《大行報告》里昂降碧桂園(02007.HK)評級至「跑輸大市」 目標價下調至2.7元
里昂發表報告,指由於物業銷售收入和毛利率下降,碧桂園(02007.HK)2022年上半年基本盈利按年下降68%,將其2022、2023、2024年盈利預測分別下調37.4%、45.6%、43.4%,以反映增長放緩和毛利率下降。里昂將碧桂園目標價從6.7元下調至2.7元,評級由「跑贏大市」降至「跑輸大市」。
里昂表示,碧桂園能夠維持健康的資產負債表和正經營現金流,代價是盈利能力,除非有大規模措施刺激需求,否則低線城市房地產銷售疲軟將使盈利繼續承壓。
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