智通财经APP获悉，高盛发布研报称，将中国金茂(00817)评级由“中性”上调至“买入”，目标价由1.15港元上调至1.5港元。受逐步复苏的开发物业毛利率及高利润经常性收入贡献推动，高盛预测，中国金茂2025至2027财年的综合毛利率，将分别为14.7%、15.3%及15.4%，从而推动公司2027财年现金股东权益回报率升至8%。
该行预期，中国金茂开发物业业务利润率及股东权益回报率将较同业更快复苏，主要由于中国金茂已录得同业领先的存货减值;以及自2024年下半年加速在核心地段和高档项目进行土地储备后，估计公司可售资源的35%将实现中高十位数(mid-to-high teen)的毛利率。
该行预期，公司开发物业分部的毛利率将在2025至2027财年期间呈逐步复苏趋势，并在未来进一步改善，因为其预售现金毛利率应从2025财年起提升至中十位数水平。
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