智通财经APP获悉，高盛发布研报称，将雅生活服务(03319)的投资评级由“沽售”上调至“中性”，相应地将其今年收入预测下调5%，以反映退出表现差项目的影响，2026至2027年收入料持平，并调整2025至2027年核心净利润预测，由下调1%至上调4%不等，目标价从2.45港元升至3港元。
高盛指出公司经过近年的业务组合优化及重组，退出表现较差的物管项目及城市服务合约，并减少对高负债关联开发商雅居乐集团(03383)、绿地控股(600606.SH)与收款可见度较低政府客户的风险敞口，预期明年起经常性收入及盈利能力将改善，为稳定自由现金流生成及股东回报前景带来支持。
雅生活服务上半年扭亏为盈，录净利润3.5亿元人民币，对比2024年上半年净亏损16亿元人民币，主要受惠于应收款减值损失收窄。高盛预期该公司盈利可见底回升，物管及城市服务业务利润率下行压力可控，管理层更表明未来或考虑派发特别股息。
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