开源证券股份有限公司齐东,胡耀文,杜致远近期对万科A进行研究并发布了研究报告《公司信息更新报 告：销售均价有所提升，股东持续借款提供支持》，给予万科A中性评级。 万科A(000002) 销售规模下降幅度较大，股东持续借款提供支持，下调至"中性"评级2025年6月12日，万科发布公告称， 公司通过集中竞价交易方式已完成所有A股库存的出售，出售股份数量为7295.6万股，占公司总股本的比 例为0.61%，出售所得资金总额为4.79亿元，成交均价为6.57元/股。6月6日，公司发布公告称，第一大股 深铁集拟向公司提不超过30亿元借款，借款利率为2.34%，此次借款系公司年内第五次获得深铁集团借 款。公司5月及1-5月销售规模有所收缩，销售单价有所提升。公司积极借助大宗交易、REITs发行、金融 支持政策等化解经营压力。惟其艰难，方显勇毅，我们期待万科能够安全穿越周期，构筑房企发展新模 式，我们下调2025-2026并新增2027年盈利预测，预计2025-2027年公司归母净利润分别为-73.22、5.57、 13.14亿元(原值-19.92、17.51亿元)，EPS分别为-0.61、0.05、0.11元，当前股价对 ...

Investment Rating - The investment rating for the company is Neutral, which has been downgraded from a previous rating [5]. Core Views - The company has experienced a significant decline in sales scale, with a year-on-year decrease of 39.18% in May 2025 and a cumulative decline of 44.19% for the first five months of 2025. Despite this, the average sales price has increased by 17.32% year-on-year in May 2025 [6][10]. - The company continues to receive financial support from its major shareholder, Shenzhen Metro Group, which has provided multiple loans totaling 148.52 billion yuan at a rate of 2.34% [7][18]. - The company has revised its profit forecasts for 2025-2027, expecting a net profit of -7.32 billion yuan in 2025, 557 million yuan in 2026, and 1.314 billion yuan in 2027 [5][8]. Financial Summary - The company's revenue for 2025 is projected to be 312.62 billion yuan, a decrease of 8.9% year-on-year. The net profit attributable to the parent company is expected to be -7.32 billion yuan, with an EPS of -0.61 yuan [8][22]. - The gross margin is expected to improve to 16.4% in 2025, while the net margin is projected to be -2.6% [22]. - The company's total assets are estimated to be 1,331.94 billion yuan in 2025, with total liabilities of 1,001.22 billion yuan, resulting in a debt-to-equity ratio of approximately 75.2% [21][22]. Sales Performance - In May 2025, the company achieved a sales amount of 14.19 billion yuan, with a sales area of 970,000 square meters, reflecting a year-on-year decrease of 48.16% in sales area [6][10]. - The cumulative sales amount for the first five months of 2025 was 57.04 billion yuan, with a sales area of 4.245 million square meters, both showing significant declines compared to the previous year [10][13]. Shareholder Support - The major shareholder, Shenzhen Metro Group, has provided continuous financial support through loans, with the latest loan of up to 30 billion yuan announced on June 6, 2025 [7][18]. - The total amount of loans from Shenzhen Metro Group to the company has reached 148.52 billion yuan, indicating strong backing during challenging market conditions [7][18].