《大行報告》中金上調中國海外(00688.HK)目標價至25.98元 料核心淨利潤跌20%
中金發表報告預計,中國海外(00688.HK)中期業績受高基數影響呈現一定下滑。考慮到基數影響,該行預計公司上半年收入按年下跌4%至999.8億元人民幣,核心淨利潤(剔除匯兌損益)按年下跌20%至140億元人民幣,若進一步剔除收併購收益影響,則公司上半年核心淨利潤按年降幅約6%。
中金預計,中海外上半年銷售均價按年提升1.4%,估計簽約毛利率較去年穩中有進;疊加其去年新增高毛利項目已於今年陸續貢獻銷售,有望進一步支撐其簽約毛利率修復、並帶動後續結算毛利率上行。該行預計公司上半年結算毛利率已回升至約22至23%。
中金維持對中海外盈利預測,及「跑贏行業」評級,考慮到近期行業風險偏好改善,上調目標價6%至 25.98港元。
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