Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady revenue growth with a dividend payout ratio increase [3] - The company achieved a revenue of 8.39 billion in the first half of 2025, representing a year-on-year growth of 6.6%, with a net profit attributable to shareholders of 0.89 billion, up 5.3% year-on-year [5][6] - The average property management service price increased to 2.47 yuan per square meter, up 0.14 yuan from the same period in 2024 [6] - The company continues to expand its scale, with third-party project contracts reaching approximately 1.41 billion, a year-on-year increase of 17.2% [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 15,070 million - 2024A: 16,342 million - 2025E: 17,650 million - 2026E: 18,885 million - 2027E: 20,207 million - Year-on-year growth rates for revenue are projected at 10% for 2023, decreasing to 7% by 2027 [4] - Net profit attributable to shareholders is projected to grow from 1,380 million in 2023 to 1,843 million in 2027, with growth rates of 24% in 2023 and stabilizing around 7-8% thereafter [4] - Earnings per share (EPS) is expected to increase from 2.49 in 2023 to 3.33 in 2027, with corresponding P/E ratios decreasing from 12.8 to 9.6 [4] Operational Efficiency - The company maintains a healthy cash position with cash and cash equivalents at 9.65 billion, a slight decrease of 2.5% from the end of 2024 [9] - The expense ratio improved to 5.4%, down 0.9 percentage points from the same period in 2024, indicating enhanced operational efficiency [9] - The company aims to enhance growth momentum, solidify quality foundations, improve organizational efficiency, and strengthen technological empowerment to achieve simultaneous growth in scale and efficiency [9]
保利物业（06049）：半年报点评：业绩稳增，规模扩张