Core Viewpoint - Dahua Jiexian forecasts that China Overseas Property's net profit attributable to shareholders will decline by 9.5% year-on-year in 2025, primarily due to pressure on gross margins, continued weakness in engineering services, and deteriorating collection situations, which offset revenue growth [1] Revenue and Profit Forecast - The firm expects a year-on-year revenue growth of 5.4% for the entire year, with property management revenue projected to increase by 9.9% year-on-year, driven by rapid expansion in urban services [1] - Community value-added services and non-residential value-added services revenues are expected to decline by 8% and 10% year-on-year, respectively, mainly due to industry downturns and more cautious consumer spending [1] Rating and Target Price Adjustment - Based on the downward revision of profit forecasts and limited short-term catalysts, the firm has downgraded the rating of China Overseas Property to "Hold" and reduced the target price from HKD 7 to HKD 4.3 [1]
大行评级｜大华继显：下调中海物业目标价至4.3港元，评级降至“持有”