智通财经APP获悉，交银国际发布研报称，碧桂园服务(06098)利润率下降趋势已趋于稳定，由于收入主要来自第三方项目和传统物业管理服务，预计利润率进一步下滑空间有限。该行基于公司第三方收入占比领先行业、对关联方依赖较小，认为其能减轻毛利率下行压力，且持有约168亿元人民币净现金(对应每股约5.04港元)，在市场好转时可加强收购实现规模效应或增加派息，维持“买入”评级。目标价上调至8.36港元(基于扣除净现金后的3倍2025年预测市盈率)，认为其净现金储备有助于降低股价下行风险。
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