研報掘金丨開源證券:萬科A上半年銷售維持前三,整體可售資源相對充足
開源證券研報指出,萬科A(000002.SZ)上半年銷售規模排名前三,雖然拿地強度收縮,但土儲相對充足,融資端獲支持力度充分,通過出售持有資產換取現金流,負債結構不斷優化。維持“增持”評級。2024年上半年公司累計實現銷售面積939.5萬方,銷售金額1273.3億元,分別同比下降27.6%和37.6%,仍保持克而瑞銷售前三排名。上半年公司在二三線城市拿地6宗,計容建面61.2萬方,總地價28.6億元,拿地權益比59.9%,拿地強度2.2%。截至一季度末,公司在建項目計容建面5675.7萬方,規劃中項目計容建面3169.0萬方,整體可售資源相對充足。公司二季度以來融資較暢通,5月成功發行14.34億元CMBS,票面利率3.6%,同時以萬緯物流股權為抵押,獲得招商銀行等金融機構200億元銀團貸款,5月至7月初公司累計從中國銀行、農業銀行、北京銀行、招商銀行、工商銀行、交通銀行、郵儲銀行等銀行獲得貸款超390億元。
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