Core Viewpoint - First Shanghai maintains a "Buy" rating for China Resources Vientiane Life (01209), projecting net profit attributable to shareholders of 4.0 billion, 4.6 billion, and 5.26 billion yuan for 2025-2027, with a target price of 48.5 HKD [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 8.524 billion yuan, a year-on-year increase of 6.5% [1] - Core net profit increased by 15.0% to 2.01 billion yuan, with a core net profit margin rising by 1.4 percentage points to 23.6% [1] - The company plans to distribute an interim dividend of 0.53 yuan per share and a special dividend of 0.35 yuan per share, achieving a 100% payout ratio based on core net profit [1] Group 2: Commercial Management - Commercial management revenue was 3.27 billion yuan, up 14.6% year-on-year, with a gross margin increase of 5.2 percentage points to 66.1% [2] - Retail sales in shopping centers grew by 21.1% to 122 billion yuan, with same-store sales increasing by 9.7% [2] - The company operated 125 shopping centers at the end of the period, maintaining an average occupancy rate of 97.1%, an increase of 0.4 percentage points from the end of 2024 [2] Group 3: Property Management - Property management revenue grew by 1.1% to 5.16 billion yuan, with a slight decline in gross margin by 0.1 percentage points to 18.8% [3] - Urban space revenue increased by 15.1%, contributing to a rise in the proportion of urban space in total managed area to 30.2% [3] - The total managed area reached 4.2 billion square meters, with urban space managed area growing by 1.8% to 1.27 billion square meters [3]
第一上海：维持华润万象生活(01209)“买入”评级 目标价48.5港元