<h2>成本控制一直是莱纳股票的助力——现在市场希望看到它仍在发挥作用</h2>
<ul>
<li>莱纳 (LEN) 将于 9 月 18 日星期四收盘后公布 2025 财年第三季度财报。</li>
<li>上个季度，莱纳的利润率保持在 18%，同时受益于建筑成本的下降——这一组合使得销售在新房价格下滑的情况下依然保持韧性。</li>
<li>本季度的业绩，以及即将发布的美国住房数据，应该有助于澄清莱纳的估值折扣是否代表了一个有吸引力的买入机会。</li>
</ul>
<p><strong>莱纳</strong> (LEN) 在其财年第三季度财报发布前，正值美国住房市场仍在寻找方向。2025 年上半年需求疲软，抵押贷款利率高企，但 7 月份住房开工的反弹带来了意外的惊喜。展望未来，关键问题是需求是否足够强劲，以维持销售量并保护利润率。</p>
<p>截至目前，莱纳的股票与更广泛的住宅建筑行业走势密切相关。在 2025 年初下滑后，股价强劲反弹——攀升至约 135 美元——比 52 周低点高出近 40%。截至目前，莱纳的股价上涨约 8%，与 <strong>SPDR S&amp;P 房屋建筑 ETF</strong> (XHB) 的约 11% 涨幅保持同步。</p>
<p>莱纳预计将在 9 月 18 日星期四收盘后公布第三季度财报。华尔街预计收入为 90.5 亿至 90.7 亿美元，同比下降约 4%，每股收益为 2.10 至 2.14 美元——大约低于去年 3.90 美元的水平 45%。预计交付房屋数量为 22,000 至 23,000 套，毛利率约为 18%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt0a73eb8b924c7462/68c980273c509ab9e06c381b/Screenshot_2025-09-16_at_10.18.05_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTExNzY?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt0a73eb8b924c7462/68c980273c509ab9e06c381b/Screenshot_2025-09-16_at_10.18.05_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTExNzY"/></p>
<p>美国住房</p>
<p><strong>美国住房开工的初步反弹</strong></p>
<p>在经历了一个疲软的春季后，美国住房活动在 7 月份终于显现出复苏的迹象。单户住宅开工环比增长 2.8%，年化速度达到 939,000 套，扭转了 6 月份的下降趋势。包括多户住宅在内的总开工量增长了 5.2%，现在比去年高出近 13%——这是对建筑商的一个鼓舞信号。建筑许可证作为一个关键的前瞻性指标，虽然仍然疲软，但单户住宅的许可证微增 0.5%，暗示建筑管道的早期稳定迹象。</p>
<p>这一改善与抵押贷款利率的适度下降相吻合，30 年期固定利率降至约 6.58%——这是自去年秋季以来的最低水平——市场预期美联储将进行短期降息。尽管如此，负担能力问题、劳动力短缺和高企的监管成本仍然对住宅建筑商的信心造成压力。全国住宅建筑商协会最近警告称，生产水平仍然受到限制，持续的进展将取决于美国经济的健康状况。</p>
<p>进入秋季，库存动态仍然不均衡。活跃挂牌数量比去年增长近 21%，但新挂牌数量已连续四个月下降。待售房屋数量仍徘徊在数十年来的低点，房屋销售时间延长。地区趋势也在分化，南部和西部的价格大幅下调，市场时间更长。</p>
<p><strong>为什么莱纳的第三季度报告很重要</strong></p>
<p>莱纳仍然是美国最大的、最受关注的住宅建筑商之一，其业绩常被视为整个住房行业的风向标。该公司在生产与需求之间积极调整，依靠有针对性的激励措施来维持销售势头，尽管面临负担能力的挑战。在第二季度，毛利率保持在 18%——低于去年的高峰，但与指导方针一致——得益于严格的成本控制、更短的建造周期和建筑成本的下降。</p>
<p>这些运营改进为莱纳提供了一定的喘息空间，但更广泛的住房背景仍然充满挑战。平均售价持续走低，激励措施仍占销售的 13% 以上。管理层优先考虑销售量而非定价的策略正在支持市场份额，但如果需求进一步减弱，利润率将面临压力。</p>
<p>投资者将密切关注莱纳是否能够在困难环境中保持接近 18% 的利润率，同时维持交付量。管理层关于订单趋势、取消和激励措施的评论将被仔细分析，以寻找 7 月份住房开工反弹是否标志着持续复苏的开始——或者该行业是否仍在等待下一个真正的增长周期的到来。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt00e5d267ec54c1a7/68c9804f0ccc4b2d8d86ecf6/Screenshot_2025-09-16_at_10.20.33_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTExNjA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt00e5d267ec54c1a7/68c9804f0ccc4b2d8d86ecf6/Screenshot_2025-09-16_at_10.20.33_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTExNjA"/></p>
<p>莱纳近期表现</p>
<p><strong>折扣估值遇上谨慎预期</strong></p>
<p>对于投资者而言，莱纳仍然是一个估值难题。该股票的交易价格接近 11 倍的 GAAP 盈利，远低于住宅建筑行业的 20 倍中位数。这使得它看起来对一家拥有强大流动性、资本轻型土地战略和行业内最大交付管道之一的公司而言显得便宜。</p>
<p>其他估值指标也反映了相同的主题。莱纳的市销率接近 1 倍，表明投资者对其收入流的估值大致与同行一致。然而，其 1.6 倍的市净率却低于行业的 2.2 倍中位数——突显出这一折扣与公司的规模、资产负债表强度和持续执行能力不相符。</p>
<p>问题在于，便宜的估值并不总意味着短期内的上涨。以每股约 135 美元的价格——高于分析师平均目标的 122 美元——Lennar 的股票已经反映出对其执行力、成本控制和改善的库存周转的信心，即使利润同比下降。这使得如果交付量减弱或利润率在第四季度面临额外压力，失望的空间非常有限。</p>
<p>华尔街似乎愿意耐心等待和观察。在覆盖 Lennar 的 20 位分析师中，有 15 位将该股票评级为 “持有”，而只有 5 位将其评级为 “买入” 或 “增持”。共识观点是，Lennar 仍然是一家最佳运营商，但在可负担性改善和需求信号显示出更持久的复苏之前，短期内的催化剂有限。</p>
