开源证券发布研报称，首次覆盖中海物业（02669），给予“买入”评级，预计公司2025-2027年归母净利润为16.1、17.6、19.6亿元，对应EPS为0.49、0.54、0.60元，当前股价对应PE为9.5、8.7、7.8倍。中海物业隶属于中建集团旗下中国海外集团，关联方拿地稳健销售市占率明显提升，交付资源充足且项目能级不断提升。公司在管项目规模持续提升，伴随亏损项目退出、高端住宅陆续交付等项目结构调整，盈利能力有望持续改善。
报告中称，公司上市以来收入利润均保持增长，2019-2024年收入和利润复合增长率分别为23.1%和25.7%，基础物管收入占比超70%，仍为公司主要收入来源。公司2024年利润增速高于收入增速，销售毛利率和净利率分别提升0.7pct、0.5pct至16.6%、10.8%，主要系基础物管毛利率提升。公司2019-2023年分红比例保持在30%左右，2024年提升至35.8%，但相较主流物企派息率相对较低。
责任编辑：史丽君
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