金吾财讯 | 广发证券研报指，华润置地(01109)业绩小幅超预期，经营利润贡献超 5 成。根据公司年报，25 年全年营收 2814.4 亿元，同比+0.9%，毛利润 597.4 亿元，同比-1%，归母净利润 254.2 亿元，同比-0.6%，核心净利润 224.8 亿元，同比-11.6%，全年预计分红 83.1 亿元，分红率 37.0%（相对核心），股息率 4.7%。25 年非开发业务核心净利润的贡献达到 117 亿元，占比 51.8%，较24 年上升 11.1%，公司整体利润率水平保持相对平稳，25 年综合毛利率 21.2%，回落 0.4pct，核心净利润率 8.0%，同比回落 1.1pct。
研报预计26-28 年公司核心净利润224、225、251亿元，归母净利润 221、233、258 亿元。合理价值方面，参考可比公司 PE 估值，确定公司分部业务合理估值合计为 3014 亿元，对应合理价值 48.23 港元/股（港币兑人民币汇率 0.87641），维持“买入”评级
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