<p>综合来看，Lennar 相对于其长期盈利潜力显得便宜，但相对于短期预期则显得合理。看涨者指出其成本控制和轻资产土地策略是关键优势，认为这些使公司在下一个住房周期中处于良好位置，并使今天的倍数对耐心投资者具有吸引力。看跌者则反驳称，股票已经交易在共识价格目标之上，直到需求显示出更明确的持续复苏迹象，潜在的上涨空间有限。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt333eca8502a1fee2/68c980ac5bd9886f79f7f4ee/Screenshot_2025-09-16_at_10.21.56_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTEyMDQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt333eca8502a1fee2/68c980ac5bd9886f79f7f4ee/Screenshot_2025-09-16_at_10.21.56_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTEyMDQ"/></p>
<p>X</p>
<p><strong>Lennar 财报预览要点</strong></p>
<p>Lennar 在 9 月 18 日的财报电话会议不仅仅是一次例行更新——它是一个试金石，检验 7 月住房活动的反弹是否标志着真正复苏的开始，还是仅仅是短暂的反弹。公司继续表现良好，毛利率稳定，建造周期加快，成本控制严格。尽管如此，价格压力和对激励措施的依赖仍然是逆风，这引发了 Lennar 能否维持其利润率的问题。</p>
<p>接下来发生的事情可能会为整个住宅建筑行业定下基调。一份强劲的报告，加上对订单和定价的积极评论，可能会重新点燃对住房周期转变的信心——并验证股票近期的反弹。但如果需求仍然疲软，或利润率下滑，投资者可能会质疑该股票是否涨得太快、太远。要了解更多关于针对财报季的交易策略，读者可以点击此链接。</p>
<p><strong>Andrew Prochnow</strong> <em>在全球金融市场交易超过 15 年，其中 10 年作为专业期权交易员。</em></p>
<p><em>要获取实时每日节目、市场新闻和评论，请访问</em> <em>tastylive</em> <em>或</em> <em>tastylive</em> <em>的 YouTube 频道（针对期权交易者），以及</em> <em>tastyliveTrending</em> <em>的股票、期货、外汇和宏观经济内容。</em></p>
<p><em>与更好的经纪商交易，今天就开设一个 tastytrade 账户。tastylive, Inc.和 tastytrade, Inc.是独立但相关的公司。</em></p>

莱纳房产-B

莱纳房产-A

<p>莱纳房产 (LEN) 将于 9 月 18 日公布 2025 财年第三季度财报，预计收入在 90.5 亿至 90.7 亿美元之间，每股收益为 2.10 至 2.14 美元。尽管建筑成本有所缓解，公司仍保持 18% 的毛利率，但面临需求疲软和高抵押贷款利率的挑战。最近的美国住房数据显示住房开工出现初步反弹，这引发了对需求可持续性的质疑。投资者热切关注莱纳房产能否在充满挑战的市场中维持毛利率和交付量，因为其股票相较于行业同行处于折价状态</p>

<h2>Cost control has been a tailwind for Lennar’s stock—now the market wants proof it’s still working</h2>
<div class="lb-trans"><h2>成本控制一直是莱纳股票的助力——现在市场希望看到它仍在发挥作用</h2>
</div><ul>
<li>Lennar (LEN) reports Q3 fiscal 2025 earnings after the close on Thursday, September 18.</li>
<li>Last quarter, Lennar held margins steady at 18% while benefiting from easing construction costs—a combination that kept sales resilient even as new home prices softened.</li>
<li>This quarter’s results, along with upcoming U.S. housing data, should help clarify whether Lennar’s valuation discount represents an attractive buying opportunity.</li>
</ul>
<div class="lb-trans"><ul>
<li>莱纳 (LEN) 将于 9 月 18 日星期四收盘后公布 2025 财年第三季度财报。</li>
<li>上个季度，莱纳的利润率保持在 18%，同时受益于建筑成本的下降——这一组合使得销售在新房价格下滑的情况下依然保持韧性。</li>
<li>本季度的业绩，以及即将发布的美国住房数据，应该有助于澄清莱纳的估值折扣是否代表了一个有吸引力的买入机会。</li>
</ul>
</div><p><strong>Lennar</strong> (LEN) heads into its fiscal third-quarter earnings with the U.S. housing market still searching for direction. The first half of 2025 was marked by soft demand and elevated mortgage rates, but July’s rebound in housing starts offered a welcome surprise. Moving forward, the key question is whether demand is strengthening enough to sustain sales volumes and protect profit margins.</p>
<div class="lb-trans"><p><strong>莱纳</strong> (LEN) 在其财年第三季度财报发布前，正值美国住房市场仍在寻找方向。2025 年上半年需求疲软，抵押贷款利率高企，但 7 月份住房开工的反弹带来了意外的惊喜。展望未来，关键问题是需求是否足够强劲，以维持销售量并保护利润率。</p>
