---
title: "《大行》里昂升华润万象生活目标价至 49.2 元 维持「跑赢大市」评级"
description: "里昂将华润万象生活的目标价上调至 49.2 元，维持「跑赢大市」评级。尽管 2025 年住宅物业管理业务面临挑战，华润万象生活通过重塑增值服务和放缓扩张步伐来提升盈利能力。该行下调 2025 至 2027 年度盈利预测，认为核心业务表现超出预期，盈利质量值得更高估值。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/272489269.md"
published_at: "2026-01-14T02:33:37.000Z"
---

# 《大行》里昂升华润万象生活目标价至 49.2 元 维持「跑赢大市」评级

> 里昂将华润万象生活的目标价上调至 49.2 元，维持「跑赢大市」评级。尽管 2025 年住宅物业管理业务面临挑战，华润万象生活通过重塑增值服务和放缓扩张步伐来提升盈利能力。该行下调 2025 至 2027 年度盈利预测，认为核心业务表现超出预期，盈利质量值得更高估值。

里昂发表报告指，2025 年对住宅物业管理业务继续是充满挑战的一年。华润万象生活 (01209.HK) 持续重塑其增值服务并放缓总楼面面积扩张步伐以提升盈利能力，因此该行将其 2025 至 2027 年度盈利预测分别下调 2.5%、6.3% 及 7%。该行对华润万象生活 2025 年度预测低於市场预期 4%，处於公司双位数增长目标的低位水平。

然而，该行认为核心业务表现好过预期及盈利质素值得长期获得更高估值。基於 20 倍的目标市盈率倍数，将目标价由 41.2 元上调至 49.2 元，并维持「跑赢大市」评级。

### Related Stocks

- [01209.HK - 华润万象生活](https://longbridge.com/zh-CN/quote/01209.HK.md)

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