Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reiterated its performance guidance for 2025, expecting a double-digit revenue growth in property services, a gross margin increase of 0.5 percentage points, a 15% rise in core operating profit, and operating cash flow net covering net profit by over 1 time [2][3] - The company emphasizes prioritizing dividends and share buybacks, with a dividend payout ratio not less than the historical average of 50% for 2025, and has initiated a new round of share buybacks since October [2][3] - The company shared several measures to enhance profitability, including the "All Staff Butler" program, the "Golden Plate Plan" for cleaning and greening operations, and the "Lighthouse Action" integrating AI with property management [2][3] Performance Guidance - The company expects property service revenue to grow by double digits year-on-year in 2025, with core operating profit increasing by 15% [2] - The projected operating cash flow net is expected to cover net profit by over 1 time, with a single-year contract amount of 4 billion yuan for market expansion [2] Cash Utilization Plan - The company will prioritize dividends and share buybacks, maintaining a dividend payout ratio of at least 50% for 2025 [2][3] Profitability Enhancement - The company is implementing various efficiency improvement measures, such as the "All Staff Butler" program and the "Golden Plate Plan" [2][3] Accounts Receivable Management - The company is focusing on proactive collection of overdue accounts and shortening payment cycles for B-end clients [3] Earnings Forecast and Valuation - The report maintains EPS forecasts for 2025, 2026, and 2027 at 0.30, 0.36, and 0.43 yuan respectively, with a target price of 6.56 HKD based on a 2025 PE of 20 times [4][5]
绿城服务（02869）：2026年度投资峰会速递：向着2025年指引目标坚实迈进