《大行報告》大和降龍湖(00960.HK)評級至「跑贏大市」 下調目標價至12.2元
大和降發表報告,將龍湖(00960.HK)評級由「買入」下調至「跑贏大市」,目標價由26.3元削至12.2元。該行認為,龍湖的債務償還能力看起來仍然完整,並認為它是政策支持的受惠者,但大量低利潤的庫存將令短期盈利受壓。
大和預計,今年龍湖銷售額將進一步下降13%,至1,510億元人民幣,而全國銷售額跌幅為15%。該行將龍湖2023至2025年每股盈利預測下調29至30%。收入預測下調5至19%,以反映2023至2024年銷售額較原預算弱。毛利率預測從21.5至21.8%下調至18.5至20.5%,反映部分城市的平均售價下降和庫存清理。
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