Open-source Securities: First given China Merchants Property Services (02669.HK) a "Buy" rating, with profits increasing alongside scale.

According to the Wise Securities APP, Open Source Securities released a research report covering China Overseas Property (02669.HK) for the first time, giving it a "buy" rating. It is estimated that the company's net profit attributable to the mother for the years 2025-2027 will be 16.1, 17.6, and 19.6 billion yuan, with corresponding EPS of 0.49, 0.54, and 0.60 yuan. The current stock price corresponds to a PE ratio of 9.5, 8.7, and 7.8 times. China Overseas Property is affiliated with China State Construction Group's China Overseas Group, with its related parties having a stable land acquisition and significantly increased market share in sales. The company's managed project scale continues to increase, along with structural adjustments such as the exit of loss-making projects and the gradual delivery of high-end residential projects, leading to a continuous improvement in profitability.