保利发展(600048)：静候黎明

国泰君安07-15

本报告导读：公司利润率依然处在下滑通道，未来随着房价的企稳和拿地权益比的提升将企稳；公司ROE 创新低，需继续加快在手项目去化。投资要点：业绩符合预期，维持增持评级。2024年上半年公司实现营业收入1393亿元，同比增长1.6%，实现归母净利润75 亿元，同比减少38.6%。公司增收不增利，维持2024~2026 年EPS 分别为0.95/1.01/1.10 元。鉴于当前土拍市场和融资环境，利好...

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