研報掘金丨華泰證券:上調萬物雲目標價至25.03港元 維持“買入”評級
華泰證券發表報吿,萬物雲預計去年持續關連交易對於集團整體收入佔比低於9.8%,過去三年的持續關連交易佔比持續下降,認為公司已主動消化及控制關聯方潛在回款風險,儘可能減少潛在減值損失,經營獨立性進一步提升,雖然業績或仍需承擔一段時間的陣痛,但考慮到公司在蝶城佈局、多業態市拓及科技方面的競爭優勢,以及對股東回報的重視,維持其“買入”評級,目標價由21.02港元上調至25.03港元。
報吿指,明年萬物雲持續關聯交易營收佔比或將繼續下降,但對於公司業績的邊際影響或將有所降低。同時,公司積極推動以資抵債,有助於儘可能降低潛在回款風險,而社區商業資產與公司蝶城戰略具備契合度。華泰證券分別維持萬物雲2024年至2026年歸屬母公司淨利潤17.39、19.71及23.04億元的盈利預測。
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