境內外大行看好正榮地產（6158.HK）高質量發展
自8月26日公司披露半年報以來，正榮地產憑藉穩健的業績增速和良好的財務表現，獲境內外知名券商密切關注，紛紛給予買入或增持評級。
業績符合預期
正榮地產上半年實現營業收入136.5億元、同比增幅為10.8％，淨利潤為11.8億元、同比增幅達23.2％，核心利潤增長33.4%至人民幣11.5億元。
大華繼顯認為正榮地產2019年上半年的業績符合其與市場的預期，尤其是淨利潤表現令人驚喜，給予目標價7.82港元。海通國際亦看好正榮地產上半年整體表現，認為其較高的盈利能力和持續改善的財務狀況對其後續業績形成了良好支撐。在海通國際看來，正榮地產的市值依然被低估，其對每股資產淨值的交易折價率維持在66%的較高水平。
充足的儲備和優質的佈局確保業績的高速增長
東北證券認為正榮地產優質的土地儲備有助其未來的長足發展。從銷售結構上看，正榮地產土地佈局和拿地策略的精準性已經得到充分印證。正榮地產持續深耕二線城市、貫徹1+6+X全國佈局，為未來創造了廣闊的盈利空間。
東吳證券指出公司在2019 年上半年新增土地 22 幅、總建築面積達290 萬平米，其中超過90%位於強二線城市。公司繼續聚焦於一二線城市“攻城略地”，土地儲備規模穩步上升。
國泰君安認為充足的儲備和優質的佈局確保正榮地產業績的高速增長。優質且充沛的土地儲備，將為後續業績形成良好支撐，同時，為正榮地產“後千億”征程奠定 堅實基礎。給予正榮地產目標價6.25港元。
財務結構持續優化
半年報顯示，得益於總權益與在手現金的增長，正榮地產淨負債率由去年年底的74.0%下降至70.8%；報告期內，公司加權融資成本為7.6%，較去年全年下降20bp。此外，今年5 月中誠信將公司主體信用評級由AA+調升至AAA，財務槓桿表現穩健。
上述表現獲得了機構的高度關注，西南證券認為正榮地產作為銷售增速較快的成長性房企，通過對槓桿的有效控制、保持了融資成本的持續走低；東吳證券、東北證券等亦認為正榮地產控槓桿成果顯著。
獲惠譽上調主體評級
半年報發佈後不久，9月11日，國際三大評級機構之一的惠譽還將正榮地產的主體評級上調至B+。至此，今年正榮地產已獲得國際三大評級機構——標普、穆迪、惠譽上調評級，境內獲得了中誠信AAA評級。
惠譽認為正榮地產的主體評級受到其高質且多元的土儲、健康的合約銷售增長、銷售週轉及良好的利潤率支撐，正榮地產的土地成本控制依然是行業最佳之一。另外、可持續的槓桿率和更平衡的資本結構將令正榮地產的財務結構持續優化，未來正榮地產的融資成本將進一步下降。
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