金吾财讯 | 交银国际研报指，该行在碧桂园服务(06098)上传其2024财年年报并提供更多详细信息后，已调整其财务预测。该行指，2024年收入同比增长3.2%至439.9亿元（人民币，下同），整体毛利率下滑1.4个百分点至19.1%。核心业务收入占比在2024年增加至约87.0%，而最受市场情况影响之非业主增值服务收入只占全年收入约1.6%。该行相信公司未来收入及毛利率下跌的情况会更趋稳定，在2025-27年可大致维持在约18%。同时，该行相信在非经营性因素在2025年进一步减少后，核心利润在2025-27年可以恢复温和增长。鉴于公司1）在第三方收入占比领先行业，业务收入多元化，对关联方依赖较小，有助减轻毛利率下行情况；2）持有约168亿元净现金（对应每股约5.04港元），在市场好转时可加强收并购实现规模效应，或增加派息，该行对碧桂园服务维持买入评级。基于扣除净现金后3倍2025年市盈率，该行将目标价上调至8.36港元，相信其大量的净现金有助降低股价进一步下行风险。
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