</div><p>So far this year, Lennar’s stock has tracked closely with the broader homebuilding sector. After sliding early in 2025, shares have mounted a strong comeback—climbing to roughly $135—nearly 40% above their 52-week low. Year-to-date, shares of Lennar are now up roughly 8%, keeping pace with the <strong>SPDR S&amp;P Homebuilders ETF</strong> (XHB), which has gained about 11%.</p>
<div class="lb-trans"><p>截至目前，莱纳的股票与更广泛的住宅建筑行业走势密切相关。在 2025 年初下滑后，股价强劲反弹——攀升至约 135 美元——比 52 周低点高出近 40%。截至目前，莱纳的股价上涨约 8%，与 <strong>SPDR S&amp;P 房屋建筑 ETF</strong> (XHB) 的约 11% 涨幅保持同步。</p>
</div><p>Lennar is slated to report Q3 earnings results after the close on Thursday, September 18. Wall Street expects revenue of $9.05–$9.07 billion, down about 4% year-over-year, and EPS of $2.10–$2.14—roughly 45% below last year’s $3.90 level. Home deliveries are projected at 22,000–23,000 units, with gross margins clocking in around 18%.</p>
<div class="lb-trans"><p>莱纳预计将在 9 月 18 日星期四收盘后公布第三季度财报。华尔街预计收入为 90.5 亿至 90.7 亿美元，同比下降约 4%，每股收益为 2.10 至 2.14 美元——大约低于去年 3.90 美元的水平 45%。预计交付房屋数量为 22,000 至 23,000 套，毛利率约为 18%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt0a73eb8b924c7462/68c980273c509ab9e06c381b/Screenshot_2025-09-16_at_10.18.05_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTExNzY" alt="" original-src="https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt0a73eb8b924c7462/68c980273c509ab9e06c381b/Screenshot_2025-09-16_at_10.18.05_AM.png?format=pjpg&amp;auto=webp&amp;quality=50&amp;width=1176&amp;disable=upscale"/></p>
<p>US Housing</p>
<div class="lb-trans"><p>美国住房</p>
</div><p><strong>A Tentative Rebound in U.S. Housing Starts</strong></p>
<div class="lb-trans"><p><strong>美国住房开工的初步反弹</strong></p>
</div><p>After a sluggish spring, U.S. housing activity finally showed signs of life in July. Single-family housing starts climbed 2.8% month-over-month to an annualized pace of 939,000 units, reversing June’s decline. When including multifamily units, total starts rose 5.2% and are now nearly 13% higher than a year ago—an encouraging sign for builders. Building permits, a key forward-looking gauge, remained soft, but eked out a 0.5% gain for single-family homes, suggesting early signs of stabilization in the construction pipeline.</p>
<div class="lb-trans"><p>在经历了一个疲软的春季后，美国住房活动在 7 月份终于显现出复苏的迹象。单户住宅开工环比增长 2.8%，年化速度达到 939,000 套，扭转了 6 月份的下降趋势。包括多户住宅在内的总开工量增长了 5.2%，现在比去年高出近 13%——这是对建筑商的一个鼓舞信号。建筑许可证作为一个关键的前瞻性指标，虽然仍然疲软，但单户住宅的许可证微增 0.5%，暗示建筑管道的早期稳定迹象。</p>
</div><p>The improvement coincides with a modest easing in mortgage rates, with the 30-year fixed slipping to roughly 6.58%—its lowest level since last autumn—on expectations for a near-term rate cut by the Federal Reserve. That said, affordability challenges, labor shortages, and elevated regulatory costs continue to weigh on homebuilder sentiment. The National Association of Home Builders recently cautioned that production levels remain constrained, and that sustained progress will depend on the health of the U.S. economy.</p>
