CISI FIN: Maintains "Buy" rating on POLY PPT SER (06049) as business structure continues to be optimized

CISI FIN released a research report stating that they maintain a "buy" rating on POLY PPT SER (06049), based on the company's solid growth in property management, continuous optimization of business structure, and significant improvement in market expansion quality. The bank expects the company's performance and dividends to achieve steady growth, with net profits attributable to shareholders of 16.28/16.97/17.44 billion yuan in 2026/2027/2028, representing year-on-year growth of 5.0%/4.2%/2.8% respectively. The closing price on April 1, 2026 corresponds to a PE ratio of 9.5 times for 2026 and a dividend yield of 5.3%. Key points of CISI FIN's analysis are as follows: 1. Performance in line with expectations, significant cost control effectiveness. 2. Healthy trade receivables structure, ample cash reserves. 3. Basic property portfolio scale and unit price simultaneously increasing. 4. Market expansion in both quantity and quality. 5. Pressure on value-added services in the short term with structural optimization to support stable recovery. Risks include: slower than expected improvement in operational efficiency, slower than expected market expansion, and lower than expected collection rate.