Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to experience stable growth supported by an expanding management scale, with a projected management area growth of 7.4% year-on-year to 431.1 million square meters by the end of 2024 [5][6] - Profit margins are anticipated to stabilize from 2025 to 2027, with net profit expected to grow at a high single-digit rate during this period [5] - The target price for the company is set at HKD 6.30, indicating a potential upside of 18.6% from the current price of HKD 5.31 [1][5] Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 13,051 million - 2024: RMB 14,024 million (growth of 7.5%) - 2025: RMB 15,227 million (growth of 8.6%) - 2026: RMB 16,127 million (growth of 5.9%) - 2027: RMB 16,958 million (growth of 5.2%) [4][10] - Core profit estimates are: - 2023: RMB 1,343 million - 2024: RMB 1,511 million (growth of 12.5%) - 2025: RMB 1,651 million (growth of 9.3%) - 2026: RMB 1,750 million (growth of 6.0%) - 2027: RMB 1,855 million (growth of 6.0%) [4][10] - The company’s net profit is projected to increase from approximately RMB 1.51 billion in 2024 to RMB 1.86 billion in 2027 [5][10] Market Performance - The stock has shown a year-to-date change of 3.71% and has a market capitalization of approximately HKD 17,437.83 million [3][4] - The 52-week high and low for the stock are HKD 7.12 and HKD 4.05, respectively [3]
中海物业（02669）：中海物业（2669HK）