<div class="lb-trans"><p>这一改善与抵押贷款利率的适度下降相吻合，30 年期固定利率降至约 6.58%——这是自去年秋季以来的最低水平——市场预期美联储将进行短期降息。尽管如此，负担能力问题、劳动力短缺和高企的监管成本仍然对住宅建筑商的信心造成压力。全国住宅建筑商协会最近警告称，生产水平仍然受到限制，持续的进展将取决于美国经济的健康状况。</p>
</div><p>Inventory dynamics remain uneven heading into autumn. Active listings are up nearly 21% from a year ago, but new listings have fallen for four straight months. Pending sales are still hovering near multidecade lows, and homes are taking longer to sell. Regional trends are diverging as well, with steeper price cuts and longer time-on-market in the South and West.</p>
<div class="lb-trans"><p>进入秋季，库存动态仍然不均衡。活跃挂牌数量比去年增长近 21%，但新挂牌数量已连续四个月下降。待售房屋数量仍徘徊在数十年来的低点，房屋销售时间延长。地区趋势也在分化，南部和西部的价格大幅下调，市场时间更长。</p>
</div><p><strong>Why Lennar’s Q3 Report Matters</strong></p>
<div class="lb-trans"><p><strong>为什么莱纳的第三季度报告很重要</strong></p>
</div><p>Lennar remains one of the largest and most closely watched homebuilders in the U.S., and its results are often viewed as a bellwether for the entire housing sector. The company has been proactive in aligning production with demand, relying on targeted incentives to maintain sales momentum despite affordability headwinds. In Q2, gross margins held at 18%—below last year’s peak but consistent with guidance—supported by disciplined cost controls, shorter build cycles, and easing construction costs.</p>
<div class="lb-trans"><p>莱纳仍然是美国最大的、最受关注的住宅建筑商之一，其业绩常被视为整个住房行业的风向标。该公司在生产与需求之间积极调整，依靠有针对性的激励措施来维持销售势头，尽管面临负担能力的挑战。在第二季度，毛利率保持在 18%——低于去年的高峰，但与指导方针一致——得益于严格的成本控制、更短的建造周期和建筑成本的下降。</p>
</div><p>Those operational improvements give Lennar some breathing room, but the broader housing backdrop remains challenging. Average selling prices continue to edge lower, and incentives still make up more than 13% of sales. Management’s strategy of prioritizing volume over pricing is supporting market share, but it leaves margins exposed if demand softens further.</p>
<div class="lb-trans"><p>这些运营改进为莱纳提供了一定的喘息空间，但更广泛的住房背景仍然充满挑战。平均售价持续走低，激励措施仍占销售的 13% 以上。管理层优先考虑销售量而非定价的策略正在支持市场份额，但如果需求进一步减弱，利润率将面临压力。</p>
</div><p>Investors will be watching closely to see whether Lennar can hold margins near 18% while maintaining delivery volumes in a difficult environment. Management’s commentary on order trends, cancellations, and incentives will be parsed for clues as to whether July’s rebound in housing starts signals the start of a sustained recovery—or if the sector is still waiting for the next true growth cycle to take hold.</p>
<div class="lb-trans"><p>投资者将密切关注莱纳是否能够在困难环境中保持接近 18% 的利润率，同时维持交付量。管理层关于订单趋势、取消和激励措施的评论将被仔细分析，以寻找 7 月份住房开工反弹是否标志着持续复苏的开始——或者该行业是否仍在等待下一个真正的增长周期的到来。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt00e5d267ec54c1a7/68c9804f0ccc4b2d8d86ecf6/Screenshot_2025-09-16_at_10.20.33_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTExNjA" alt="" original-src="https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt00e5d267ec54c1a7/68c9804f0ccc4b2d8d86ecf6/Screenshot_2025-09-16_at_10.20.33_AM.png?format=pjpg&amp;auto=webp&amp;quality=50&amp;width=1160&amp;disable=upscale"/></p>
