Investment Rating - The report has adjusted the investment rating of the company to "Neutral" [2][5]. Core Views - The company is expected to experience a structural adjustment leading to a potential bottoming out of its medium to long-term gross profit margin [2]. - The target price for the company is set at HKD 3.20, indicating a potential upside of 6.7% from the current price of HKD 3.00 [5][9]. Financial Overview - For the fiscal year ending December 31, 2023, the company is projected to generate revenue of RMB 15,443 million, with a year-on-year growth of 0.4% [4][10]. - The core profit for 2023 is estimated at RMB 1,555 million, with a core earnings per share (EPS) of RMB 1.10 [4][10]. - The company reported a total revenue of RMB 64.7 billion for the first half of 2025, a decrease of 8.3% year-on-year, primarily due to a proactive adjustment in business scale [5][6]. - The gross profit margin for the first half of 2025 declined by 2.4 percentage points to 14.5% [5][6]. Business Adjustments - The company has actively integrated and exited non-profitable projects, resulting in a 10.4% and 7.7% year-on-year decrease in managed and contracted property areas, respectively [5][6]. - The reliance on the real estate market has been reduced, with the proportion of revenue from value-added services continuing to decline [5][6]. Dividend Policy - The company has proposed an interim dividend of RMB 0.062 per share for the first half of 2025, representing a 107% increase compared to the previous year's interim dividend of RMB 0.03 [5][6].
雅生活服务（03319）：雅生活服务（03319）：个股评级