Investment Rating - The report maintains a "Buy" rating for Poly Property [4][8] Core Views - The company demonstrates stable growth in performance, with accelerated third-party expansion [8] - The company is backed by Poly Real Estate, ensuring strong growth momentum and strategic positioning in non-residential property management [8] - The report forecasts net profits for 2025-2027 to be 1.56 billion, 1.65 billion, and 1.76 billion respectively, with a price-to-earnings ratio of 12 times for 2025 [8] Financial Data and Profit Forecast - Revenue (in million) for 2023 is projected at 15,062, with a growth rate of 10.0%, and expected to reach 19,784 by 2027 with a growth rate of 7.2% [3][9] - Net profit attributable to the parent company (in million) is forecasted to be 1,380 in 2023, growing to 1,764 by 2027, with a growth rate of 7.0% in the final year [3][9] - Earnings per share (in yuan) are expected to increase from 2.51 in 2023 to 3.19 in 2027 [3][9] - The return on equity is projected to decline from 15.8% in 2023 to 13.5% in 2027 [3][9] Operational Highlights - In the first half of 2025, the company achieved revenue of 8.4 billion, a year-on-year increase of 6.6%, and a net profit of 890 million, up 5.3% [8] - The managed area increased by 12% year-on-year, with third-party contract amounts growing by 17% [8] - The average property management fee for residential properties rose to 2.47 yuan per square meter per month, reflecting a steady increase [8]
保利物业（06049）：业绩保持稳定增长，第三方拓展加速