研報掘金丨國信證券:招商蛇口業績有望企穩回升,首予“優於大市”評級
國信證券研報指出,招商蛇口(001979.SZ)為央企龍頭,規模領先。2024年公司實現銷售金額2193億元,同比下降25%;實現銷售面積936萬平方米,同比下降24%,銷售額保持全國前五。截至2024年末,公司剔除預收賬款的資產負債率62%、淨負債率56%、現金短債比為1.6,“三道紅線”始終處於綠檔。債務結構更加穩固,全年新增公開市場融資155億元,票面利率均為同期同行業最低水平。公司土地質量相對優質,財務保持健康,有望持續在行業下行的大環境中脱穎而出。公司過去幾年計提減值充分,隨着公司高地價低毛利項目陸續結算完畢,公司業績有望企穩回升。首次覆蓋給予“優於大市”評級。
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