【券商聚焦】中信建投予中国金茂(00817)买入评级业绩扭亏机构指其在销售和拿地两端表现亮眼

金吾财讯

Jul 14, 2025

金吾财讯 | 中信建投证券指出，得益于计提减值下降、毛利率提升、费用率下降以及合营联营企业收益转正，2024年中国金茂(00817)实现归母净利润10.7亿元，上年同期公司亏损69亿元，业绩实现扭亏为盈。同时公司计提减值充分，后续进一步减值的压力有所缓解；2021年至2024年公司合计计提资产减值111亿元，占2024年末存货6.3%，同期Top10房企计提平均比例为2.9%。今年以来公司在销售和拿地两端表现亮眼，投资强度和销售增速均在Top10房企中排第一。上半年全口径销售额同比增长20%，同期百强房企销售额合计同比下滑11%，同比增速在Top10房企中位列首位，上半年销售规模首次挤进前十。投资端，公司上半年合计新增拿地金额达392亿元，投资强度达到73%，在Top10房企中位列第一。得益于去年以来公司拿地聚焦高能级城市，当前可售货值中90%位于一二线城市，土储结构进一步改善。该机构给予公司买入评级，目标价2.20港元。该机构预计公司2025-2027年归母净利润分别为12.04/13.60/18.11亿元，同比增速分别为13.0%/13.0%/33.1%，对应EPS为0.09/0.10/0.13元。可比公司2025年PB一致预期为0.69倍，该机构给予公司0.69xPB，对应目标价为2.20港元。

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Institutions pointed out that its performance was outstanding in both sales and land acquisition","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00817":1},"content_text":"金吾财讯 | 中信建投证券指出，得益于计提减值下降、毛利率提升、费用率下降以及合营联营企业收益转正，2024年中国金茂(00817)实现归母净利润10.7亿元，上年同期公司亏损69亿元，业绩实现扭亏为盈。同时公司计提减值充分，后续进一步减值的压力有所缓解；2021年至2024年公司合计计提资产减值111亿元，占2024年末存货6.3%，同期Top10房企计提平均比例为2.9%。今年以来公司在销售和拿地两端表现亮眼，投资强度和销售增速均在Top10房企中排第一。上半年全口径销售额同比增长20%，同期百强房企销售额合计同比下滑11%，同比增速在Top10房企中位列首位，上半年销售规模首次挤进前十。投资端，公司上半年合计新增拿地金额达392亿元，投资强度达到73%，在Top10房企中位列第一。得益于去年以来公司拿地聚焦高能级城市，当前可售货值中90%位于一二线城市，土储结构进一步改善。该机构给予公司买入评级，目标价2.20港元。该机构预计公司2025-2027年归母净利润分别为12.04/13.60/18.11亿元，同比增速分别为13.0%/13.0%/33.1%，对应EPS为0.09/0.10/0.13元。可比公司2025年PB一致预期为0.69倍，该机构给予公司0.69xPB，对应目标价为2.20港元。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}