<p>Recent Performance in LEN</p>
<div class="lb-trans"><p>莱纳近期表现</p>
</div><p><strong>Discounted Valuation Meets Cautious Expectations</strong></p>
<div class="lb-trans"><p><strong>折扣估值遇上谨慎预期</strong></p>
</div><p>For investors, Lennar remains a valuation puzzle. The stock trades near 11x trailing GAAP earnings, well below the homebuilding sector’s 20x median. That makes it look inexpensive for a company with strong liquidity, a capital-light land strategy, and one of the largest delivery pipelines in the industry.</p>
<div class="lb-trans"><p>对于投资者而言，莱纳仍然是一个估值难题。该股票的交易价格接近 11 倍的 GAAP 盈利，远低于住宅建筑行业的 20 倍中位数。这使得它看起来对一家拥有强大流动性、资本轻型土地战略和行业内最大交付管道之一的公司而言显得便宜。</p>
</div><p>Other valuation measures echo the same theme. Lennar’s price-to-sales ratio sits near 1x, suggesting investors value its revenue stream roughly in line with peers. Its 1.6 price-to-book multiple, however, trails the sector’s 2.2 median—highlighting a discount that feels out of step with the company’s scale, balance sheet strength, and consistent execution.</p>
<div class="lb-trans"><p>其他估值指标也反映了相同的主题。莱纳的市销率接近 1 倍，表明投资者对其收入流的估值大致与同行一致。然而，其 1.6 倍的市净率却低于行业的 2.2 倍中位数——突显出这一折扣与公司的规模、资产负债表强度和持续执行能力不相符。</p>
</div><p>The catch is that a cheap valuation doesn’t always mean near-term upside. At roughly $135 per share—above the average analyst target of $122—Lennar’s stock already prices in confidence in its execution, cost discipline, and improved inventory turns, even as profits have declined year over year. That leaves little room for disappointment if deliveries soften or margins face additional pressure in Q4.</p>
<div class="lb-trans"><p>问题在于，便宜的估值并不总意味着短期内的上涨。以每股约 135 美元的价格——高于分析师平均目标的 122 美元——Lennar 的股票已经反映出对其执行力、成本控制和改善的库存周转的信心，即使利润同比下降。这使得如果交付量减弱或利润率在第四季度面临额外压力，失望的空间非常有限。</p>
</div><p>Wall Street seems content to wait and watch. Of the 20 analysts covering Lennar, 15 rate the stock a “hold,” while only five call it a “buy” or “overweight.” The consensus view is that Lennar remains a best-in-class operator, but with limited near-term catalysts until affordability improves and demand signals a more durable recovery.</p>
<div class="lb-trans"><p>华尔街似乎愿意耐心等待和观察。在覆盖 Lennar 的 20 位分析师中，有 15 位将该股票评级为 “持有”，而只有 5 位将其评级为 “买入” 或 “增持”。共识观点是，Lennar 仍然是一家最佳运营商，但在可负担性改善和需求信号显示出更持久的复苏之前，短期内的催化剂有限。</p>
</div><p>Taken together, Lennar looks inexpensive relative to its long-term earnings potential but fairly valued against near-term expectations. Bulls point to its cost discipline and asset-light land strategy as key advantages, arguing these leave the company well-positioned for the next housing upcycle—and make today’s multiple attractive for patient investors. Bears counter that with shares already trading above consensus price targets, there’s limited upside until demand shows clearer signs of a sustained recovery.</p>
