Core Viewpoint - The performance of Midea Real Estate in the first half of 2025 meets market expectations, with significant revenue and profit growth driven by development services and property management [1][2]. Financial Performance - Revenue for 1H25 increased by 41% year-on-year to 1.997 billion yuan, with a slight decline in gross margin by 3 percentage points to 30.8% [1]. - Core net profit attributable to the parent company rose by 119.4% year-on-year to 312 million yuan, aligning with market expectations [1]. - The company declared an interim dividend of 0.15 HKD per share, corresponding to a current dividend yield of 3.2% [1]. Business Segments - Development services contributed significantly, with revenue of 505 million yuan and operating profit of 162 million yuan, a new addition compared to the previous year [1]. - Property management and asset operation showed steady growth, with property management revenue increasing by 9% year-on-year to 930 million yuan, and asset operation revenue rising by 14% to 275 million yuan [2]. - The real estate technology business faced challenges, with revenue declining by 9% year-on-year to 287 million yuan, primarily due to industry pressures [2]. Growth Outlook - The company aims to enhance its core competitiveness by deepening its presence in the real estate development value chain, expecting development services to achieve approximately 1 billion yuan in revenue for the full year of 2025 [2]. - Property service revenue growth is projected to maintain a rate of 8-10%, with an overall performance growth forecast of around 20% for 2025 [2]. Shareholder Returns - The company plans to maintain a competitive dividend policy, continuing its practice of semi-annual dividends, which supports shareholder returns [3]. - The profit forecast remains largely unchanged, with core net profit expected to grow by 19% and 13% year-on-year for 2025 and 2026, reaching 601 million yuan and 682 million yuan, respectively [3]. Valuation - The target price has been raised by 36% to 5.8 HKD per share, reflecting a 5.5% target dividend yield for 2025 and a 23% upside potential [3].
美的置业(03990.HK)：稳健兑现的业绩与中期派息提供稳定股东回报