研報掘金丨華創證券:維持招商蛇口“推薦”評級,目標價11元
華創證券研報指出,招商蛇口(001979.SZ)作爲率先計提減值的頭部央企,利潤表暫承壓。公司高能級城市佈局有望支撐銷售兌現,2022年以來逆勢擴表及核心城市深耕優勢,隨着滯重土儲的不斷消化以及後續前海項目進入開發,預計招商蛇口有望成爲較早走出利潤率低谷的公司之一。公司毛利率下滑,調整25-27年公司eps預測分別爲0.53、0.63、0.78 元(25、26年預測前值爲0.69、0.83元),考慮到公司作爲頭部國央企的中長期價值,以及儲備優質的前海項目,基於剩餘收益模型,給予25年目標價11元,對應25年21倍PE,維持“推薦”評級。
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