大摩:料内地物管公司去年业绩大致符预期 料华润万象生活(01209)与绿城服务(02869)利润增长最高

智通财经网
Jan 23

智通财经APP获悉,摩根士丹利发布研报称,预计所覆盖内地物管公司去年业绩总体应符合预期,盈利增长为低单位数,但分化加剧。在其覆盖的公司中,预计绿城服务(02869)与华润万象生活(01209)将实现最高利润增长(同比增10%至15%),其次为保利物业(06049)与中海物业(02669)(中单位数增长)。融创服务(01516)可能仍面临核心利润下滑,受过往项目应收款问题及非核心业务拖累。然而,除万物云(02602)外,来自关联方的减损风险已大致清除。

大摩表示,领先企业持续受益于第三方市场整合,但现金回款疲弱仍是主要阻力,尽管竞争加剧,多数物管公司仍达成全年扩张目标,凸显了巨大的长期市场潜力。但受居民预付款减少及2022年后交付的高空置率项目占比上升,去年现金回款比率仍同比降1至2个百分点。

大摩认为,内地物管及服务公司短期利润率仍承压,但随着领先的项目管理公司会退出低质量和非核心项目以优化业务组合,全年经营现金流应维持在利润的1倍左右。而第三方应收帐款的减损仍持续成为各物管公司盈利分化的关键驱动因素。

更多港股重磅资讯,下载智通财经app

更多港股及海外理财资讯,请点击www.zhitongcaijing.com(搜索“智通财经”);欲加入智通港股投资群,请加智通客服微信(ztcjkf)

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.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10