由显著效率提升驱动的稳健增长

Solid growth driven by notable efficiency gains GreentownService’s1H25net profit (NP)rose22.6% YoYandcore operatingprofit (=GP-SG&A)lifted25.3% YoY,far exceeding the 15% full-year guidancesetby managementearlier.During the period, revenue grew 6.1% YoY, withresilient core PMbiz(+10.2% YoY) driven by strong third-party expansion(especially non-residentialprojects). Non-owner VAS flatgrew0.6%YoY,whileowner VAS dipped 6% YoY on partial business deconsolidation.The company'seffortsonoptimizingprojectportfolioandimprovingefficiency led todecentmarginimprovement(GP/core OPmargin +0.5/1.8pptsYoY),and thetrendislikely tosustaininthe full year,in our view. MaintainBUYand raise TPby8%toHK$6.61(22x 2025E P/E) to reflect earnings upgrades and valuationadjustments. Target multiplewasreduced from 25x to 22xtoreflectindustryheadwinds.BasicPM deliveredsolid growthwith marginimprovement.Segment Target PriceHK$6.61(Previous TPHK$6.13)Up/Downside26.4%Current PriceHK$5.23 China Property Management Miao ZHANG(852) 3761 8910zhangmiao@cmbi.com.hk revenue increased 10% YoY, mainly driven by: 1) 11% YoYmanaged-GFAgrowth despite higherterminationrate (1H25: 2.4% vs. 1H24: 1.6%)(Figure2);GFA ofthird-party projectsup12% YoY and non-residential projects up16% YoY; 2) Avg.PM fee increased to RMB 3.21/sqm/month in 1H25 (vs.RMB3.20 in 1H24), benefiting from continuouspulling outof low-qualityprojects (avg. terminationrate of 4% in 2023-24) and higher fee rates fornewlycontractedprojects. Theseefforts brought0.4 pptsYoYGPmarginimprovementin 1H25despite industry-wide margin pressure. We believethesefactorswill partially offset the negative impacts from intensifyingcompetition andPM fee caps, supporting margin outlookofthe segment.Improvingefficiency yields strong results.The company's ongoing Stock Data Shareholding Structure efficiency initiatives delivered notable results in 1H25, withSG&A ratiodeclining 1.3pptsYoY to 7.9% (from 9.2% in 1H24). This drove 25.3% YoYgrowth in coreOPand a 1.8ppt improvement in coreOPmargin to 11.6%.Despiteheavyimpairment of receivables(+34% YoY),NPstill grew 22.6%YoY, withNPmargin expanding 0.8pptsto 6.6%in 1H25.FY25 guidanceunchanged.FY25 targets: 1) coreOPgrowth >15%; 2) double-digitbasic PMrevenue growth; 3) 0.5pptsGPmargin expansion; 4)annualized revenue of new contract>RMB 4.0 bn.We see pressure in newcontractwins (only RMB 1.52 bn, 38%secured in 1H25),whilewethinkcoreOP growth mayexceed guidance by maintaining 1H25's momentum.MaintainBUY.WeraiseTPby8% to HK$6.61 (22x 2025E P/E),reflecting earningsupgrades partially offset by lower valuation multiple.Targetmultiplewas reduced from 25x to 22x to reflect deteriorating industryconditions (intensified competition,PMfeecapsandpotential mandatorysocial securitypayment). Risks: 1) weak third-party expansion; 2)greater-than-expected gross margin pressure;and3)decline in developer-relatedbusiness. Source: FactSet Related Reports1.BinjiangService(3316 HK)- 1H25: Robust PM with 5S VASdrivershifting;TargetingHKConnect inclusion by FY262.Onewo (2602 HK)-Earnings beatagainsttough weather;Dividendyield remains attractive Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst coveredin this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of anyof the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD:Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broadmarket benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”