兴业证券:维持中国金茂(0817.HK)“买入”评级 目标价7.2港元
兴业证券发表报告表示,中国金茂(00817.HK)拥有清晰的发展战略,通过持续混改释放企业活力,通过城市运营获取优质土储,多渠道低成本融资优势明显。该行预计公司 2019/2020 年净利润分别为66.3和86.4亿元,分别同比增长30.3%和30.4%,维持其“买入”评级,目标价7.2港元,对应2019/2020 年 PE 为 11/9倍, 较现价还有 52%的上升空间。

该行指出,中国金茂2019年上半年营业收入147.4亿元人民币,同比减少33%,主要由于销售物业竣工交付较去年大幅减少,跟公司结转节奏有关系,全年将恢复增长;毛利54.3亿元,同比减少38%, 股东应占核心净利润为32.8亿元,同比增长4%。毛利率和净利率分别为36.8%(物业开发毛利率达到 34%)和22.3%,利润率水平行业领先,中期业绩符合预期。
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