研報掘金丨平安證券:維持招商蛇口“推薦”評級,銷售站穩行業五強
平安證券研報指出,招商蛇口(001979.SZ)24年歸母淨利潤40.4億元,同比下降36.1%,與業績快報一致,利潤階段承壓,投資收益&少數股東損益佔比改善。銷售站穩行業五強,投資精準區域聚焦。公司在“核心10城”投資金額佔比90%,其中在一線城市投資佔公司全部投資額59%。積極響應房地產融資新模式,全年落地經營性物業貸款92億元;充分發揮公司信用優勢進行債務置換,全年新增公開市場融資154.6億元,票面利率均爲同期同行業最低水平。2024年末公司綜合資金成本2.99%,較年初降低48BP。公司財務狀況穩健,投資積極聚焦,土儲結構優化,有望以優質資產助力未來發展,維持“推薦”評級。
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