---
title: "《大行》滙豐研究：嘉裏建設現金流為股息穩定性提供能見度 微升目標價至 22.6 元"
description: "滙豐環球研究報告指出，嘉裏建設上半年業績疲弱，基礎溢利同比下降 30%。公司業務進展順利，預計下財年淨負債率降至 30%-33%。儘管合約銷售與收入入賬存在時間差，現金流狀況將改善，為股息穩定性提供良好能見度。基於預測 2026 年 6.5 厘的股息率，維持「買入」評級，目標價小幅上調至 22.6 元。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/253908944.md"
published_at: "2025-08-21T03:28:32.000Z"
---

# 《大行》滙豐研究：嘉裏建設現金流為股息穩定性提供能見度 微升目標價至 22.6 元

> 滙豐環球研究報告指出，嘉裏建設上半年業績疲弱，基礎溢利同比下降 30%。公司業務進展順利，預計下財年淨負債率降至 30%-33%。儘管合約銷售與收入入賬存在時間差，現金流狀況將改善，為股息穩定性提供良好能見度。基於預測 2026 年 6.5 厘的股息率，維持「買入」評級，目標價小幅上調至 22.6 元。

滙豐環球研究報告指，嘉裏建設 (00683.HK) 上半年業績表現疲弱，基礎溢利按年跌 30% 符預期。公司業務進展順利，與管理層計劃一致，包括去槓桿進程和物業銷售。管理層預計下財年淨負債率將降至介乎約 30% 至 33%，此前指引介乎約 33% 至 37%，受惠上海金陵華庭項目實現較高銷售價格。公司預計下一期銷售價格或更高。

該行指，公司截至 6 月底淨負債率按年降 3.1 個百分點至 38.4%。雖然合約銷售與收入入賬存在時間差，但公司現金流狀況應繼續改善，為股息穩定性提供良好能見度。基於預測 2026 年 6.5 厘的股息率，維持該股「買入」評級，目標價由 22.3 元輕微上調至 22.6 元。

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