Core Viewpoint - The property management stocks in China are experiencing a collective decline, with expectations of continued slowdown in financial performance for the first half of 2025, primarily due to a sluggish residential market [1] Group 1: Stock Performance - Country Garden Services (06098) fell by 5.9% to HKD 6.54 - Yashlife Services (03319) decreased by 5.73% to HKD 2.96 - Wanwu Cloud (02602) dropped by 3.83% to HKD 22.6 - Sunac Services (01516) declined by 3.76% to HKD 1.79 [1] Group 2: Earnings Forecast - UBS forecasts that the average profit growth for property management companies will slow to 13% year-on-year in the first half of 2025, down from 17% in the first half of 2024 and 14% for the entire year of 2024 - This is below the market expectation of 15% growth, attributed to a slowdown in the residential market affecting managed area growth, collection rates, and service margins [1] Group 3: Market Analysis - Bank of America Securities noted that property management stocks have risen over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - CITIC Securities highlighted the presence of irrational price-cutting demands from some property owners, indicating intense competition within the industry - Despite this, leading companies have low market share, allowing for significant adjustments in their managed portfolios without a decline in profitability [1] Group 4: Policy and Competitive Landscape - Current policies discourage irrational competition and promote quality pricing, which is expected to stabilize collection rates, fee structures, and profitability for companies that focus on service reputation - There is optimism for companies with strong brand competitiveness in this environment [1]
物管股集体下跌 大行称物管行业中期盈利增长或放缓 预计估值修复期已结束