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《大行》高盛上調綠城中國(03900.HK)明年及後年銷售預測 目標價上調至13.8元
阿思達克 08-27 14:53
高盛指,綠城中國(03900.HK)上半年淨利潤按年跌90%至2億人民幣,符合盈警,主要受項目交付進度不均導致交付物業收入收縮、銷售及行政費用相對比例過高、減值損失較去年同期擴大拖累,儘管交付物業毛利率按年改善部分紓緩影響。若剔除匯兌損失和減值,估算其核心利潤按年跌67%至16億元人民幣。 按管理層指引,該行對公司今年合約銷售額預測上調至1,710億元人民幣,按年持平,意味下半年銷售按年增長5%。該行同曷上調公司明年及後年合約銷售預測5%及7%。該行亦調整對公司今年至2027年核心利潤預測,由下調8%至上調9%,預測今年收入跌4%,明年至後年收入基本持平,約1,500億元人民幣。該行亦預期公司交付項目平均毛利率預測提高0.4個百分點。 該行對公司年底每股資產淨值預估從14元上調至14.9元。目標價從13元上調至13.8元,為預測資產淨值折讓15%,維持「買入」評級。
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