越秀服务（06626）：2025年度业绩点评：业务结构调整毛利率下滑，物管核心支柱作用凸显

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.902 billion yuan for 2025, a slight increase of 0.9% year-on-year, while the net profit attributable to shareholders decreased by 22.5% to 274 million yuan [1] - The overall gross margin for 2025 was 14.8%, down 8.5 percentage points from the previous year, primarily due to rising labor costs and increased investment in service quality [3] - The company has a strong cash position with cash and cash equivalents amounting to 4.906 billion yuan as of the end of 2025, and a management expense ratio of 7.5%, which decreased by 0.2 percentage points year-on-year [3] Revenue and Profitability Analysis - The property management service revenue reached 1.499 billion yuan, growing by 21.3% year-on-year, accounting for 38.4% of total revenue, driven by an increase in managed area [2] - Community value-added service revenue fell by 20.9% to 963 million yuan, representing 24.7% of total revenue, largely due to the completion of high-margin home renovation projects [2] - The company adjusted its net profit forecasts for 2026 and 2027 to 296 million yuan and 324 million yuan, respectively, down from previous estimates of 510 million yuan and 560 million yuan [4] Financial Projections - The company expects revenues to grow to 4.209 billion yuan in 2026 and 4.585 billion yuan in 2027, with corresponding net profits of 296 million yuan and 324 million yuan [5] - The earnings per share (EPS) is projected to be 0.20 yuan for 2026 and 0.22 yuan for 2027, with a price-to-earnings (P/E) ratio of 7.8 and 7.1, respectively [5]