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《大行报告》花旗微升融信中国(03301.HK)目标价至5.65元 评级「中性」
阿思达克 04-07 16:17
花旗发表研究报告指,融信中国(03301.HK)继续深化提升长江三角洲渗透率的策略,去年75%销售位於当地,而土储则占约67%,而当地周转相对较快,回款率亦较高,而公司在高质素产品方面的优势亦有利去化率较高。不过由於公司可售资源仅2,300亿元人民币(下同),销售前景乏力,而今年公司销售目标为1,600亿元,仅按年增3%。虽然管理层预期今年将有600亿元收入入帐,惟盈利增长仍受未入帐销售毛利率较低拖累,期待管理层中、长期策略会否使盈利增长步伐有所改善。正面来看该行认为主席增持加上估值相对便宜,维持「中性」评级,目标价由5.6港元微升至5.65港元。

该行指出公司资产负债表健康,在土地收购步伐上亦理想,在「三道红线」的政策下亦转至「绿档」,目标今年维持相关水平。管理层将焦点放在维持健康的资产负债表,并期望进一步降低融资成本,今年购地预算将严格限制在销售的30%至50%左右,目标今年收购284亿元的土地,估计毛利率将在2022年见底,而新销售的毛利率料20%左右。

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