瑞银发表研报，将龙湖集团(00960.HK) 目标价由10.3港元下调至9.8港元，给予“中性”评级，并将其2025至2027财年核心净利润预测，分别下调28%、11%及5%，主要由于开发物业的盈利及毛利压力，部分抵销投资物业及物业管理的增长。
瑞银估计，龙湖今年物业开发业务亏损将由10亿元人民币(下同)增加至45亿元，同时预计由开发业务带来的盈利拖累，将在明年收窄至39亿元，故预期2026财年盈利将按年增长25%。另外，该行将龙湖今明两年合同销售总额预测，分别调整至按年下跌25%及下跌10%，并预计今年开发物业预售毛利率将下降至0%；2026及2027财年将为1.5%及4.5%。
该行亦将龙湖2025至2027财年的投资物业收入增长预测，分别上调3%、2%及1%。至于物业管理方面，该行估计龙湖的收入增长将在2025财年放缓至8%，相对于2024财年的增长10%，而毛利率预测保持于25%不变。(js/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-08 16:25。)
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