大行評級|中銀國際:上調綠城服務目標價至4.8港元 去年業績超預期且現金流穩健
中銀國際表示,綠城服務2024年收入按年增長6.4%至179億元,比該行的預估低3.9%,部分原因是已終止業務的收入未計入報表總收入。毛利率從2023年的16.4%提升0.4個百分點至16.8%。若剔除投資的一次性損失,綠城服務去年核心淨利潤按年增長13.4%至8.61億元人民幣,比該行的預估高3.1%,比市場共識高10.9%。公司宣佈派發末期股息和特別股息,將派息比率提升至75%。2025年,管理層目標是進一步將毛利率提高0.5個百分點,將銷售及行政費用佔收入百分比降低0.5個百分點,並實現核心營運利潤增長15%。該行因綠城服務的增長前景更爲明朗,將其目標價由4.29港元上調12%至4.8港元,並維持對該股的“買入”評級,認爲公司去年業績超預期且現金流穩健。
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