金吾财讯 | 招银国际研报指，华润万象生活(01209)FY24收入同比增15%至170亿人民币，较指引低3%主要受增值服务业务拖累；净利润同比增24%至36亿人民币，较指引高4%主要由于1）毛利率更高的购物中心业务收入占比提高，2）有效的成本控制措施带来SG&A 比率降低。公司预计25年净利润实现双位数增长，该行预估核心净利润至少需要达到21%的增速才能完成十四五计划目标。公司再次以核心净利润的100%派息，并将基础派息比例从FY23的55%提高到60%，未来将维持该等比例。该行看好公司的1) 基础物管业务在母公司支持下的稳健增长， 2）快速增长的购物中心运营业务（毛利润贡献>54%），3) 较强的独立性带来稳定的三方拓展等。
该行维持“买入”评级，目标价45.27港元，对应22x 2025E P/E。目标价下调4%以反映对业绩的下调以及对行业未来增速预期的下调。
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