保利发展(600048)：土地投资偏谨慎

国泰君安04-11

维持增持评级。鉴于当前供给端和需求端政策同时发力，公司也在聚焦核心城市换仓，维持 2023~2025 年EPS 分别为1.01/1.09/1.24 元，维持增持评级，维持目标价20.66 元。2024 年1 季度公司销售下滑45%，3 月销售降幅有所收窄。公司3月销售降幅相比2 月有所收窄，分别实现签约面积和签约金额 153万方、270 亿元，分别同比减少37.0%、46.3%。整体来看2024 ...

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