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研報掘金丨海通證券:保利發展23年營收規模穩步提升,財務業績紮實穩健
海通證券研報指出,保利發展(600048.SH)23年營收規模穩步提升,財務業績紮實穩健。公司出於謹慎性原則,對存貨和長期股權投資計提減值合計約50億元,業績紮實穩健。截至2023年末,公司合同負債為3772億元,未來收入保障度高。2023年,公司共拓展項目103個,總地價1632億元,權益地價1359億元,同比+26%,拓展權益比提升16個百分點至83%,新增項目税前成本利潤率平均在15%以上,具有較強盈利能力。此外,公司加大對存量項目的去化力度,年內存量項目簽約金額和麪積分別達到2575元和1643萬平方米,佔全年銷售金額和麪積的61%和69%。考慮到公司各項業務紮實穩健,積極推動大股東增持回購並提升現金分紅比例,體現出股東對公司未來發展的信心及長期投資價值的認可,維持“優於大市”評級。對應市值區間為1280-1536億元、對應合理價值區間為每股10.69-12.83元。
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