大行评级|花旗:上调中国海外宏洋目标价至2.7港元 维持“买入”评级

格隆汇
6 hours ago

花旗发表报告指,中国海外宏洋集团市场份额在重点城市增长,新销售毛利率翻倍。市场份额增长方面,公司在现有32个二三线城市中,8个城市位列销量第一(11个城市进入前三);2022年后新销售毛利率达到19%,2025年上半年毛利率9.3%;2025年上半年更积极的土地收购,采取多元化渠道;2025年预计总销售额稳定在300亿至320亿元;稳健的资产负债表,融资成本创历史新低。 该行维持中国海外宏洋“买入”评级,目标价由2.2港元上调至2.7港元,相当于预测2026年市盈率10倍,因2025年上半年后盈利可见度提高及毛利率回升。花旗略微下调中海外宏洋2025财年盈利预测54%,以反映上半年预订低于预期及下半年预计的减值;同时上调2026至2027财年盈利预测2-8%,以反映最新的开发计划、销售进度、平均售价及成本假设。

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