Core Viewpoint - Everbright Securities maintains a "Buy" rating for Shimao Services (00873), citing the company's proactive expansion in third-party markets and a stable increase in the proportion of non-cyclical business, indicating a positive fundamental outlook. The forecast for net profit attributable to shareholders for 2025-2026 is set at 210 million and 340 million yuan, with a new estimate for 2027 at 380 million yuan, corresponding to P/E ratios of 6.5, 4.1, and 3.6 times, suggesting attractive valuation [1]. Recent Events - Shimao Group reported a total sales amount of 2.81 billion yuan for January-February 2026, ranking 26th in the industry according to CRIC's sales ranking. For the entire year of 2025, Shimao Group achieved total sales of 23.95 billion yuan, ranking 33rd in the industry [1]. Business Structure Adjustment - In the first half of 2025, the company generated revenues of 2.81 billion, 540 million, 60 million, and 210 million yuan from property management, community value-added services, non-owner value-added services, and urban services, respectively. The revenue share from property management increased by 9.2 percentage points year-on-year to 77.7%, enhancing the company's resilience against cyclical fluctuations. The stable gross margin during the revenue increase indicates a focus on refined operations and strict quality control of managed projects [2]. Third-Party Expansion - As of June 30, 2025, the company operates in 123 cities, providing a diverse range of services for 1,466 projects, including residential, public buildings, universities, industrial parks, and hospitals, with a managed area of 220 million square meters and a contracted area of 340 million square meters. In the first half of 2025, the company achieved a record high in third-party market expansion, with new annual contract amounts reaching 960 million yuan, a 54.6% increase compared to 620 million yuan in the same period of 2024. The newly added contracted area was 40.1 million square meters, up 126.6% from 17.7 million square meters in 2024, with non-residential project contracts accounting for 83.3% of the new contracted area [3].