金吾财讯 | 中信证券认为，物业服务行业在2025年将迎来三大机遇。首先是逐渐理顺价格机制，推动优质优价的政策拐点，预计收缴难度不断增加的现状可能缓解，为好房子提供好服务的企业更受到政策鼓励；其次是企业运营质量的拐点。该行预计2025年周期性业务（服务开发商）对板块的业绩贡献几乎下降到0，对前期商誉和应收减值的计提见顶，预计板块业绩增速9.7%，盈利的可持续性预计明显提升；最后是企业继续增加现金分红，该行认为，板块中期（2027年）的股利支付率或达到70%，届时股息率按照当前市值计算可以达到 9.6%。该行预计2025年股利支付率较2024年略有提升，达到66%，2025年平均股息率为 7.6%。综合来看，该行看好板块的持续成长和红利属性。
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