<h2>成本控制一直是萊納股票的助力——現在市場希望看到它仍在發揮作用</h2>
<ul>
<li>萊納 (LEN) 將於 9 月 18 日星期四收盤後公佈 2025 財年第三季度財報。</li>
<li>上個季度，萊納的利潤率保持在 18%，同時受益於建築成本的下降——這一組合使得銷售在新房價格下滑的情況下依然保持韌性。</li>
<li>本季度的業績，以及即將發佈的美國住房數據，應該有助於澄清萊納的估值折扣是否代表了一個有吸引力的買入機會。</li>
</ul>
<p><strong>萊納</strong> (LEN) 在其財年第三季度財報發佈前，正值美國住房市場仍在尋找方向。2025 年上半年需求疲軟，抵押貸款利率高企，但 7 月份住房開工的反彈帶來了意外的驚喜。展望未來，關鍵問題是需求是否足夠強勁，以維持銷售量並保護利潤率。</p>
<p>截至目前，萊納的股票與更廣泛的住宅建築行業走勢密切相關。在 2025 年初下滑後，股價強勁反彈——攀升至約 135 美元——比 52 周低點高出近 40%。截至目前，萊納的股價上漲約 8%，與 <strong>SPDR S&amp;P 房屋建築 ETF</strong> (XHB) 的約 11% 漲幅保持同步。</p>
<p>萊納預計將在 9 月 18 日星期四收盤後公佈第三季度財報。華爾街預計收入為 90.5 億至 90.7 億美元，同比下降約 4%，每股收益為 2.10 至 2.14 美元——大約低於去年 3.90 美元的水平 45%。預計交付房屋數量為 22,000 至 23,000 套，毛利率約為 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>美國住房</p>
<p><strong>美國住房開工的初步反彈</strong></p>
<p>在經歷了一個疲軟的春季後，美國住房活動在 7 月份終於顯現出復甦的跡象。單户住宅開工環比增長 2.8%，年化速度達到 939,000 套，扭轉了 6 月份的下降趨勢。包括多户住宅在內的總開工量增長了 5.2%，現在比去年高出近 13%——這是對建築商的一個鼓舞信號。建築許可證作為一個關鍵的前瞻性指標，雖然仍然疲軟，但單户住宅的許可證微增 0.5%，暗示建築管道的早期穩定跡象。</p>
<p>這一改善與抵押貸款利率的適度下降相吻合，30 年期固定利率降至約 6.58%——這是自去年秋季以來的最低水平——市場預期美聯儲將進行短期降息。儘管如此，負擔能力問題、勞動力短缺和高企的監管成本仍然對住宅建築商的信心造成壓力。全國住宅建築商協會最近警告稱，生產水平仍然受到限制，持續的進展將取決於美國經濟的健康狀況。</p>
<p>進入秋季，庫存動態仍然不均衡。活躍掛牌數量比去年增長近 21%，但新掛牌數量已連續四個月下降。待售房屋數量仍徘徊在數十年來的低點，房屋銷售時間延長。地區趨勢也在分化，南部和西部的價格大幅下調，市場時間更長。</p>
<p><strong>為什麼萊納的第三季度報告很重要</strong></p>
<p>萊納仍然是美國最大的、最受關注的住宅建築商之一，其業績常被視為整個住房行業的風向標。該公司在生產與需求之間積極調整，依靠有針對性的激勵措施來維持銷售勢頭，儘管面臨負擔能力的挑戰。在第二季度，毛利率保持在 18%——低於去年的高峰，但與指導方針一致——得益於嚴格的成本控制、更短的建造週期和建築成本的下降。</p>
<p>這些運營改進為萊納提供了一定的喘息空間，但更廣泛的住房背景仍然充滿挑戰。平均售價持續走低，激勵措施仍佔銷售的 13% 以上。管理層優先考慮銷售量而非定價的策略正在支持市場份額，但如果需求進一步減弱，利潤率將面臨壓力。</p>
<p>投資者將密切關注萊納是否能夠在困難環境中保持接近 18% 的利潤率，同時維持交付量。管理層關於訂單趨勢、取消和激勵措施的評論將被仔細分析，以尋找 7 月份住房開工反彈是否標誌着持續復甦的開始——或者該行業是否仍在等待下一個真正的增長週期的到來。</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>萊納近期表現</p>
<p><strong>折扣估值遇上謹慎預期</strong></p>
<p>對於投資者而言，萊納仍然是一個估值難題。該股票的交易價格接近 11 倍的 GAAP 盈利，遠低於住宅建築行業的 20 倍中位數。這使得它看起來對一家擁有強大流動性、資本輕型土地戰略和行業內最大交付管道之一的公司而言顯得便宜。</p>
<p>其他估值指標也反映了相同的主題。萊納的市銷率接近 1 倍，表明投資者對其收入流的估值大致與同行一致。然而，其 1.6 倍的市淨率卻低於行業的 2.2 倍中位數——突顯出這一折扣與公司的規模、資產負債表強度和持續執行能力不相符。</p>
