融信中国(03301.HK)核心业绩高增去杠杆卓有成效维持“增持”评级
机构：东吴证券
评级：增持
事件
融信中国公布2019年半年报：2019年上半年公司实现营业收入266.16亿元，同比增长86%；归母净利润19.79亿元，同比增长30%；核心归母净利润19.56亿元，同比增长26%，基本每股收益1.19元。
点评
核心归母净利润同比高增。2019年上半年公司实现营业收入266.16亿元，同比增长86%；归母净利润19.79亿元，同比增长30%；核心归母净利润19.56亿元，同比增长26%。归母净利润增长靓眼，主要源于公司结算规模提升明显，公司销售毛利率23.90%，较18年末提升0.43个百分点，销售净利率13.15%，盈利能力仍有较大提升空间。
销售增长稳健，土储聚焦高能级城市。2019年上半年公司销售金额达566.78亿元，同比增长4%；销售面积281.98万平米，同比增长11%；销售均价达20100元/平米。从区域布局看，杭州、福州、上海、南京、郑州分别贡献销售金额的35.8%、11.7%、11.0%、6.2%、4.0%。从土地储备看，截至2019年上半年，公司总土储建面达2654万平米，其中权益土储面积1414万平米，楼面均价6365元/平米，仅占同期销售均价的32%。从城市能级看，公司在一二线城市土储货值占比超80%；从区域布局看，公司布局九大城市群，深耕长三角、海西区域，覆盖43个城市；按土储权益面积划分，长三角、海西、中原、西北区域土储面积分别占比41.8%、25.3%、20.2%、5.2%。
投资力度回暖，加强合作严控拿地均价。2019年上半年公司新增23个土地项目，项目主要分布在苏州、杭州、温州、福州、重庆等核心城市，新增土地面积421万平米，同比增长69%；拿地总金额177亿元，同比增长65%，拿地金额权益比例为47%。公司投资力度有所提升，同时加大合作开发力度，严控拿地均价，2019年上半年公司新增项目楼面均价6451元/平米，占同期销售均价的32%。
降杠杆成效明显，融资成本持续改善。2019年上半年公司净负债率77%，较2018年末同比降低28个百分点。公司债务结构持续优化，短债占总债务比例降至31%，短期偿债压力较小。在杠杆水平有所回落背景下，上半年公司融资成本仅6.9%，较2018年继续降低0.2个百分点。
投资建议：融信中国坚持品质信仰，定位核心城市改善型需求。公司善于把握城市周期，践行城市深耕，销售规模持续高增，为公司未来业绩打下坚实基础。我们预计2019-2021年公司EPS分别1.75、2.29、3.04元人民币，对应PE分别为4.95、3.78、2.85倍。维持“增持”评级。
风险提示：行业销售波动；政策调整导致经营风险；融资环境变动；企业运营风险；汇率波动风险。
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