【券商聚焦】中信建投证券维持中海物业(02669)“买入”评级指城市运营业务外拓成效显著

金吾财讯

Mar 31

金吾财讯 | 中信建投证券发布研报指，中海物业(02669)城市运营业务外拓成效显著，且分红力度持续提升。2025年公司实现营业收入149.6亿元，同比增长6.0%；归母净利润13.7亿元，同比下降9.3%。净利润下滑主要因综合毛利率下降1.6个百分点至15.0%，以及金融资产及合同资产净减值同比上升67.9%。

报告指出，城市运营业务成为核心亮点。2025年新增在管面积中，城市运营类项目占比达50%。截至年底，该业务在管面积达9880万平方米，占总在管面积4.78亿平方米的20.7%。来自城市运营类项目的基础物管收入达24.3亿元，同比增长24.8%，推动公司基础物管服务总收入同比增长9.1%至117.3亿元。

公司的分红政策显现吸引力。2025年全年拟派发股息每股0.20港元，按当前股价计算股息率约5.0%。全年分红率约为43.2%，较去年提升8个百分点。

基于此，中信建投证券调整了盈利预测，预计2026-2028年每股收益(EPS)分别为0.45、0.46、0.48元。采用行业可比公司估值法，给予公司2026年11.6倍预期市盈率(PE)，对应目标价5.85港元，维持“买入”评级。

报告同时提示，公司面临业务拓展与增值服务不及预期、盈利能力下行及坏账风险增加等挑战。

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