> **来源：[研报客](https://pc.yanbaoke.cn)** # CR MixC Lifestyle (1209 HK) Summary ## Core Content CR MixC Lifestyle is a leading property management company with a strong focus on both commercial and residential sectors. The company has demonstrated resilience in its financial performance and operational efficiency, which has been supported by its strategic initiatives and market positioning. ## Main Points - **FY25 Performance**: - Revenue increased by **5.1% YoY** to **RMB 18.0 billion**, slightly below Bloomberg's consensus but inline with CMBI's estimate. - Net profit rose by **10.3% YoY** to **RMB 4.0 billion**, driven by stable gross profit margins in basic PM, improved margins in shopping malls, and a lower SG&A ratio due to digitalization, exit of low-quality projects, and cross-business synergy. - The **residential segment** was flat YoY, dragged by the VAS (Value Added Services) business. - The **commercial segment** grew by **10% YoY**, a slowdown from **21% in FY24**, due to a high base in shopping mall operations. - **FY26E Guidance**: - The company guided for **double-digit growth** in both revenue and core net profit, which is **better than the market's expectations**. - Most peers have not provided quantitative FY26 guidance due to economic uncertainty, but CR MixC is confident in its **operational alpha**, especially in the commercial segment. - **Growth Outlook**: - The company plans to expand its **third-party mall operations** by **100 new projects** during the **15th Five-Year Plan** period (2024–2028), at a rate of **20 per year**, up from **12 annually** in the previous three years. - This expansion is expected to be **asset-light**, which will improve profitability of existing malls. - The company anticipates a **gradual slowdown** in growth, with a conservative same-store growth outlook, reflecting the normalization of consumption and moderating growth in the long term. - **Financial Highlights**: - **Dividend payout ratio** is **100%**, making it attractive to income-focused investors. - **EPS growth** is expected to be **12.2% in FY26E**, which is **higher than the consensus**. - **P/E ratio** for FY26E is **21.0x**, with a **target price of HK$53.58**, slightly revised from the previous **HK$53.96**. - **Valuation**: - The company's **P/E ratio** has decreased from **31.9x in 2023A** to **21.0x in 2026E**, reflecting a **positive outlook** and **improved earnings**. - The **EV/Sales ratio** is **0.8x in 2026E**, indicating a **valuable asset** and **potential for growth**. - The **ROE** is expected to grow from **24.8% in FY25A** to **31.5% in FY28E**, highlighting **strong profitability** and **value creation**. ## Key Information - **Target Price**: HK$53.58 (slightly revised from previous HK$53.96) - **Current Price**: HK$46.42 - **Up/Downside**: **15.4%** - **Market Cap**: **HK$105,976.9 million** - **Shareholding Structure**: - **China Resources Inc.**: **72.3%** - **Free float**: **27.7%** - **Dividend Yield**: **5.6% in FY26E**, up from **1.6% in FY25A**. - **Gross Profit Margin**: Increased to **35.6% in FY26E**, up from **35.5% in FY25A**. - **Operating Margin**: Improved to **31.1% in FY26E**, up from **31.3% in FY25A**. - **Net Profit Growth**: Expected to be **12.2% in FY26E**, **8.8% in FY27E**, and **9.0% in FY28E**. ## Key Risks 1. **Weaker-than-expected macroeconomic conditions** 2. **Slower-than-expected third-party expansion** 3. **Slower growth in the VAS business** ## Analyst Ratings - **CMBIGM Rating**: **BUY** - **Reasons for Buy**: - Lower reliance on residential business - Superior mall operating capabilities - 100% dividend payout ratio - Appeal to both property and consumer investors due to exposure to the **service consumption theme** - Strong financial performance and growth guidance for FY26E ## Valuation Comparison | Company | P/E (2026E) | Net Profit Growth (%) | Dividend Yield (%) | PEG | |--------|------------|------------------------|-------------------|----| | CR MixC | 21.0 x | 12.2% | 5.6% | 1.7 | | Onewo | 19.0 x | 28.4% | 10.1% | 0.7 | | Country Garden Services | 13.2 x | 116.9% | 8.8% | 0.1 | | Poly Services | 9.3 x | 6.5% | 5.0% | 1.4 | | COPH | 7.9 x | 7.6% | 5.0% | 1.0 | | China Merchant PO | 10.7 x | 50.2% | 2.6% | 0.2 | | Greentown Services | 11.7 x | 16.2% | 5.6% | 0.7 | | Binjiang Services | 8.7 x | 9.2% | 7.8% | 0.9 | | Yuexiu Services | 8.0 x | 5.4% | 7.2% | 1.5 | | C&D PM | 8.2 x | 13.9% | 5.6% | 0.6 | | Jinmao Services | 5.3 x | 19.8% | 9.5% | 0.3 | | E-star CM | 7.7 x | 10.1% | 10.0% | 0.8 | | **Average** | **16.2 x** | **24.3%** | **5.2%** | **0.7** | ## Conclusion CR MixC Lifestyle is a **BUY** recommendation due to its **strong financial performance**, **dividend policy**, and **strategic focus on commercial operations**. The company is well-positioned to benefit from **asset-light operations** and **increased mall penetration**, and its **guidance for FY26E** exceeds market expectations. However, there are **risks** associated with **economic conditions**, **third-party expansion**, and **VAS growth** that should be considered.