Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.902 billion yuan in 2025, representing a year-on-year growth of 0.9%. However, the net profit attributable to shareholders decreased by 22.5% to 274 million yuan, primarily due to a decline in gross margin [7] - The basic property management segment continues to be a strong growth driver, with revenue from this segment reaching 1.499 billion yuan, up 21.3% year-on-year, supported by the expansion of managed projects and areas [7] - The company maintains a generous dividend policy, with a dividend of 0.125 HKD per share, resulting in a dividend yield of 7.3% based on the closing price on March 31 [7] - The company is expected to see improvements in profitability as disruptions from hard decoration services diminish and the commercial segment stabilizes, with projected net profits for 2026, 2027, and 2028 being 285 million, 307 million, and 334 million yuan respectively [7] Financial Summary - Total revenue forecast for 2024A is 3.868 billion yuan, with a projected increase to 4.895 billion yuan by 2028E, reflecting a compound annual growth rate of approximately 9.09% [1] - The company's earnings per share (EPS) is expected to increase from 0.18 yuan in 2025A to 0.22 yuan in 2028E [1] - The price-to-earnings (P/E) ratio is projected to decrease from 8.34 in 2025A to 6.83 in 2028E, indicating an attractive valuation [1]
越秀服务：2025年业绩点评：基础物管稳健增长，高股息价值持续凸显-20260401