金吾财讯 | 光大证券研报指，保利物业(06049)发布2025年中期业绩公告，实现收入83.9亿元，同比增长6.6%；毛利16.3亿元，同比增长1.0%；净利率10.8%，同比下滑0.1pct，归母净利润8.9亿元，同比增长5.3%。得益于在管规模扩张，物管业务保持平稳增长，占总收入比重75.4%，同比提升4.4pct，核心优势进一步夯实。非业主增值服务降幅较大，主要由于案场协销服务项目数量下降，该业务与房地产市场有较强的关联，预计将随地产止跌回稳而回暖；社区增值板块面临社区消费市场疲软以及行业竞争加剧的挑战，但公司通过持续聚焦核心品类、加强核心单品打造，体系化增强产业能力，在社区零售、车位代销等核心业务条线实现企稳回升。 公司背靠保利发展，项目资源充沛，基础物管收入增长稳健，短期受房地产市场影响，非业主增值服务收入和毛利有所减少，该机构下调该业务增长预测，同时考虑管理费用优化，综合影响下，调整公司25-27年归母净利润预测至15.5/16.7/17.5亿元，下调幅度为1.1%/2.3%/2.5%；对应PE为11/11/10倍，央企物管，业绩确定性较强，维持“买入”评级。
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