中金:維持雅居樂(3383.HK)“中性”評級 上調目標價至12.1港元
中金髮布報告稱,雅居樂(03383.HK)公司前三季度完成全年銷售目標的78%,而該行預計2019年4季度月銷售額有望達到100億元左右,帶動全年銷售實現15%的增長。展望2020年預計公司將保持15%的銷售增速,且銷售質量有望提升,主要得益於新收購項目權益比例提升(2019年上半年為78%,2018 年為73%)以及特色小鎮項目銷售加速(毛利率為35-40%)。
盈利增長有望提升。預計2019年核心淨利潤增長6%至71億元,2020年進一步提速,增長16%至82億元。保守預計2020年海南清水灣將產生80億元結算收入(預計核心淨利率為25%), 而該項目2019年銷售額可能達到100-120億元。此外,一次性處置收益可能會為利潤提供額外支撐(如2019年上半年22 億元收益)。
該行表示,維持“中性”評級,上調目標價至12.1港元。
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