【汇丰：下调龙湖目标价5% 维持“买入”评级】金十数据3月31日讯，汇丰发报告指，下调龙湖集团(00960.HK)目标价5%，从12港元降至11.4港元，维持“买入”评级，认为集团正从开发商转变到有强劲经常现金流的投资物业业主。该行认为，龙湖2025年盈利疲弱，不过预计市场会更关注其中期增长前景。预计集团物业发展疲软，龙湖在房地产市场下行形势仅做小规模的资产减值。预计该公司核心盈利将在2025年见底，同比减少22%，2026年有24%的恢复。非物业发展的盈利增长将抵消物业增长的疲弱。由于物业发展业务疲软，该行下调对集团2025年合同销售额预测29%，2026年下调40%。下调对集团2025年毛利率预测6个百分点，2026年下调3.1个百分点，原因是稳定期延迟。
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