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《大行報告》匯豐研究下調綠城服務(02869.HK)目標價至7.1元 上調金茂服務(00816.HK)目標價至6.4元
匯豐研究發表研究報告指出,在市場低迷的情況下,綠城服務(02869.HK)和民企等部分物業管理平台總體上仍容易受到減值費用的影響,一如預期。而部分小型物管平台仍可實現大幅增長,主要由於基數較低。然而,由於風險偏好仍然低迷,市場圍繞小型平台的市場興奮度有所減弱。同時,華潤萬象生活(01209.HK)設定了物管股收入增長的高標準,市場關注華潤萬象生活及碧桂園服務(06098.HK)即將披露的業績。 此外,該行認為金茂服務(00816.HK)去年的盈利大致符合預期,將其今明兩年的收入預測下調1%,以反映建築面積擴張略慢於預期,但考慮到其社區增值服務(VAS)業務貢獻更高,上調今明兩年毛利率各1個百分點。同時對今年盈利預測下調1%,維持對明年的預測,估計2025年盈利達6.61億元人民幣,按年增長24%。維持對其「買入」評級,目標價由6.1元上調至6.4元。 綠城服務方面,該行認為其國企背景和強大的品牌效應將受惠於實體市場復甦,對其今明兩年收入預測下調3%,因該行之前對公司的VAS預測過分正面;將毛利率預測各下調1.3及0.9個百分點;對公司2025年盈利預測13.54億元人民幣,按年增長20%。維持對其「買入」評級,目標價由8.6元下調至7.1元。
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