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《大行》花旗升中海外宏洋(00081.HK)目標價至2.7元 維持「買入」評級
阿思達克 08-26 10:03
花旗發表報告指,中國海外宏洋(00081.HK)市場份額在重點城市增長,新銷售毛利率翻倍。市場份額增長方面,公司在現有32個二三線城市中,8個城市位列銷量第一(11個城市進入前三);2022年後新銷售毛利率達到19%,2025年上半年毛利率9.3%;2025年上半年更積極的土地收購,採取多元化渠道;2025年預計總銷售額穩定在300億至320億元人民幣;穩健的資產負債表,融資成本創歷史新低。 該行維持中國海外宏洋「買入」評級。目標價由2.2港元升至2.7港元,相當於預測2026年市盈率10倍,因2025年上半年後盈利可見度提高及毛利率回升。 花旗略微下調中海外宏洋2025財年盈利預測54%,以反映上半年預訂低於預期及下半年預計的減值。同時上調2026至2027財年盈利預測2-8%,以反映最新的開發計劃、銷售進度、平均售價及成本假設。
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