<p>問題在於，便宜的估值並不總意味着短期內的上漲。以每股約 135 美元的價格——高於分析師平均目標的 122 美元——Lennar 的股票已經反映出對其執行力、成本控制和改善的庫存週轉的信心，即使利潤同比下降。這使得如果交付量減弱或利潤率在第四季度面臨額外壓力，失望的空間非常有限。</p>
<p>華爾街似乎願意耐心等待和觀察。在覆蓋 Lennar 的 20 位分析師中，有 15 位將該股票評級為 “持有”，而只有 5 位將其評級為 “買入” 或 “增持”。共識觀點是，Lennar 仍然是一家最佳運營商，但在可負擔性改善和需求信號顯示出更持久的復甦之前，短期內的催化劑有限。</p>
<p>綜合來看，Lennar 相對於其長期盈利潛力顯得便宜，但相對於短期預期則顯得合理。看漲者指出其成本控制和輕資產土地策略是關鍵優勢，認為這些使公司在下一個住房週期中處於良好位置，並使今天的倍數對耐心投資者具有吸引力。看跌者則反駁稱，股票已經交易在共識價格目標之上，直到需求顯示出更明確的持續復甦跡象，潛在的上漲空間有限。</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 財報預覽要點</strong></p>
<p>Lennar 在 9 月 18 日的財報電話會議不僅僅是一次例行更新——它是一個試金石，檢驗 7 月住房活動的反彈是否標誌着真正復甦的開始，還是僅僅是短暫的反彈。公司繼續表現良好，毛利率穩定，建造週期加快，成本控制嚴格。儘管如此，價格壓力和對激勵措施的依賴仍然是逆風，這引發了 Lennar 能否維持其利潤率的問題。</p>
<p>接下來發生的事情可能會為整個住宅建築行業定下基調。一份強勁的報告，加上對訂單和定價的積極評論，可能會重新點燃對住房週期轉變的信心——並驗證股票近期的反彈。但如果需求仍然疲軟，或利潤率下滑，投資者可能會質疑該股票是否漲得太快、太遠。要了解更多關於針對財報季的交易策略，讀者可以點擊此鏈接。</p>
<p><strong>Andrew Prochnow</strong> <em>在全球金融市場交易超過 15 年，其中 10 年作為專業期權交易員。</em></p>
<p><em>要獲取實時每日節目、市場新聞和評論，請訪問</em> <em>tastylive</em> <em>或</em> <em>tastylive</em> <em>的 YouTube 頻道（針對期權交易者），以及</em> <em>tastyliveTrending</em> <em>的股票、期貨、外匯和宏觀經濟內容。</em></p>
<p><em>與更好的經紀商交易，今天就開設一個 tastytrade 賬户。tastylive, Inc.和 tastytrade, Inc.是獨立但相關的公司。</em></p>

萊納房產-B

萊納房產-A

<p>萊納房產 (LEN) 將於 9 月 18 日公佈 2025 財年第三季度財報，預計收入在 90.5 億至 90.7 億美元之間，每股收益為 2.10 至 2.14 美元。儘管建築成本有所緩解，公司仍保持 18% 的毛利率，但面臨需求疲軟和高抵押貸款利率的挑戰。最近的美國住房數據顯示住房開工出現初步反彈，這引發了對需求可持續性的質疑。投資者熱切關注萊納房產能否在充滿挑戰的市場中維持毛利率和交付量，因為其股票相較於行業同行處於折價狀態</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>成本控制一直是萊納股票的助力——現在市場希望看到它仍在發揮作用</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>萊納 (LEN) 將於 9 月 18 日星期四收盤後公佈 2025 財年第三季度財報。</li>
<li>上個季度，萊納的利潤率保持在 18%，同時受益於建築成本的下降——這一組合使得銷售在新房價格下滑的情況下依然保持韌性。</li>
<li>本季度的業績，以及即將發佈的美國住房數據，應該有助於澄清萊納的估值折扣是否代表了一個有吸引力的買入機會。</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>萊納</strong> (LEN) 在其財年第三季度財報發佈前，正值美國住房市場仍在尋找方向。2025 年上半年需求疲軟，抵押貸款利率高企，但 7 月份住房開工的反彈帶來了意外的驚喜。展望未來，關鍵問題是需求是否足夠強勁，以維持銷售量並保護利潤率。</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，萊納的股票與更廣泛的住宅建築行業走勢密切相關。在 2025 年初下滑後，股價強勁反彈——攀升至約 135 美元——比 52 周低點高出近 40%。截至目前，萊納的股價上漲約 8%，與 <strong>SPDR S&amp;P 房屋建築 ETF</strong> (XHB) 的約 11% 漲幅保持同步。</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>萊納預計將在 9 月 18 日星期四收盤後公佈第三季度財報。華爾街預計收入為 90.5 億至 90.7 億美元，同比下降約 4%，每股收益為 2.10 至 2.14 美元——大約低於去年 3.90 美元的水平 45%。預計交付房屋數量為 22,000 至 23,000 套，毛利率約為 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>美國住房</p>
