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萬科(02202.HK):市場回暖需求現階段性復甦 料毛利率仍會小幅回落
阿思達克 08-28 11:03
萬科(02202.HK)總裁祝九勝出席業績發布會時表示,針對市傳監管部門為控制房地產企業有息債務規模,擬對房企設置「三道紅線」的新規,公司將認真研究,對萬科的適應能力有信心,加上公司淨負債一直維持低位,會繼續留意情況。他續指留意到市場自5月份起有回暖情況,認為是被壓抑的需求出現階段性復甦,下半年情況不敢預測,但會把活幹好,希望下半年比上半年好,會密切關注來自行業、政策的變化,相信總基調全年不會有大變化,料樓市將呈相對穩定但有輕微波幅的狀態。

他續指,公共交通為導向的開發模式(TOD)過往對開發商來說是「加分題」,目前則是「必答題」,因為開發商要跟隨城市發展方向及人口流動等,而公司近年亦不斷加大在TOD方面的投入提升營運效果,由住宅項目發展至各種業態,累積總投2,400億元人民幣,有70-80%是居住型,有20%左右為自持的綜合商業等,而深鐵入股之後公司對TOD亦多了營運的視覺。

在拿地方面,首席運營官王海武指出公司堅持穩定的投資策略,目前在手資源能保證未來兩至三年的發展,會不斷關注市場變化尋找好的投資機會,強調不會高追亦不會過份保守。至於商業及物流地產這兩方面業務目前有較好表現,冀未來能夠上市,但仍未有具體計劃。

針對公司上半年毛利率有所下滑,執行副總裁、財務負責人韓慧華解釋,去年毛利率相對處於高位,而現時地價佔銷售的比例有所提升,認為毛利率向下是行內趨勢,料到年底仍會有小幅回落,但仍維持在合理水平。(el/u) ~

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