《大行報告》匯豐研究一舉降萬科(02202.HK)評級至「減持」 目標價削半至15.4元
匯豐研究發表報告,將萬科(02202.HK)的投資評級由「買入」一舉降至「減持」,目標價由31.4元大降51%至15.4元,主要由於該公司的合同銷售和盈利增長處於明顯下行軌道。
該行指,萬科首三季淨利潤按年下跌16%,反映進一步盈利壓力,相應將2021至2023年盈利預測進一步下調18%至28%,較市場預期低10%至16%。雖然萬科財務狀況良好,但匯豐研究認其增長乏力,已經嚴重損害投資取向,預期股份較難獲估值重評,物業管理業務分拆可能性爲股價潛在催化劑,但至今仍未見動靜。
匯豐研究又指,萬科的毛利率已進入結構性下降趨勢,從2018年的37%持續下降至2020年的28.8%,以及至2021年9月底止的22.1%,主要受土地成本較高所拖累,預計未來一至兩年利潤率仍將繼續面臨挑戰,因此預測2022至2023年收入增長僅達5%,而利潤則料僅錄低單位數增長。
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