《大行》星展：万科(02202.HK)面临巨大流动性压力 评级降至“沽售”
星展报告指，深圳地铁通过向万科(02202.HK) 引入高级管理人员并提供总额约70亿元人民币的两笔股东贷款，展现了对万科更强的支持，一定程度缓解市场对万科的担忧。但万科仍面临巨大流动性压力，目前预售额低于该行估计的现金流盈亏平衡水平，亦不足偿还短期债券。
该行预测，若万科销售额维持今年首季水平，将需额外约305亿元人民币资金来维持偿付能力。扣除上述70亿元人民币股东贷款，仍需235亿元人民币。该行又指，万科首季预售按年跌41%，未结转销售额减少，开发收入将持续下降。万科优先考虑现金回笼并实施价格折扣以提高销售率，将继续不利其利润率。
该行将万科评级由“持有”下调“沽售”评级，目标价由4.6元降至4.3元。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-03 12:25。)
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