瑞银龙光地产中期业绩超预期城市更新是新增长引擎
著名国际投资银行瑞士银行(UBS)发布最新研究报告,继续推荐龙光地产(03380.HK)为中国地产行业首选。
瑞银指出,集团中期核心利润同比增长59%至46.7亿元,超出市场预期,显示了公司强大的执行力。瑞银并指,城市更新是集团新的业绩增长引擎,公司已在以粤港澳大湾区为主的高价值区域布局城市更新项目62个,对应面积1870万平米,城市更新货值超过3200亿,先发优势显著,预期集团未来每年新孵化货值不低于300亿,满足十年开发,城市更新未来每年可贡献集团核心利润10%-20%。
瑞银并指,集团在惠州大亚湾的城市更新项目和政府合作,创造政府、产业、开发商三赢的局面,带动项目价值提升。瑞银预测集团未来合约销售及核心盈利可维持不低于20%的稳健持续增长,并保持30%以上的毛利率,业绩确定性强。瑞银预计集团可维持40%的长期派息率,为投资者持续带来丰厚回报。
瑞银此前报告指出,粤港澳大湾区为国家战略,产业升级潜力,人口流入前景和财富聚集效应将不断显现。集团在粤港澳大湾区土地含金量最高,并拥有充裕的城市更新土储资源,目前股价尚未反映集团优质土储的价值及集团长期的盈利成长性,投资价值凸显。瑞银认为,基于区域深耕战略,集团将是粤港澳大湾区产业结构升级和高净值人口持续流入的主要受益者和资源整合者,具有跨周期稳健增长能力,财务稳健,未来在粤港澳大湾区的市场份额将不断扩大。
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