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财通证券：首予华润置地(01109)“买入”评级 经营性不动产行业领先

智通财经
Sep 15, 2025

智通财经APP获悉，财通证券发布研报称，预计华润置地(01109)2025-2027年归母净利为259、267、282亿元，对应PE为8.3、8.1、7.7倍。首次覆盖，给予“买入”评级。2025年上半年公司的开发销售及经常性业务(经营性不动产+轻资产管理+生态圈要素)收入占比2:8，核心净利润占比4:6。

报告中称，公司开发销售聚焦高能级城市，销投融结构优化。2025年上半年，销售：实现销售额1103亿元，同比-12%，跑赢大市;一二线占比93%，其中一线占比46%，结算毛利率升至15.6%，有望逐步企稳修复。投资：新增投资一二线占比100%，存量开发土储一二线占比70%。融资：平均成本降至2.8%，维持行业最低水平。

此外，华润置地经营性不动产行业领先，轻资产管理稳健增长，生态圈要素加速转型。2025年上半年商场零售额同比+20.2%，同店同比+9.4%，出租率升至97.3%，使得租金收入同比+9.9%。公司近九成商场零售额排名当地前三，商业影响力稳居首位，且2025-2028年计划新开22座商场。轻资产管理华润万象生活的面积、业绩持续增长，市值位居物管行业首位。生态圈要素定位转型发展加速器，构建各板块协同共进。

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