<div class="lb-trans"><p>综合来看，Lennar 相对于其长期盈利潜力显得便宜，但相对于短期预期则显得合理。看涨者指出其成本控制和轻资产土地策略是关键优势，认为这些使公司在下一个住房周期中处于良好位置，并使今天的倍数对耐心投资者具有吸引力。看跌者则反驳称，股票已经交易在共识价格目标之上，直到需求显示出更明确的持续复苏迹象，潜在的上涨空间有限。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt333eca8502a1fee2/68c980ac5bd9886f79f7f4ee/Screenshot_2025-09-16_at_10.21.56_AM.png/query-YXV0bz13ZWJwJmRpc2FibGU9dXBzY2FsZSZmb3JtYXQ9cGpwZyZxdWFsaXR5PTUwJndpZHRoPTEyMDQ" alt="" original-src="https://images.contentstack.io/v3/assets/blt40263f25ec36953f/blt333eca8502a1fee2/68c980ac5bd9886f79f7f4ee/Screenshot_2025-09-16_at_10.21.56_AM.png?format=pjpg&amp;auto=webp&amp;quality=50&amp;width=1204&amp;disable=upscale"/></p>
<p>X</p>
<div class="lb-trans"><p>X</p>
</div><p><strong>Lennar Earnings Preview Takeaways</strong></p>
<div class="lb-trans"><p><strong>Lennar 财报预览要点</strong></p>
</div><p>Lennar’s September 18 earnings call is shaping up as more than a routine update—it’s a litmus test for whether July’s rebound in housing activity signals the start of a true recovery or just a fleeting bounce. The company continues to execute well, with steady gross margins, faster build cycles, and disciplined cost control. Even so, pricing pressure and reliance on incentives remain headwinds, raising the question of whether Lennar can sustain its margins.</p>
<div class="lb-trans"><p>Lennar 在 9 月 18 日的财报电话会议不仅仅是一次例行更新——它是一个试金石，检验 7 月住房活动的反弹是否标志着真正复苏的开始，还是仅仅是短暂的反弹。公司继续表现良好，毛利率稳定，建造周期加快，成本控制严格。尽管如此，价格压力和对激励措施的依赖仍然是逆风，这引发了 Lennar 能否维持其利润率的问题。</p>
</div><p>What happens next could set the tone for the entire homebuilding sector. A strong report, coupled with constructive commentary on orders and pricing, could reignite confidence that the housing cycle is turning—and validate the stock’s recent rally. But if demand remains sluggish, or margins slip, investors may question whether the stock has run too far, too fast. To learn more about trading strategies tailored for earnings season, readers can follow this link.</p>
<div class="lb-trans"><p>接下来发生的事情可能会为整个住宅建筑行业定下基调。一份强劲的报告，加上对订单和定价的积极评论，可能会重新点燃对住房周期转变的信心——并验证股票近期的反弹。但如果需求仍然疲软，或利润率下滑，投资者可能会质疑该股票是否涨得太快、太远。要了解更多关于针对财报季的交易策略，读者可以点击此链接。</p>
</div><p><strong>Andrew Prochnow</strong> <em>has traded the global financial markets for more than 15 years, including 10 years as a professional options trader.</em></p>
<div class="lb-trans"><p><strong>Andrew Prochnow</strong> <em>在全球金融市场交易超过 15 年，其中 10 年作为专业期权交易员。</em></p>
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<div class="lb-trans"><p><em>要获取实时每日节目、市场新闻和评论，请访问</em> <em>tastylive</em> <em>或</em> <em>tastylive</em> <em>的 YouTube 频道（针对期权交易者），以及</em> <em>tastyliveTrending</em> <em>的股票、期货、外汇和宏观经济内容。</em></p>
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<div class="lb-trans"><p><em>与更好的经纪商交易，今天就开设一个 tastytrade 账户。tastylive, Inc.和 tastytrade, Inc.是独立但相关的公司。</em></p>
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莱纳房产 (LEN) 2025 年第三季度收益预览：利润率、住房数据及估值风险