正荣地产（6158.HK）：债务结构优化，荣升3A评级，维持“增持”评级
机构：东北证券
评级：增持
公司公布2019年中期业绩，报告期内实现收入136.48亿元，同比增长10.8%，实现归母应占溢利9.33亿元，同比增长11.1%；归母应占核心纯利9.05亿元，同比增长21.3%。上半年公司房地产业务共结转80万平米，结转均价16821元/平米；报告期内，公司毛利率为20.3%，较去年同期下降1.7个百分点；归母净利率为6.84%，较去年同期上升0.02个百分点。
下半年销售或将发力，冲击1300亿元销售目标。2019年1-7月，公司实现销售卖规模687亿元，已完成全年1300亿元目标的53%；单7月销售金额达到101亿元，上半年实现销售金额586亿元，去去年同期基本持平。销售结构上，依然是以长三角为主，辅以海西、环渤海等区域，其中长三角区域销售金额占比为55.7%，苏州、南京两市即分别贡献了19.7%、15.0%的销售金额；城市结构上，二线城市销售金额占比达71.5%，一线、三线城市分别占比5.5%、23.0%。
深耕二线城市，贯彻1+6+X全国布局。截止至8月底，公司合计新增25个项目，新增土储建筑面积323万平米，土地总价218.7亿元，公司需支付权益对价为195.9亿元，权益比例接近90%；新增土储中约87%位于强二线城市，公司持续贯彻以二线城市为主的投资策略。截止至6月底，公司总土储为2634万平米，总货值达4500亿元。
净负债率稳步下滑，荣升中诚信3A评级。截止至6月底，公司总借款为525.29亿元，较去年年底增加60.37亿元；得益于总权益与在手现金的增长，净负债率由去年年底的74.0%下降至70.8%；报告期内，公司加权融资成本为7.6%，较去年全年下降20bp。此外，今年5月中诚信将公司主体信用评级由AA+调升至AAA，财务杠杆表现稳健。
维持公司增持评级，预计2019、20、21年EPS分别为0.61、0.81、1.00元，对应的PE分别为7.1、5.3、4.3倍。
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