Core Viewpoint - CICC initiates coverage on Poly Real Estate (00119) with a target price of HKD 2.15 and an "outperform" rating, expecting earnings per share of RMB 0.04 for 2025-2026 [1] Group 1: Company Performance - The company is identified as one of the few central state-owned enterprises in the real estate sector with high valuation cost-effectiveness [1] - Despite a 44% and 68% decline in national and top 100 new home sales from 2020 to 2024, the company's total sales remained stable at RMB 50-60 billion, improving its industry ranking by 50 positions to 17th [1] - The company is expected to achieve its annual sales target of RMB 50 billion with a high degree of certainty, potentially realizing slight positive growth year-on-year [1] Group 2: Market Conditions - The market has a perception gap regarding the company's operations and valuation, with expectations for operational improvements and valuation recovery driven by policy changes [1] - The company's stock price had been under pressure due to "peer competition" and uncertainties related to governance, but these issues are now being resolved [1]
中金：首次覆盖保利置业(00119)予目标价2.15港元 评级“跑赢行业”