复星国际 (0656.HK):产业运营转型初见成效,中期分红回馈股东,维持“增持”评级,目标价19.55港元
机构:国泰君安
评级:增持
目标价:19.55港元
摘要:
维持目标价19.55港元,维持“增持”评级:公司2019年上半年归母净利润76.09亿元,同比增长11%,符合预期。公司产业结构进一步优化,健康及快乐生态的归母净利润占比提升至35.3%,比例提升8.9%。维持2019年-2021年EPS预测为1.83元、1.98元、2.18元,维持目标价19.55港元,维持“增持”评级。
产业运营持续稳健推进,公司利润结构进一步优化:上半年公司快乐板块归母净利润同比大涨86%,大幅超出市场预期,主要是由于复星旅文、狼队上半年扭亏为盈影响。健康板块归母净利润同比增长4.4%,主要由于研发投入较高,市场开拓成本提升等原因,符合预期。富足板块中,保险和投资业务的归母净利润同比小幅负增长,拖累整体板块归母净利润下滑3%,低于市场预期。整体看公司持续转型产业运营,未来更多利润来源将来自健康、快乐板块,整体产业机构持续优化。
公司首次中期分红,股东价值实现机制逐步完善:在半年报中,公司首次宣布中期分红每股0.13港元,预计分红11.1亿港元,上半年同期公司在二级市场回购股份1.1亿港元并注销。公司在完善股东回馈机制方面有显著提升,预计对于改善公司估值有显著意义。
催化剂:2019年资本市场回暖带来业绩弹性增大
风险提示:2019年全年权益市场表现低于预期,公司投资项目出现踩雷

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