《大行》匯豐研究:萬科(02202.HK)盈警符預期 續籲「持有」
匯豐研究發表報告指,萬科企業(02202.HK)發盈警,預計2025年上半年淨虧損達100億至120億元人民幣(下同),符合該行預期,反映舊有土地儲備變現面對挑戰。雖然盈利前景黯淡,但集團強調經營穩定,期內交付4.5萬套住宅並獲250億元新增融資,另獲220億元股東貸款。該行認為是次盈警連同潛在的政策預期落空,可能影響市場對行業情緒;維持H股「持有」評級及目標價5港元不變。
報告指,雖然萬科持續獲深圳市政府的流動性支持,但銷售與盈利復甦仍遙遙無期,缺乏催化因素下難以獲估值重評。假如資產變現前景改善或庫存收購範圍擴大,該行或轉向更積極看法,意味著需要政策介入配合。例如萬科溫州兩個項目已獲地方政府專項債券以7,400萬元收購,該行估算若30%未售出的現樓可「八五折」被收購,集團的流動性壓力將大幅紓緩。
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