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研報掘金|華泰證券:上調綠城中國目標價至12.73港元 維持“買入”評級
格隆匯 04-03 14:07

華泰證券發表報告,綠城中國去年收入1585億元,按年增長21%;歸母淨利潤16億元,按年降49%,符合業績預告。利潤下滑的主要原因是行業下行導致存貨減值計提加大,以及少數股東權益佔比上升所致。公司開發業務綜合表現仍優於同行,待高權益項目後續進入結轉週期,有望帶動盈利能力回升,維持“買入”評級,目標價由原先10.92港元上調至12.73港元。

考慮公司並表比例有望提升,該行上調其收入假設;但受行業下行影響,毛利率假設同步下調,降今明兩年每股盈測49%及55%,最新預計2025年至27年每股盈利爲0.57元、0.59元及0.67元。

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