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《大行》高盛:綠城中國(03900.HK)持續優化投資組合 惟降目標價至10.8元
高盛研究報告指出,綠城中國(03900.HK)2025財年純利按年下跌96%至7,100萬元人民幣(下同),主要受累於年內再度錄得重大減值虧損49億元(包括29億元存貨減值及20億元應收款減值)。 該行指出,綠城管理層指引2026年合約銷售目標為1,300億元,按年跌15%。公司將持續優化投資組合,計劃未來透過更嚴格的關鍵績效指標機制及創新營銷策略等,加大去...
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《大行》高盛:綠城中國(03900.HK)持續優化投資組合 惟降目標價至10.8元
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高盛研究報告指出,綠城中國(03900.HK)  +0.260 (+3.092%)    Short selling $43.87M; Ratio 32.058%   2025財年純利按年下跌96%至7,100萬元人民幣(下同),主要受累於年內再度錄得重大減值虧損49億元(包括29億元存貨減值及20億元應收款減值)。

該行指出,綠城管理層指引2026年合約銷售目標為1,300億元,按年跌15%。公司將持續優化投資組合,計劃未來透過更嚴格的關鍵績效指標機制及創新營銷策略等,加大去庫存力度。未來股息政策大致維持在扣除外匯影響後純利的20%至50%。

因應管理層對土地儲備及去庫存活動的指引,以及今年首季的銷售表現,高盛下調對綠城2026年合約銷售預測至1,330億元,按年跌13%;並預期明後兩年大致按年持平。同時,將2026至2028年純利預測平均下調34%,核心利潤預測平均上調3%至平均46億元。派息比率預測由原來的50%下調至30%。

高盛將綠城中國目標價由12港元下調至10.8港元,維持「買入」評級。(hc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-08 16:25.)

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