Investment Rating - The report assigns a "Buy" rating for China Overseas Property (02669.HK) for the first time [6]. Core Views - The company is expected to see continuous improvement in profitability due to an increase in managed project scale and the exit of loss-making projects, alongside the delivery of high-end residential projects [6]. - Revenue and profit have maintained growth, with a compound annual growth rate (CAGR) of 23.1% for revenue and 25.7% for profit from 2019 to 2024 [7]. - The company has a strong market position, with a significant share in the property management sector, particularly in first-tier cities [8]. Summary by Sections Company Overview - China Overseas Property is a subsidiary of China State Construction Group and has nearly 40 years of experience in real estate management [18]. - The company has a robust management team with extensive industry experience, and it has maintained a stable shareholding structure with China Overseas Group holding 61.18% [20][22]. Financial Performance - The company reported a revenue of HKD 14.024 billion in 2024, a year-on-year increase of 7.3%, with a net profit of HKD 1.511 billion, up 12.5% [10][42]. - The gross margin and net margin improved to 16.6% and 10.8%, respectively, driven by an increase in the gross margin of core property management services [42]. Growth and Expansion - As of the end of 2024, the company managed an area of 431 million square meters, a year-on-year increase of 7.4%, with a significant portion of projects coming from related parties [8][68]. - The company signed new contracts covering an area of 74.1 million square meters in 2024, with a contract value of HKD 4.44 billion, reflecting a 21.6% increase in average contract price [8]. Diversification of Services - The company has diversified its value-added services, with household value-added services growing at a CAGR of 28.6% from 2019 to 2024 [9]. - Non-household value-added services have faced challenges due to a downturn in real estate sales, but the company plans to focus on engineering services for future growth [9]. Dividend Policy - The company has maintained a stable dividend payout ratio, increasing to 35.8% in 2024, although this remains lower compared to mainstream property companies [54][56].

Core Viewpoint - The company's 1H25 performance slightly underperformed market expectations, with revenue and net profit both growing by 4% year-on-year, reaching 7.09 billion yuan and 770 million yuan respectively, primarily due to a decline in other income and an increase in impairment provisions [1][2] Financial Performance - Revenue for 1H25 increased by 4% to 7.09 billion yuan, while net profit also rose by 4% to 770 million yuan, slightly below market expectations [1] - The interim dividend per share is set at 0.1 HKD, with a payout ratio of 40%, compared to 36% in 2024 and 35% in 1H24 [1] Business Development - The company maintained stable external expansion, with a total annual contract value of approximately 980 million yuan for 1H25, with over 60% from urban operations, remaining roughly flat year-on-year [1] - The average annual contract value for projects worth over 10 million yuan increased by 17%, indicating a steady improvement in the quality of external expansion [1] Value-Added Services - Overall, value-added services faced pressure, with both residential and non-residential service revenues declining; residential services saw a 12% drop to 610 million yuan, while community asset operation services grew by 6% [2] - Engineering services, however, maintained double-digit growth, indicating resilience in this segment [2] Collection and Management - The overall collection rate showed slight improvement, with the current collection rate increasing year-on-year, while the previous period's collection rate saw a minor decline [2] Future Outlook - The company anticipates a stable or slightly improved operational trend in the second half of the year, as the scale of inefficient projects has returned to reasonable levels, reducing future pressure [2] - Increased efforts in asset operation services and certain home life services are expected to support business progress in the latter half of the year [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 5% and 6% to 1.6 billion yuan and 1.71 billion yuan respectively, with expected year-on-year growth of 6% and 7% [2] - The company maintains an outperform rating and a target price of 6.5 HKD, implying a 22% upside based on a 12x 2025 P/E ratio, while currently trading at a 10x 2025 P/E ratio [2]

外拓大体平稳，在管项目持续换仓保持良性发展 2025年上半年公司外拓年合约额约9.8亿元(其中城市运营占比超过60%)，与去年同期大体持平;其中千 万元级项目的年化合约额均值提升17%，外拓质量保持平稳提升态势。上半年末在管面积较2024年末净 增加500万平米，主要原因系上半年退盘2,680万平米，对应包干制下的基础物业毛利率小幅提升0.1个百 分点至13.6%。 增值服务整体承压，细分资产运营及工程服务仍有韧性 2025年上半年公司住户及非住户增值服务收入体量均出现不同程度下行，主要系整体环境影响。住户增 值服务方面，上半年收入同比下降12%至6.1亿元，其中房屋租售等社区资产运营服务收入同比实现增 长6%，居家生活服务及商业运营收入同比则下降26%;非住户增值服务端，与地产行业较为相关的交付 前查验等业务拖累整体收入增速，工程服务收入则保持双位数左右的增长。 综合收缴率略有改善，账款管理维持良性 智通财经APP获悉，中金发布研报称，基于对中海物业(02669)细分业务结构及毛利率调整，下调2025年 和2026年盈利预测5%和6%至16.0亿元和17.1亿元(同比分别增长6%和7%)。维持跑赢行业评级和 ...

