Caitong Securities(SH:601108) 智通财经网·2026-01-05 01:21Core Viewpoint - The report from Caitong Securities initiates coverage on China Merchants Jinling (01914) with a "Buy" rating, highlighting the company's strong resilience and steady growth potential due to both internal and external expansion strategies, along with an anticipated increase in dividend payout ratios [1] Group 1: Company Background and Market Position - The company has nearly 30 years of experience in property management and benefits from its state-owned enterprise (SOE) background, positioning it as a leader in the A-share property management industry, particularly in the institutional property sector [2] - As a subsidiary of China Merchants Shekou, the company receives stable project resources, while its controlling shareholder, China Merchants Group, provides extensive cross-industry business resources, creating new growth opportunities through business synergies [2] Group 2: Business Focus and Revenue Growth - The company continues to focus on its core property management business, achieving a property management service revenue of 8.8 billion yuan in the first half of 2025, representing a year-on-year increase of 16.8%, with this segment accounting for 96.6% of total revenue [3] - The commercial operations segment, managing 72 projects, generated 90 million yuan in revenue, reflecting a year-on-year growth of 30.7%, which is expected to further enhance overall asset management growth as the number of commercial projects increases [3] Group 3: Financial Performance and Profitability - In the first half of 2025, the company reported a revenue growth of 16.2% year-on-year, the fastest among comparable companies, while the net profit attributable to shareholders increased by 8.9%, the second-fastest in the same group [4] - The company's gross margin is projected to improve from 12.0% in 2024 to 12.1% in the first half of 2025, with net margins expected to rise from 5.1% in 2024 to 5.4% in the first half of 2025, indicating further potential for improvement [4] Group 4: Shareholder Returns and Dividend Policy - The company has implemented a share buyback program, repurchasing nearly 6.63 million shares, which constitutes 0.62% of its total share capital, between December 10, 2024, and November 27, 2025 [5] - The dividend payout ratio has increased from approximately 20% in 2021 to 30% in 2024, with expectations for continued growth in the future [5]