研報掘金|中金:上調綠城中國目標價至13港元 維持“跑贏行業”評級
中金表示,綠城中國去年收入按年增長21%至1585億元,毛利率按年微降0.2個百分點至12.8%,歸母淨利潤按年下降48%至16億元,符合此前盈警,主要因公司計提49億元減值和公平值損失以及合聯營項目虧損6億元所致。公司宣派全年每股股息0.3元,對應股息率2.8%。考慮到綠城中國毛利率和減值端仍存壓力,該行將其今明兩年盈利預測由30億及32億元,下調至12億及16億元,對應按年跌24%及升30%。鑑於公司土儲質量仍在優化、可支持更為積極的經營質量,該行上調目標價13%至13港元,對應今明兩年市淨率各為0.8倍,維持“跑贏行業”評級。
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