Core Viewpoint - CICC has downgraded the profit forecast for China Overseas Property (02669) for 2025 and 2026 by 5% and 6% to RMB 1.6 billion and RMB 1.71 billion, respectively, reflecting a year-on-year growth of 6% and 7% [1] Group 1: Financial Performance - The company's 1H25 performance slightly missed market expectations, with revenue increasing by 4% to RMB 7.09 billion and net profit attributable to shareholders also rising by 4% to RMB 770 million [2] - The interim dividend per share is set at HKD 0.1, with a payout ratio of 40%, compared to 36% in 2024 and 35% in 1H24 [2] Group 2: Business Development - The company maintained stable external expansion, with a total annual contract value of approximately RMB 980 million in 1H25, remaining flat year-on-year, and the average annual contract value for projects worth over RMB 10 million increased by 17% [3] - The managed area increased by 5 million square meters compared to the end of 2024, primarily due to a reduction of 26.8 million square meters in the first half of the year, leading to a slight increase in the basic property gross profit margin by 0.1 percentage points to 13.6% [3] Group 3: Value-Added Services - Overall, value-added services faced pressure, with both residential and non-residential service revenues declining, primarily due to the overall market environment [4] - Revenue from residential value-added services decreased by 12% to RMB 610 million, while community asset operation services saw a 6% increase, and home life services and commercial operations dropped by 26% [4] - Non-residential value-added services were impacted by the real estate sector, while engineering services maintained double-digit growth [4] Group 4: Financial Management - The comprehensive collection rate showed slight improvement in 1H25, with the current collection rate increasing year-on-year, while the previous collection rate saw a slight decline [5] - Trade receivables grew by 1% year-on-year, which is lower than the revenue growth rate for the first half of the year [5] Group 5: Future Outlook - The company anticipates a stable or slightly improved operational trend in the second half of the year, as the scale of inefficient projects has returned to a reasonable level, reducing the pressure from project reductions [6] - The company is increasing efforts in asset operation services and expanding the coverage of certain home life services, which is expected to support business progress in the second half of the year [6]

Core Viewpoint - The company reported a slight increase in net profit for 2025H1, with a dividend payout ratio raised to 40%, indicating stable growth despite market expectations being slightly missed [1][4]. Financial Performance - In 2025H1, the company achieved operating revenue of 7.09 billion yuan, a year-on-year increase of 3.7% [1] - Gross profit reached 1.2 billion yuan, up 4.7% year-on-year [1] - Net profit attributable to shareholders was 770 million yuan, reflecting a 4.3% increase year-on-year, slightly below market expectations [1] - Basic earnings per share were 0.23 yuan, also up 4.3% year-on-year [1] - The company's gross margin and net profit margin were 17.0% and 10.8%, respectively, with slight year-on-year increases of 0.2 percentage points and 0.1 percentage points [1] - Return on equity (ROE) was 28.8%, down 5.0 percentage points year-on-year [1] Project Management and Area - The managed area increased by 1.2% year-on-year, reaching 436 million square meters by the end of 2025H1 [2] - Of the newly added managed area of 31.8 million square meters, 84% came from third parties [2] - The company’s managed area composition included 60.9% from related parties and 39.1% from third parties [2] - The company’s new external contracts decreased by 14% year-on-year, with a contract value of 980 million yuan, down 5% year-on-year [2] Revenue Breakdown - Property management services generated revenue of 5.6 billion yuan, up 8.3% year-on-year [3] - Non-residential value-added services and residential value-added services saw revenue declines of 5.9% and 11.6%, respectively [3] - The gross margins for property management services, non-residential value-added services, and residential value-added services were 15.5%, 13.4%, and 35.2%, with year-on-year changes of +0.1, -0.7, and +5.0 percentage points, respectively [3] - The company is actively expanding into various sectors, including urban services, office buildings, hospitals, financial institutions, and government agencies [3] Investment Analysis - The company maintains a "buy" rating due to steady growth in performance and an increased dividend rate [4] - The net profit forecasts for 2025-2027 have been adjusted downwards to 1.64 billion, 1.77 billion, and 1.94 billion yuan, respectively [4] - The current price corresponds to a 2025 PE ratio of 10.7X, with strong pricing power in property fees and significant potential in value-added services [4]

房地产 2025 年 08 月 26 日 中海物业(2669.HK) 业绩平稳增长，管理持续优化 股价：5.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.copl.com.hk | | 大股东/持股 | 中国海外集团有限公司/56.07% | | 实际控制人 | 中国建筑集团有限公司 | | 总股本(百万股) | 3283.96 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 3283.96 | | 总市值（亿元） | 174.95 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.87 | | 资产负债率(%) | 55.14 | 行情走势图 相关研究报告 【平安证券】中海物业（2669.HK）*年报点评*业务结 构优化，业绩稳健增长*推荐20250327 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | ...