CICC released a research report stating that considering the development pace of various businesses, the net income attributable to shareholders of Poly PPT Ser in 2024 and 2025 was lowered by 2% and 6% to 1.52 billion yuan and 1.64 billion yuan, respectively, with a year-on-year growth rate of 10% and 8%. It maintains an "outperform" rating and lowers the target price by 17% to HKD 30.4. The company's stock is currently trading at a P/E ratio of 8.3 times its projected earnings for 2024, assuming a 40% dividend payout ratio, which corresponds to a 4.8% dividend yield for the year. The bank believes that as the industry and company growth rate changes, the dividend yield may gradually become a key determining factor in valuation pricing, and it suggests that investors make trading decisions based on their own "desired dividend yield" during stock price fluctuations.

The report states that the management maintains its guidance for the year and recommends that investors pay attention to the progress of new developments and collections in the second half of the year. The management maintains its guidance for a year-on-year growth of 10% in terms of revenue, profit, and expansion mentioned at the earnings conference earlier this year. It also adheres to the target of operating cash flow covering 1 times the net profit for the whole year, and there have been no updates on the dividend policy. The bank believes that the sluggish real estate and economic environment, as well as the intense competition in the property management industry, may continue to pose challenges to the company's operations in the second half of the year. However, the conversion of reserved contracts and the competitive scale of current new developments will support the overall revenue growth of the company, while the continuous deepening of measures to improve quality and efficiency will support stable profit-making ability and thus support the achievement of the annual profit target by the company. The bank recommends that investors pay attention to the marginal changes in the company's developments and collections in the second half of the year, as well as their impact on the speed of the company's growth transition.