Financial Performance - In 2024, the company's revenue is expected to increase by 33% to 3.73 billion yuan, with core net profit rising by 25% to 504 million yuan, aligning with market expectations [2] - The company anticipates a revenue increase of approximately 24% in 2025 to 4.62 billion yuan, with core net profit expected to grow by about 20% to 607 million yuan, primarily supported by the controlling shareholder [3] Group 2: Business Segments - Development services generated a settlement revenue of 293 million yuan within two months of operation in 2024, with pricing advantages from related party transactions [2] - Property management services are projected to see a 13% revenue increase in 2024 to 1.84 billion yuan, with managed area growing by 15% to 75.38 million square meters, largely contributed by the controlling shareholder [2] - Asset operation revenue is expected to surge by 92% in 2024 to 987 million yuan, driven by the gradual sales of on-balance sheet industrial parks and strong performance in shopping centers [2] - The real estate technology segment is anticipated to decline by 6% in revenue to 606 million yuan due to the impact of the real estate market fundamentals [2] Group 3: Shareholder Returns - The company is expected to maintain a strong dividend payout capability and willingness, with a projected payout ratio of 70% of core net profit in 2024, and plans to consider interim dividends [3]
中金：维持美的置业(03990)“跑赢行业”评级 升目标价至4.25港元