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《大行報告》瑞銀首予明源雲(00909.HK)「中性」評級 目標價7.2元
阿思達克 08-10 10:54
瑞銀發表評級報告指,明源雲(00909.HK)於內地房地產市場佔重要地位,其產品具有很高的滲透率和粘性,並料公司採取優先考慮國企和較低槓桿率區域的開發商客戶,作為新戰略能降低行業風險。 該行表示,隨著公司在房地產價值鏈上增加客戶及解決方案,料公司在2023年25年能維持16%的收入複合年增長率,惟受到近期延遲抵押貸款及連鎖反應,或對今年下半年房地產銷量復甦造成下行風險,尤其非國企開發商,故該行預料公司今年收入增長持平。 該行表示,預計公司毛利率持續改善,主要受到同店銷售業務呈利潤增長、國企客戶及Skyline平台提高開發效率等因素影響,營運利潤率或從今年下半年恢復,並減少員工人手、降低銷售費用和研發投資。該行首給予其目標價為7.2元,並給予其評級為「中性」。
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