According to the Haitong Securities Research Report, China Merchants Shekou (001979.SZ)'s carry-over scale increased year-on-year, and Q1 revenue and profit rose rapidly. The company's contract debt balance at the end of March was 17.507 billion yuan, down 1.83% from the previous year, and there are sufficient carry-over resources. Considering that the company maintains a competitive advantage in sales and has a strong financing background, in the current context of supply-side market reforms, the company was given a moderate valuation premium, that is, 15-17XPE in 2024, with a reasonable value range of 13.85-15.70 yuan, maintaining a “superior to the market” rating.
研报掘金丨海通证券：维持招商蛇口“优于大市”评级，可结转资源较为充足
Research Report: Haitong Securities: Maintaining China Merchants Shekou's “superior to the market” rating, it has sufficient carry-over resources
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