建发国际集团(1908.HK)：销售高增，业绩靓眼，土储资源稳步提升，维持“买入”评级
机构：东吴证券
评级：买入
事件
建发国际集团发布2019年半年度报告：2019年上半年公司实现营业收入12.78亿元，同比增长31.81%；归母净利润2.10亿元，同比增长60.02%；基本每股收益0.2435元。
点评
业绩增长靓眼，销售持续高增。2019年上半年公司实现营业收入12.78亿元，同比增长31.81%；归母净利润2.10亿元，同比增长60.02%；业绩增长靓眼，盈利能力保持稳定，公司销售毛利率为40.62%，较18年年末提升7.4个百分点；净利率为14.75%，较18年末提升2.02个百分点。公司作为行业的后起之秀，近三年销售规模快速提升，2019年上半年公司实现销售额168.49亿元，同比增长120.0%；销售面积96.88万平米，同比增长105.8%，预计2019全年公司销售规模有望达到500亿元。
土储规模稳步上升。截至2019年6月末，公司土地储备建筑面积681.77万平米，权益比例为73.64%，总货值达1279亿元，土储充沛有效保障未来销售规模。
股东背景助力公司融资成本维持低位。截至2019年上半年，公司资产负债率86.8%，净负债率为250.4%。尽管杠杆较高，但公司股东背景助力公司融资渠道畅通，融资成本维持低位。
多元业务增长稳健。
1）物业管理收入2.66亿元，同比增长29%，占公司总收入的20.85%；物管业务覆盖12个省份、30个城市，合同管理面积3000万方；
2）商业资产管理收入7752万元，同比增长1.36%，占公司总收入的6.07%，目前总可售面积11.85万方，其中8.12万方建筑面积已经出租；
3）代建收入2887万元，智能化建设服务494万元。
投资建议：建发国际集团背靠控股股东建发房产，在资源、融资、人员上将享受母公司的充分支持；考虑到公司近两年销售规模和城市布局快速扩张，我们此前预判的业绩进入释放期逻辑已经得到印证，预计2019-2021年公司EPS分别为1.76、2.37、3.08元人民币，对应PE分别为4.33、3.21、2.46倍，当前公司估值处于较低位置，我们认为公司目前同时具备高业绩、低估值、高股息特性，具备较强的安全边际，因此在此时点我们上调公司评级至“买入”评级。
风险提示：行业销售波动；政策调整导致经营风险（棚改、调控、税收政策等）；融资环境变动（按揭、开发贷、利率调整等）；企业运营风险（人员变动、施工、拿地等）；汇率波动风险。
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