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研報掘金丨方正證券:新城控股流動性風險基本消除,融資渠道維持暢通,維持“推薦”評級
格隆匯 03-13 15:48

方正證券研報指出,2月份新城控股(601155.SH)實現合同銷售金額約19.59億元(yoy-51.28%);實現銷售面積約27.06萬平方米(yoy-52.54%)。整體看來,公司銷售單價觸底回穩,開發業務減值壓力逐漸下降,對公司淨利潤的影響逐漸減輕。政府工作報告明確要實施提振消費專項行動,吾悅廣場有望直接受益,新城控股商業運營業務將持續穩定地貢獻現金流與利潤,爲公司穩健的財務結構提供了堅實保障。公司流動性風險基本消除,融資渠道維持暢通。公司有望受益於:①政治局會議定調大力提振消費;②商業地產利潤穩定,且住宅開發逐步減虧;③資金鍊風險消除,且後續有望重啓拿地,從而不斷推動估值修復。維持“推薦”評級。

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