《大行報告》中金下調美的置業(03990.HK)目標價至11.97元 評級「跑贏行業」
中金發表報告指,美的置業(03990.HK)上半年業績符合市場預期,考慮到上半年末已售未結仍較為充裕達1,156億元人民幣,且毛利率穩在17至18%,預計全年收入按年大體持平、毛利率微降。但考慮到公司下半年或仍會基於審慎原則計提存貨、合聯營應收款等資產減值,估計全年業績下跌20至25%。
中金指,考慮到結算毛利率逐步企穩、費用率持續優化、少數股東損益佔比穩中趨降,認為公司明年有望輕裝上陣。考慮到資產減值調整,下調今年盈利預測10%和29.9億元人民幣,按年下跌23.2%,下調明年盈利預測5%和30億元人民幣,按年上升0.3%。盡管行業逆風下公司短期銷售盈利面臨一定壓力,基於其紮實的土儲盤面和財務端優勢,中金仍看好其在中長期的表現,維持「跑贏行業」評級,下調目標價 16%至11.97港元。
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