1H26 Preview: DP impairments could steepen though disposal gain and solid rental income might provide buffers; Buy

研报英文原文证据摘录

1H26 Preview: DP impairments could steepen though disposal gain and solid rental income might provide buffers; Buy

Equity Research

16 July 2026 | 4:49PM CST

CHINA RESOURCES LAND (1109.HK)

1H26 Preview: DP impairments could steepen though disposal gain and

solid rental income might provide buffers; Buy

We update our estimates by factoring in 1) on positive side - disposal gain from Yi Wang, CFA

+86(21)2401-8930 |

Chengdu Mixc mall and solid 1H rental performance, while 2) on negative side - yi.wang@goldmansachs.cn

Goldman Sachs (China) Securities

reduce 2026E DP gross margin forecasts by 4pp to 13.4%, after reflecting steeper Company Limited

write-down amid continued property price weakness outside top-tier cities, and cut Shi Xu

27E-28E DP GPM by average 4pp. Looking forward, we expect contract sales to only +86(21)2401-8929shi.x.xu@goldmansachs.cn|

moderately decline by LSD% yoy in 2H on low base (vs. coverage SOE average of GoldmanCompany SachsLimited(China) Securities

down teen%), sending full year to flattish, in line with management guidance. We Kaiyan Jing

continue to expect its accounting profitability to bottom out late this year and start +86(21)2411-8092kaiyan.jing@goldmansachs.cn|

seeing improvement in 2028, with impact from vintage inventory sales largely behind GoldmanCompany SachsLimited(China) Securities

us.

Correspondingly, we lower our core earnings estimates by average 15%, expecting a

10% drop in 2026E EPS while recovering from 2027E alongside DP margin bottoming

out. Post the revisions, our topline estimates are on average 6% below Datastream

consensus, while core earnings estimates are on average 13% below consensus,

mainly due to less constructive margin forecasts. Our 12-month NAV-based target