研報掘金丨東方證券:保利發展中期結轉加快推動營收、利潤穩健增長
東方證券研報指出,保利發展(600048.SH)上半年交付結轉規模提升,帶動23H1營收同比+23.7%,淨利潤同比+0.8%。報吿期末公司合同負債增至4417.7億元,達22年營收的1.6倍,可結算資源充足。公司銷售領跑行業,投資聚焦核心城市強化深耕優勢。根據克而瑞,公司1-8月累計銷售金額2990億元,同比逆勢增長7.2%,優於行業Top10及百強整體水平,銷售額排名穩居行業第1。根據公司半年報,該行小幅上調公司結轉收入增速,下調房地產開發業務毛利率,並下調了少數股東損益佔淨利潤的比例。參考可比公司23 年平均估值為12X,對應目標價20.04元,維持買入評級。
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