金吾财讯 | 华泰证券发布研报，首次覆盖绿城中国(03900)。该行看好公司业绩未来有望领先于同行触底企稳，主要由于：1）公司有望充分发挥其在改善型新房市场的优势，实现经营进一步突破；2）销售投资高效运转，支持未来业绩迎来释放；3）少数股东损益和永续债的摊薄影响降低，股东权益未来有望增厚。
该行指，部分市场观点认为公司快速扩张时获取的高地价项目影响业绩释放，而该行认为公司对历史项目的减值计提逐步提升，同时新项目的获取，共同推动相关影响减弱：部分市场观点担忧公司处于无实控人状态带来的治理问题，但认为中交成为公司股东以来，在融资和经营对公司的支持都体现了其对公司治理的重视，有望护航公司持续稳定成长。
该行预测，测公司2024-26EEPS为0.99/1.12/1.30元，可比公司25年Wind一致预测PE均值9.2倍，该行认为公司合理2025EPE与可比公司均值保持一致，目标价10.92港元，首次覆盖给予“买入”评级。
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