《大行報告》摩通:萬科(002202.HK)首季毛利率令人失望 市場或下調盈利預測
摩通發表研究報告指萬科(02202.HK)首季純利增3.4%至12.9億元人民幣,對比市場預期共識為全年增長20%;首季收入升30%,惟毛利率由去年下半年的27%降至20%。純利率則由去年首季的5.5%降至3.7%,邊際利潤受壓屬該行預期之內。該行預期今年全年純利跌3%,主因土地成本上升致利潤率下跌。
該行指,對公司的盈利預期是各券商中最低,而公司首季表現令人失望,相信未來各券商都將下調預期,令股價受壓,對短期看法維持審慎,因相信公司難以解決邊際利潤問題,但地價會因政策而有所限制,但公司的邊際利潤需2022年後才可開始緩解,維持「增持」評級,目標價33元。
而在一眾大型地產商中,龍湖(00960.HK)和潤地(01109.HK)為該行首選,同時亦看好中海外(00688.HK)。
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