</div><p><strong>A Tentative Rebound in U.S. Housing Starts</strong></p>
<div class="lb-trans"><p><strong>美國住房開工的初步反彈</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>在經歷了一個疲軟的春季後，美國住房活動在 7 月份終於顯現出復甦的跡象。單户住宅開工環比增長 2.8%，年化速度達到 939,000 套，扭轉了 6 月份的下降趨勢。包括多户住宅在內的總開工量增長了 5.2%，現在比去年高出近 13%——這是對建築商的一個鼓舞信號。建築許可證作為一個關鍵的前瞻性指標，雖然仍然疲軟，但單户住宅的許可證微增 0.5%，暗示建築管道的早期穩定跡象。</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>這一改善與抵押貸款利率的適度下降相吻合，30 年期固定利率降至約 6.58%——這是自去年秋季以來的最低水平——市場預期美聯儲將進行短期降息。儘管如此，負擔能力問題、勞動力短缺和高企的監管成本仍然對住宅建築商的信心造成壓力。全國住宅建築商協會最近警告稱，生產水平仍然受到限制，持續的進展將取決於美國經濟的健康狀況。</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>進入秋季，庫存動態仍然不均衡。活躍掛牌數量比去年增長近 21%，但新掛牌數量已連續四個月下降。待售房屋數量仍徘徊在數十年來的低點，房屋銷售時間延長。地區趨勢也在分化，南部和西部的價格大幅下調，市場時間更長。</p>
</div><p><strong>Why Lennar’s Q3 Report Matters</strong></p>
<div class="lb-trans"><p><strong>為什麼萊納的第三季度報告很重要</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>萊納仍然是美國最大的、最受關注的住宅建築商之一，其業績常被視為整個住房行業的風向標。該公司在生產與需求之間積極調整，依靠有針對性的激勵措施來維持銷售勢頭，儘管面臨負擔能力的挑戰。在第二季度，毛利率保持在 18%——低於去年的高峰，但與指導方針一致——得益於嚴格的成本控制、更短的建造週期和建築成本的下降。</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>這些運營改進為萊納提供了一定的喘息空間，但更廣泛的住房背景仍然充滿挑戰。平均售價持續走低，激勵措施仍佔銷售的 13% 以上。管理層優先考慮銷售量而非定價的策略正在支持市場份額，但如果需求進一步減弱，利潤率將面臨壓力。</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>投資者將密切關注萊納是否能夠在困難環境中保持接近 18% 的利潤率，同時維持交付量。管理層關於訂單趨勢、取消和激勵措施的評論將被仔細分析，以尋找 7 月份住房開工反彈是否標誌着持續復甦的開始——或者該行業是否仍在等待下一個真正的增長週期的到來。</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>萊納近期表現</p>
</div><p><strong>Discounted Valuation Meets Cautious Expectations</strong></p>
