Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company has demonstrated steady growth in revenue and profit, with a robust expansion in its core property management scale. The operating cash flow has improved, and the gross margin remains stable. The earnings forecast for the years 2025-2027 is projected at 3.8 billion, 4.4 billion, and 5.1 billion respectively, corresponding to EPS of 0.27, 0.31, and 0.36, with current stock price reflecting a PE ratio of 10.6, 9.1, and 7.8 [5][6][8] Financial Performance - For the first half of 2025, the company reported operating revenue of 1.823 billion, a year-on-year increase of 13.35%. The net profit attributable to the parent company was 216 million, also up by 13.23%. The gross margin and net margin were 25.16% and 12.14%, respectively, showing stability compared to the previous year [6][7] - The company’s property management service revenue reached 1.058 billion, growing by 23.1%, while community value-added and collaborative service revenue was 446 million, up by 23.5%. However, non-owner value-added service revenue decreased by 19.4% [7] Business Structure and Growth - As of the end of the first half of 2025, the company had a contracted building area of 113 million square meters and 730 contracted projects, reflecting growth of approximately 3.4% and 3.8% compared to the end of 2024. The managed building area reached 83 million square meters, with 558 managed projects, marking increases of 10.2% and 5.9% respectively [7]
建发物业（02156）：港股公司信息更新报告：收入及利润水平稳健增长，基础物管规模稳中有进