Core Viewpoint - Open Source Securities initiates coverage on China Overseas Property (02669) with a "Buy" rating, projecting net profit for 2025-2027 at 1.61 billion, 1.76 billion, and 1.96 billion yuan, respectively, with corresponding EPS of 0.49, 0.54, and 0.60 yuan, indicating a current PE of 9.5, 8.7, and 7.8 times [1] Group 1 - The company is a subsidiary of China State Construction Group under China Overseas Group, with stable land acquisition and a significant increase in market share [1] - The scale of projects under management continues to grow, with an exit from loss-making projects and the delivery of high-end residential properties, leading to an improvement in profitability [1] - Since its listing, the company has maintained growth in both revenue and profit, with a compound annual growth rate (CAGR) of 23.1% and 25.7% for revenue and profit from 2019 to 2024, respectively [1] Group 2 - The revenue from basic property management accounts for over 70% of total revenue, remaining the primary source of income for the company [1] - In 2024, profit growth is expected to outpace revenue growth, with gross margin and net margin increasing by 0.7 percentage points and 0.5 percentage points to 16.6% and 10.8%, respectively, primarily due to the improvement in gross margin from basic property management [1] - The company has maintained a dividend payout ratio of around 30% from 2019 to 2023, which is expected to increase to 35.8% in 2024, although this remains relatively low compared to mainstream property companies [1]
开源证券：首予中海物业(02669)“买入”评级 规模盈利双升