建发国际集团(1908.HK)背靠实力股东实现跨越式发展首次覆盖给予“买入”评级目标价11.80港元
机构：兴业证券
评级：买入
目标价：11.80 港元
投资要点
首次评级给予“买入”评级，目标价 11.80 港元。建发国际借壳后引入了建 发房产多年的房地产开发运营经验和产品体系，并通过资产注入以及公开 市场拿地迅速扩大土储和可售资源，销售规模实现了跨越式发展，业绩将 进入高速释放期。我们预计公司2019/2020年的营业收入分别为160和210 亿元，分别同比增长 29%和 31%，净利润分别为 16.3 和 21.3 亿元，分别 同比增长 15%和 31%。我们认为虽然公司账面杠杆过高，但实际杠杆并 不高，主要融资来源是大股东借款，并没有兑付压力，融资成本优势明显， 首次评级覆盖给予“买入”评级，目标价 11.80 港元，相当于 2019/2020 年 5.8/4.4 倍 PE，股息收益率高达 11%，较当前股价有 39%的升幅。
大股东支持，实现跨越式发展：建发国际借壳上市后，依托大股东雄厚的 实力，实现了跨越式发展，预计 2019 年合约销售再翻一番达到 500 亿元。 一方面通过现有成熟优质房地产项目注入，迅速做大销售规模并带来扎实 业绩；另一方面，公司加大公开市场获取土储的力度，扩大土储和可售资 源，实现内生的增长。在融资上，大股东提供低成本高额度的贷款，公司 的融资成本也远低于同等规模的其他房企，在市场竞争中占据优势。
聚焦新中式，打造一流产品力：建发国际致力于打造“新中式”产品第一品 牌，形成了 “1+3”的产品系列，覆盖中高端到超高端的产品，既融合了中 国的传统文化概念，又贴近现代人的居住理念和需求，拥有行业一流的产 品力，并得到行业认可，与顶级房企合作中承担更多操盘责任。
管理层持股，市场化激励充分：自公司借壳上市以来，主要管理层即通过 信托平台持股，截止最新数据，管理层持有公司 6014.2 万股，持股比例 达到 6.64%。公司管理层持股的力度大于其他央企或国企，有利于激发企 业的活力，提升效率。管理层也将充分受益于公司的高速发展。
风险提示：宏观经济增长放缓；行业调控政策加严；流动性收紧；公司销售不 及预期; 人民币贬值。
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