<div class="lb-trans"><p><strong>折扣估值遇上謹慎預期</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>對於投資者而言，萊納仍然是一個估值難題。該股票的交易價格接近 11 倍的 GAAP 盈利，遠低於住宅建築行業的 20 倍中位數。這使得它看起來對一家擁有強大流動性、資本輕型土地戰略和行業內最大交付管道之一的公司而言顯得便宜。</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>其他估值指標也反映了相同的主題。萊納的市銷率接近 1 倍，表明投資者對其收入流的估值大致與同行一致。然而，其 1.6 倍的市淨率卻低於行業的 2.2 倍中位數——突顯出這一折扣與公司的規模、資產負債表強度和持續執行能力不相符。</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>問題在於，便宜的估值並不總意味着短期內的上漲。以每股約 135 美元的價格——高於分析師平均目標的 122 美元——Lennar 的股票已經反映出對其執行力、成本控制和改善的庫存週轉的信心，即使利潤同比下降。這使得如果交付量減弱或利潤率在第四季度面臨額外壓力，失望的空間非常有限。</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>華爾街似乎願意耐心等待和觀察。在覆蓋 Lennar 的 20 位分析師中，有 15 位將該股票評級為 “持有”，而只有 5 位將其評級為 “買入” 或 “增持”。共識觀點是，Lennar 仍然是一家最佳運營商，但在可負擔性改善和需求信號顯示出更持久的復甦之前，短期內的催化劑有限。</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>綜合來看，Lennar 相對於其長期盈利潛力顯得便宜，但相對於短期預期則顯得合理。看漲者指出其成本控制和輕資產土地策略是關鍵優勢，認為這些使公司在下一個住房週期中處於良好位置，並使今天的倍數對耐心投資者具有吸引力。看跌者則反駁稱，股票已經交易在共識價格目標之上，直到需求顯示出更明確的持續復甦跡象，潛在的上漲空間有限。</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 財報預覽要點</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 日的財報電話會議不僅僅是一次例行更新——它是一個試金石，檢驗 7 月住房活動的反彈是否標誌着真正復甦的開始，還是僅僅是短暫的反彈。公司繼續表現良好，毛利率穩定，建造週期加快，成本控制嚴格。儘管如此，價格壓力和對激勵措施的依賴仍然是逆風，這引發了 Lennar 能否維持其利潤率的問題。</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>接下來發生的事情可能會為整個住宅建築行業定下基調。一份強勁的報告，加上對訂單和定價的積極評論，可能會重新點燃對住房週期轉變的信心——並驗證股票近期的反彈。但如果需求仍然疲軟，或利潤率下滑，投資者可能會質疑該股票是否漲得太快、太遠。要了解更多關於針對財報季的交易策略，讀者可以點擊此鏈接。</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>在全球金融市場交易超過 15 年，其中 10 年作為專業期權交易員。</em></p>
</div><p><em>For live daily programming, market news and commentary, visit</em> <em>tastylive</em> <em>or the YouTube channels</em> <em>tastylive</em> <em>(for options traders), and</em> <em>tastyliveTrending</em> <em>for stocks, futures, forex &amp; macro.</em></p>
<div class="lb-trans"><p><em>要獲取實時每日節目、市場新聞和評論，請訪問</em> <em>tastylive</em> <em>或</em> <em>tastylive</em> <em>的 YouTube 頻道（針對期權交易者），以及</em> <em>tastyliveTrending</em> <em>的股票、期貨、外匯和宏觀經濟內容。</em></p>
</div><p><em>Trade with a better broker,</em> <em>open a tastytrade account</em> <em>today. tastylive, Inc. and tastytrade, Inc. are separate but affiliated companies.</em></p>
<div class="lb-trans"><p><em>與更好的經紀商交易，今天就開設一個 tastytrade 賬户。tastylive, Inc.和 tastytrade, Inc.是獨立但相關的公司。</em></p>
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萊納房產 (LEN) 2025 年第三季度收益預覽：利潤率、住房數據及估值風險