光大证券：维持中海物业(02669)“买入”评级现金充沛分红比例提升

智通财经网05-12

智通财经APP获悉，光大证券发布研报称，考虑中海物业(02669)增值业务增速下滑，下调公司2026-2027年归母净利润预测至14.8/16.0亿元，原预测为17.7/19.1亿元，新增2028年预测为17.1亿元，央企物管，估值仍具备较强的吸引力，维持“买入”评级。光大证券主要观点如下：事件关联方中海地产4月单月销售额同比增长20%；中海物业2025年收入同比增长6%，分红金额同比增长9.3%...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2634929654?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/image/20260512/20260512144845_87240.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2026-05-12 14:49","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2634929654","market":"fut","top_or_hot":-1,"title":"光大证券：维持中海物业(02669)“买入”评级 现金充沛分红比例提升","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，光大证券发布研报称，考虑中海物业(02669)增值业务增速下滑，下调公司2026-2027年归母净利润预测至14.8/16.0亿元，原预测为17.7/19.1亿元，新增2028年预测为17.1亿元，央企物管，估值仍具备较强的吸引力，维持“买入”评级。光大证券主要观点如下：事件关联方中海地产4月单月销售额同比增长20%；中海物业2025年收入同比增长6%，分红金额同比增长9.3%...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1440619.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>光大证券：维持中海物业(02669)“买入”评级 现金充沛分红比例提升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n光大证券：维持中海物业(02669)“买入”评级 现金充沛分红比例提升\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-12 14:49 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1440619.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，光大证券发布研报称，考虑中海物业(02669)增值业务增速下滑，下调公司2026-2027年归母净利润预测至14.8/16.0亿元，原预测为17.7/19.1亿元，新增2028年预测为17.1亿元，央企物管，估值仍具备较强的吸引力，维持“买入”评级。光大证券主要观点如下：事件关联方中海地产4月单月销售额同比增长20%；中海物业2025年收入同比增长6%，分红金额同比增长9.3%...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1440619.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02669","symbol_name":"中海物业","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1440619.html","article_id":"2634929654","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/image/20260512/20260512144845_87240.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2634929654","pubTimestamp":1778568592,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"关联方中海地产4月单月销售额同比增长20%；中海物业2025年收入同比增长6%，分红金额同比增长9.3%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"601788":"光大证券","02669":"中海物业","VIG":"股利增长指数ETF-Vanguard"},"translate_title":"Everbright Securities: Maintaining the \"Buy\" Rating of China Overseas Property (02669), Abundance of Cash, Increasing the Dividend Ratio","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601788":1.5,"02669":1.5,"VIG":1.5},"content_text":"智通财经APP获悉，光大证券发布研报称，考虑中海物业(02669)增值业务增速下滑，下调公司2026-2027年归母净利润预测至14.8/16.0亿元，原预测为17.7/19.1亿元，新增2028年预测为17.1亿元，央企物管，估值仍具备较强的吸引力，维持“买入”评级。光大证券主要观点如下：事件关联方中海地产4月单月销售额同比增长20%；中海物业2025年收入同比增长6%，分红金额同比增长9.3%。1、中海物业2025年度实现收入149.6亿元，同比增长6.0%（2024年财务数据因业务合并而重新表述，下同）；归母净利润13.7亿元，同比下降9.7%。收入稳健增长，但利润承压。毛利率为15.0%，较上年下降1.6个百分点。截至2025年末公司在管建筑面积4.8亿平方米。全年公司宣派股息每股20港仙（含特别股息），宣布派息总额5.9亿元，同比增长9.3%。2、关联方中海地产发布2026年4月经营数据，实现合约销售金额242亿元，同比+20.0%，1-4月累计销售金额757亿元，同比+13.7%；1-4月累计新增权益土储面积63.4万平。关联方销售表现亮眼，物管业务增长潜力较大，现金充沛分红比例提升关联方销售表现亮眼，中建物业并表，物管业务增长潜力较大。2025年全年，中海地产新增土储价值991亿元，排名行业第一；新增土储面积511万平，排名行业第一；2026年1-4月，中海地产实现全口径销售金额累计同比+13.8%，权益口径销售金额累计同比+13.8%，在主流房企中表现亮眼；关联方销售亮眼，拿地积极，预计后续将为中海物业提供充足优质的物管项目。2025年12月，公司向中建物业注资取得70%控股权，正式将中建物业并表，进一步增厚公司收入并提升市场竞争力。业务结构持续优化，核心业务稳健增长公司业务结构持续优化，2025年基础物管/社区增值/非业主增值/车位销售业务分别实现收入117/12/19/0.7亿元，同比增速分别为+10.0%/-12.0%/+6.1%/-49.8%，基础物管业务收入占比78.4%，同比提升2.3pct，2025年公司物业管理业务新增订单9090万平方米，其中85.1%来自独立第三方，新签合约总金额52.4亿元，在房地产行业深度调整的背景下，公司基础物管业务仍然保持了稳健增长态势。社区增值业务主要受到内需消费的影响，零售消费、美居服务、商业服务运营及公共空间租赁协助的需求疲弱，收入增长放缓。现金充沛，分红比例提升截至2025年末公司现金及银行结余62.7亿元，同比增长7.5%，不考虑特别股息，公司2025年全年派息率为41.9%，同比提升6.1pct，股东回报持续增长。风险提示：外拓竞争加剧导致毛利率下滑，增值服务开展不及预期。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2634929654","isCrawlerRequest":true}

光大证券：维持中海物业(02669)“买入”评级 现金充沛分红比例提升

精彩评论

光大证券：维持中海物业(02669)“买入”评级现金充沛分红比例提升