Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][20][23] Core Views - The company achieved a revenue of 8.4 billion yuan in the first half of 2025, representing an 8% year-on-year growth, and a net profit of 900 million yuan, which is a 5% increase year-on-year [1][9] - The property management business remains solid, with revenue of 6.3 billion yuan in the first half of 2025, a 13.1% increase year-on-year [2][16] - The community value-added services segment saw a slight decline in revenue to 1.2 billion yuan, but the gross margin improved to 39.9%, up 1.1 percentage points year-on-year [2][20] Financial Performance and Forecast - The company expects net profits of 1.6 billion yuan and 1.7 billion yuan for 2025 and 2026, respectively, with corresponding EPS of 2.85 yuan and 3.05 yuan [3][20] - The projected PE ratios for 2025 and 2026 are 10.9 and 10.2, respectively [3][20] - Revenue forecasts for the years 2023 to 2027 are as follows: 15.06 billion yuan in 2023, 16.34 billion yuan in 2024, 17.36 billion yuan in 2025, 18.48 billion yuan in 2026, and 19.68 billion yuan in 2027, with growth rates gradually declining [4][21]
保利物业（06049）：业绩稳增，布局优化