---
title: "《大行》滙豐研究升綠城中國目標價至 11.8 元 維持「持有」評級"
description: "滙豐研究將綠城中國目標價上調至 11.8 元，維持「持有」評級。儘管上半年淨利潤同比下跌 90%，但毛利率上升至 13.4%，新項目比例增加，融資成本下降 40 個基點至 3.6%。該行認為股價需額外催化劑才能進一步上行，並對 2025 至 2027 年毛利率預測上調 0.3 至 0.5 個百分點，同時下調 2025 及 2026 年盈利預測 54% 及 39%。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/254532463.md"
published_at: "2025-08-26T01:56:37.000Z"
---

# 《大行》滙豐研究升綠城中國目標價至 11.8 元 維持「持有」評級

> 滙豐研究將綠城中國目標價上調至 11.8 元，維持「持有」評級。儘管上半年淨利潤同比下跌 90%，但毛利率上升至 13.4%，新項目比例增加，融資成本下降 40 個基點至 3.6%。該行認為股價需額外催化劑才能進一步上行，並對 2025 至 2027 年毛利率預測上調 0.3 至 0.5 個百分點，同時下調 2025 及 2026 年盈利預測 54% 及 39%。

滙豐環球研究報告指，雖然綠城中國 (03900.HK) 上半年淨利潤按年下跌 90%，但該行仍見到業績中有積極表現，包括毛利率按年升 0.3 個百分點至 13.4%，下半年可售資源中新項目的比例增加，以及融資成本按年下降 40 個基點至 3.6%。不過，該行認為投資者已預期到該些積極因素，股價進一步上行需要額外催化劑；維持「持有」評級。

該行將 2025 至 2027 年毛利率預測上調 0.3 至 0.5 個百分點，將 2025 及 2026 年盈利預測分別下調 54% 及 39%，預期 2026 及 2027 年盈利將自低基數有 70% 及 33% 增長；目標價由 11.5 元升至 11.8 元。(ss/)

### Related Stocks

- [03900.HK - 綠城中國](https://longbridge.com/zh-HK/quote/03900.HK.md)

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> **免責聲明**：本文內容僅供參考，不構成任何投資建議。
