研報掘金丨中信建投:維持招商蛇口“買入”評級 目標價15.92元
中信建投研報指出,2024年招商蛇口(001979.SZ)實現收入1789億元,同比增長2.3%;實現歸母淨利潤40.4億元,同比降低36.1%。增收不增利主要系毛利率降低與計提減值增多。公司2024年銷售金額繼續位居全國五強,拿地強度下降至22%,但一線城市投資佔比進一步提高。全年資產管理業務實現收入74.6億元,同比上漲12%。資管業務規模繼續擴張,輕重並舉新增192萬方管理項目。融資成本進一步下降,年末公司綜合資金成本爲2.99%,較年初降低48BP,保持行業最優水平。維持“買入”評級與目標價15.92元不變。
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