评级机构标普下调对龙湖(00960.HK) 信贷评级，由“BB+”降至“BB”，评级展望“负面”。
标普指，下调评级反映公司在疲弱物业开发业务下杠杆增加。预计公司今年合约销售在可售资源减少下受压。公司优先去库存将继续为物业开发业务利润率带来压力，料有关业务毛利率将压低至5%至6%，对比2022年的18%及2023年的11%。机构亦料公司去年及今年物业开发收入按年跌14%及19%，但公司今明两年料每年减少约100亿元人民币债务，受租务及服务收入支持。
机构料公司债务与EBITDA比率在2024年及2025年在约8倍高企，对比2023年底的6.4倍。公司合约销售仍有下行风险，料今年合约销售进一步跌13%至890亿元人民币，基于公司今年逾1,600亿元人民币可销售资源。公司今年1月合约销售按年跌36%，对比百大内房企业同期的跌3.2%。
机构估计龙湖今年经营现金流增加，受非物业开发业务支撑，亦受惠建造资本开支减少及土地支出减少，抵销合约销售现金流减少，并为流动性提供缓冲。(fc/k)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-05 12:25。)
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