研報掘金丨方正證券:招商蛇口盈利能力有望持續恢復,維持“推薦”評級。
方正證券研報指出,招商蛇口(001979.SZ)24年實現營收1789.48億元(yoy+2.25%);實現歸母淨利40.39億元(yoy-36.09%)。毛利率下滑及計提減值增加致盈利能力承壓,華東/華南區域結轉毛利率穩中有升。持續打造“堡壘式”資產負債表及“棉襖式”現金流量表,經營性現金流淨額&貨幣資金均達歷史最高。公司銷售規模穩居行業前五,投資不斷聚焦“核心10城”。此外,公司多元業務提質增效,設立專業公司統籌開展代建業務。充分的計提減值致公司盈利短期承壓,但公司投資確定性不斷加強,財務安全壁壘持續鞏固,伴隨優質項目的陸續結轉,公司盈利能力有望持續恢復。維持“推薦”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.