金吾财讯 | 交银国际研报指，越秀服务(06626)2024年业绩稍低于预期，收入同比增加20.0%至38.68亿元人民币（下同），稍低于该行预测约42亿。整体毛利率下滑3.3个百分点至23.3%，扣除非现金的一次性商誉减值晱响，核心净利润同比增长5.1%至5.12亿元。每股末期股息拟定为人民币7.8分，全年股息为人民币16.9分同比增加5.6%，派息比率维持在50.0%。社区增值服务收入同比增加30.6%至12.17亿元，收入占比提升至31%。商业运营收入同比增长23.7%至7.34亿元，占总收入约19%，同比提升1个百份点。考虑行业毛利率趋势，该行下调2025-26年之收入及利润预测。该行相信公司2024年底拥有约47亿元净现金，约为其市值之1.1倍（以2025年3月21日收市计），可支持公司持续进行股份回购并为股价带来支持。该行维持对越秀服务的买入评级，目标价由4.72港元下调至4.30港元。
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