金吾财讯 | 物业管理股集体走高，融创服务(01516)涨10.88%，万物云(02602)涨9.42%，碧桂园服务(06098)涨4.85%，华润万象生活(01209)涨3.79%，保利物业(06049)涨3.14%，中海物业(02669)涨2.96%，世茂服务(00873)涨2.38%，恒大物业(06666)涨2.17%，越秀服务(06626)涨2.01%。中金公司表示，除关联公司相关风险在过去几年逐步发酵带来业绩压力外，物业企业自身经营层面亦受到经济环境的冲击。该行观察到过去几年行业整体综合收缴率有所下降、增值服务整体承压。往前看，该行认为在管资产质量以及增值服务组合类型的分化将持续带来企业利润和现金流的发展趋势分化，从而使得派息能力以及基于派息定价的估值有所分化。该行指，估值具备吸引力，但后续上行催化剂及下行风险因素仍有待观察。整体而言，认为非国企物业企业估值具备吸引力，其广义账面现金（含定存）占市值比例约55-97%，基于2024年核心净利润的扣现后市盈率为0.2-5.2倍。但该行认为部分企业自身发展经营仍受到环境影响呈现压力态势，后续业绩和派息层面的正面催化剂存在不确定性；而交易层面板块及个股关注度的边际提升或提供股价催化剂，但也同时提示部分个股或存在被港股通剔除的风险。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.