Group 1 - The core viewpoint of the report is that 招银国际 maintains a "Buy" rating for 华润万象生活 (01209) and raises the target price by 4% to HKD 53.96 [1] - 招银国际 forecasts that 华润万象生活's revenue will reach RMB 18.2 billion in 2025, representing a year-on-year growth of 6.5%, with residential business revenue remaining flat due to the drag from value-added services, while commercial operations revenue is expected to grow by 13.8% [1] - The forecast for 华润万象生活's core net profit in 2025 is projected to increase by 10.8% to RMB 3.9 billion, supported by stable gross margins in property management, improving gross margins in shopping centers, and a decrease in the ratio of selling and administrative expenses [1] Group 2 - 招银国际 maintains its revenue forecasts for 2025 to 2027 unchanged, but has adjusted the core net profit forecast down by 4% due to a more reasonable pace of margin expansion [1]
招银国际：维持华润万象生活“买入”评级 目标价上调至53.96港元