中银国际发表报告，指中海物业(02669.HK) 去年收入按年增长7.5%至140亿元人民币，比该行预期低2.9%。物业管理收入按年增长13.3%，而非居民增值服务收入按年下降14.7%，均略低于该行的预期。毛利率提高0.7个百分点至16.6%，与该行的预期一致。核心净利润按年增长12.5%至15.1亿元人民币，比该行预期低7.2%，比市场预期低4.2%，部分原因是应收账款减值超出预期。派息比率为36.1%，较2023年增加4.5个百分点，但在同行中仍相对较低。每股股息增长28.6%至18港仙，超出该行预期14.6%。
考虑到第三方扩张竞争加剧，以及对减值的假设更为保守，该行对其2025至2026年的核心每股盈测分别下调9.6%至10.1%，并将目标价由原先9.36港元下调9.6%至8.47港元。该行看好中海地产作为国有企业在非住宅领域的强劲竞争力、可观的双位数增长和不断提高的毛利率。维持对该股的“买入”评级。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 12:25。)
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