Glonghui, May 20 | CICC released a report saying that the property management sector has recorded significant gains in the past month with the introduction of real estate policies and changes in investment sentiment. Core coverage stocks have recorded an average increase of 45% since their low level on April 16. The bank believes that under the current policy direction, the visibility of volume and price stabilization and structural recovery in the physical market for a year or more has increased. Although the stock price reaction may be fixed ahead of the physical market, it is expected to provide a layout window if phased profits are settled. Comprehensive enterprise fundamentals and financial and valuation indicators, CICC suggests focusing on CNOOC Properties, Wanwuyun, Sunac Services, Greentown Services, Poly Property, and China Resources Vientiane Life. It also recommends the management of Greentown, a leading developer, but maintaining the same ratings and target prices for covered property management stocks. CICC expects the profit growth rate of property management stocks to be roughly between 10 to 20% this year. The real estate industry's potential recovery in volume and price increases the certainty of delivery, but implied flexibility is relatively limited. The average revenue growth rate for core coverage targets this year is 13%, and the average growth rate of net profit and core net profit is 15%. Among them, basic property management revenue increased by an average of 16%, developers' value-added business fell 10% year-on-year, and owners' value-added business increased 13% year-on-year. The net profit margin was roughly flat under the influence of changes in revenue structure and management efficiency.
研报掘金|中金:预计物管股今年盈利增速10至20% 建议关注中海物业、万物云等
Research Report | CICC: The profit growth rate of property management stocks is expected to be 10 to 20% this year. It is recommended to focus on CNOOC Property, Wanwuyun, etc.
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