Investment Rating - The investment rating for Poly Property (06049.HK) is "Buy" (maintained) [1] Core Views - The report indicates that Poly Property has achieved steady revenue and profit growth, with a continuous optimization of its value-added business layout. The company is expected to maintain its profit forecasts, with projected net profits for 2025-2027 being 1.58 billion, 1.72 billion, and 1.88 billion yuan respectively, corresponding to EPS of 2.86, 3.11, and 3.40 yuan. The current stock price corresponds to PE ratios of 11.9, 11.0, and 10.0 times [5][6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 8.392 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 891 million yuan, up 5.3% year-on-year. The gross margin and net margin were 19.4% and 10.8%, respectively, reflecting a decrease of 1.1 percentage points and 0.1 percentage points year-on-year [6] - The company had cash and bank balances of 11.62 billion yuan, an increase of 9.6% year-on-year, and trade receivables of 3.93 billion yuan, up 9.7% year-on-year. The asset-liability ratio decreased by 0.9 percentage points to 42.9% [6] Property Management Revenue Growth - In the first half of 2025, the company expanded its managed scale, achieving property management revenue of 6.325 billion yuan, a year-on-year increase of 13.1%, with the revenue proportion rising by 4.4 percentage points to 75.4%. The gross margin for property management was 16.6%, down 0.2 percentage points year-on-year [7] - The company added 14.06 billion yuan in new third-party projects, a year-on-year increase of 17.2%, with a focus on high-tier cities. The average property management fee per residential unit increased by 0.14 yuan to 2.47 yuan per square meter per month [7] Value-Added Business Adjustments - The company reported a decline in non-owner value-added service revenue to 863 million yuan, down 16.1% year-on-year, primarily due to a decrease in the number of case collaboration service projects and office leasing income. The gross margin for this segment fell by 6.8 percentage points to 11.2% [8] - Owner value-added service revenue was 1.204 billion yuan, down 3.7% year-on-year, but the gross margin improved by 1.1 percentage points to 39.9% [8] Financial Summary and Valuation Metrics - The financial summary indicates projected revenues of 17.731 billion yuan for 2025, with a year-on-year growth of 8.5%. The net profit for 2025 is projected at 1.582 billion yuan, reflecting a year-on-year increase of 7.4% [9]
保利物业（06049）：业绩稳健增长，增值业务布局持续优化