Investment Rating - The report assigns a "Buy" rating for the company, Poly Property Services [2][59] Core Views - The company has shown steady growth in managed area and property fees, with a balanced structure in its operations. As of the first half of 2025, the managed area reached 834 million square meters, a year-on-year increase of 10.1%, and the average property fee rose from 2.23 RMB/sqm/month to 2.47 RMB/sqm/month [8][25][28] - The property management service remains the cornerstone of the company's performance, contributing 75.4% to total revenue in the first half of 2025, with a revenue of 6.32 billion RMB, up 13.1% year-on-year [8][18] - The company is well-positioned for stable growth due to its strong backing from a leading developer and its focus on both internal and external expansion strategies [12][15][59] Summary by Sections Company Overview - Poly Property Services, established in 1996, has developed into a leading comprehensive property management operator in China, covering 191 cities with a managed area of 834 million square meters [12][15] Property Management Services - The company has a strong performance in property management, with a total revenue of 8.39 billion RMB in the first half of 2025, reflecting a 6.6% year-on-year growth [8][40] - The revenue from property management services is expected to continue growing, with projections of 13% growth in 2025 [55] Financial Analysis - The company maintains a high profit margin, with a gross margin of 19.4% and a net margin of 10.8% in the first half of 2025, indicating strong operational efficiency [42][43] - The company’s revenue and net profit are expected to grow steadily, with projected net profits of 1.55 billion RMB, 1.64 billion RMB, and 1.72 billion RMB for 2025, 2026, and 2027 respectively [55][59] Earnings Forecast and Valuation - The company is projected to achieve total revenues of 17.4 billion RMB in 2025, with a year-on-year growth rate of 6.5% [55][56] - The average PE ratio for comparable companies is 12.7x, while Poly Property is expected to have a PE of 11.4x in 2025, indicating a favorable valuation [59][60]
保利物业（06049）：央企龙头向新求质，物管筑基稳健发展