寶龍地產(01238.HK)重大事件快評：銷售高增，多元精進，維持“買入”評級
機構：國信證券
評級：買入
評論：
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2019年1-10月銷售增長顯著，完成全年目標超九成
2019年10月公司銷售面積35.4萬平方米、銷售額53.8億元，分別同比增長22.8%、24.2%。2019年1-10月公司累計銷售面積313.7萬平方米，同比增長43.1%；累計銷售額505.1億元，同比增長52.4%，已完成全年550億銷售目標的92%。
土儲投資低價優質，深度聚焦長三角
截至2019年中期，公司總土地儲備約2437萬平方米，平均土地成本每平方米2701元，總可售貨值近3000億元，73%位於長三角。2019年上半年，公司新增417萬平方米土儲，平均土地成本每平方米5130元，93.5%位於長三角，總溢價率為12.7%。
商業經營穩步提升，新商業鈕釦計劃升級
公司商業經營穩步提升，商場運營收入方面，2019年上半年公司實現收入13.91億元，目標未來三年租費收入年均增速大於25%；酒店運營收入方面，2019年上半年公司實現收入3.62億，目標未來三年酒店運營收入年均增速大於15%。截至2019年中期，公司共擁有39個已開業商場和17個酒店，預計2019年底公司將開業商場共45家。同時，公司新商業鈕釦計劃升級，聯手騰訊正式成立合作公司，推進商業數字化，打造實用化的領先產品。
完成配售有利優化負債、改善流動性
公司於10月23日完成配售約1.5億新股，佔擴大後股份總數約3.54%，完成配售後公司所得款項淨額約7.8億港元。公司完成此次配售後，有利於公司優化負債結構、降低公司淨負債率、改善股票流動性，但短期內也在一定程度上攤薄了每股收益。
銷售高增，多元精進，維持“買入”評級
公司銷售高增，多元精進，旗下商業管理公司分拆上市在即，我們看好公司長期發展。預計公司2019、2020年核心歸母淨利分別為21.2億、25.5億元，年複合增長率20%，根據公司最新股本，對應核心EPS分別為0.51、0.62元，對應PE分別為8.3、6.8X，維持“買入”評級。
風險
若行業再度升温、過熱引發新一輪調控預期，或公司銷售增長失速。
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