Core Viewpoint - Dahua Jixian expects China Overseas Property (02669) to see a 9.5% year-on-year decline in attributable net profit for 2025, primarily due to pressure on gross margins, continued weakness in engineering services, and deteriorating collection situations offsetting revenue growth [1] Group 1: Financial Performance - The company is projected to achieve a 5.4% year-on-year revenue growth for the full year, with core property management revenue expected to rise by 9.9%, driven by rapid expansion in urban services [1] - However, community value-added services and non-residential value-added services revenues are anticipated to decline by 8% and 10% year-on-year, respectively, mainly due to industry downturns and more cautious consumer spending [1] Group 2: Rating and Target Price - Based on the downward revision of profit forecasts and limited short-term catalysts, the rating for China Overseas Property has been downgraded to "Hold," with the target price reduced from HKD 7 to HKD 4.3 [1]
大华继显：降中海物业(02669)评级至“持有” 目标价降至4.3港元