中金公司:美的置業毛利率企穩,財務穩步發展
格隆匯8月30日丨日前,中金公司發佈研報指出,美的置業中期業績超出市場預期,歸母核心淨利潤同比增長11.2%至22.5億元,主要是由於美的置業交付加速,營業收入同比增長58%至330億元。上半年公司完成全年銷售計劃的55%,進度領先行業平均水平;毛利率20.7%,相較2020年全年大體企穩。研報指出,美的置業延續區域深耕戰略,拿地較為嚴謹剋制:2021上半年拿地聚焦已進入城市,新進城市僅為福州;上半年拿地強度為39%,土儲規模充裕,可覆蓋未來三年銷售。美的置業在熱點城市加大合作力度以保障公司利潤率。此外,中金公司認為,美的置業財務穩步改善,“三條紅線”指標進一步優化,加權平均融資成本低至4.92%。中金公司表示,由於新增有息負債成本為4.74%,美的置業融資成本仍有進一步下降空間,給予公司“跑贏行業”評級。
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