中信证券：物业服务行业回归基础服务 股息率具备吸引力

Group 1 - The industry is returning to basic services, focusing on management and operational efficiency to enhance profits [1][3] - From 2024, the revenue share of basic services is expected to continue increasing, with a shift from prioritizing scale growth to performance improvement [1][3] - The average dividend yield for key companies is projected at 5.3% for 2024, with some companies exceeding 8% [1][2] Group 2 - The static price-to-earnings ratio is estimated at 13.7 times for 2024, decreasing to 12.8 times in 2025 [2] - Cash holdings account for 43% of market value, indicating strong liquidity and potential for increased dividend payouts [2] - The industry is moving away from chaotic investments and mergers, reinforcing its cash-generating capabilities [2] Group 3 - Challenges faced by companies are structural rather than industry-wide, and they are manageable [3] - Increased pressure from homeowners' associations and declining payment capabilities of non-residential owners are impacting profit margins [3] - Despite these challenges, leading companies have low market share, allowing for stability in gross margins through strategic adjustments [3]