《大行报告》摩通:万科(002202.HK)首季毛利率令人失望 市场或下调盈利预测
摩通发表研究报告指万科(02202.HK)首季纯利增3.4%至12.9亿元人民币,对比市场预期共识为全年增长20%;首季收入升30%,惟毛利率由去年下半年的27%降至20%。纯利率则由去年首季的5.5%降至3.7%,边际利润受压属该行预期之内。该行预期今年全年纯利跌3%,主因土地成本上升致利润率下跌。
该行指,对公司的盈利预期是各券商中最低,而公司首季表现令人失望,相信未来各券商都将下调预期,令股价受压,对短期看法维持审慎,因相信公司难以解决边际利润问题,但地价会因政策而有所限制,但公司的边际利润需2022年後才可开始缓解,维持「增持」评级,目标价33元。
而在一众大型地产商中,龙湖(00960.HK)和润地(01109.HK)为该行首选,同时亦看好中海外(00688.HK)。
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