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研報掘金丨申萬宏源研究:新城控股成功發行3億美元債,維持“買入”評級
申萬宏源研究指出,新城控股成功發行3億美元債,爲3年以來房企境外債融資首單,並公告要約回購兩筆美元債。公司秉承“住宅+商業”雙輪驅動戰略,先發佈局商業地產,打造優質成長標杆,乘風廣闊消費市場。近幾年中公司商場收入和毛利佔比持續提升,經常性收入佔比持續提升將助力公司穩健經營。此外,未來2年公司償債壓力也將逐步減輕。相信公司將憑藉優秀管理能力和優質的資產組合在新行業格局下實現更長期、並更有質量的增長。維持25-27年歸母淨利潤預測分別爲8.5/10.0/15.1億元,對應25年PE爲36X,考慮到公司償債壓力逐步減輕、商場貢獻毛利佔比逐步提升,維持“買入”評級。
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