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《大行報告》瑞銀引述萬科(02202.HK)料今年入賬毛利率承壓 將低於去年
阿思達克 01-12 14:41
瑞銀發表研究報告指,萬科企業(02202.HK)管理層透露去年共交付可售資源約3,900億至4,000億元人民幣,合同銷售額按年跌33.6%至4,170億元人民幣,預期今年可售資源交付量將略低於去年水平,但公司管理層亦表明市況若好轉則仍對銷售充滿信心。 該行預期,短期內萬科會將發展重心放在需求確定性較高的城市,包括深圳、廣州、上海、杭州等,該等城市2023年可售資源佔比將超過80%。 宏觀經濟放緩、疫情及行業情緒疲軟影響下,萬科管理層透露去年首三季賬面毛利率為20.8%,全年利潤率約為20%,由於去年合約銷售毛利率略低於20%,預計今年賬面毛利率將受壓,低於去年水平,但新增項目毛利率較高,可為2024年毛利率帶來支持。 瑞銀又提到,投資者對萬科旗下物流和長租公寓業務感興趣,預期兩項業務在不久的將來為公司的盈利增長作出貢獻,維持「沽售」評級,目標價12元。
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