金吾财讯 | 第一上海证券发布研报指，2024年上半年公司营业收入为3.14亿元，同比增长8.8%；毛利1.62亿元，同比下降1.6%；归母净利润为0.89亿元，同比下降8.1%。，主要由于期内毛利率较低的整租模式项目的收入占比提升。期内公司新开业整租模式项目增加，公司对新项目进行稳商帮扶政策，导致整租模式毛利率有所下降。
该行指，公司聚焦大湾区、长三角区域，并进行全国布局，坚守自身能力圈，重质不重量，打造公司独有的发展模式。关联方星河控股的稳健经营，三条红线保持常绿，也为公司的发展提供业务保障。公司坚持精细化运营，做好有质量的开业，实现高质量的拓展。
该行续指，看好公司作为纯商管公司在房地产步入后周期的外拓能力和经营韧性。预计2024年至2026年，公司将实现归母净利润分别约1.57亿元、1.98亿元、2.36亿元，给予2024年10倍市盈率，对应目标价1.75港元，较现价有55%的上升空间，买入评级。
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