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中金:上調綠城服務(2869.HK)目標價至10.2港元 評級“跑贏大市”
格隆匯 01-21 15:12

中金公司發佈研報稱,綠城服務(2869.HK)業務規模持續擴張,增值服務穩步發展,上調目標價4.6%至10.2港元,“跑贏大市”評級。

該行稱,預計2019年經常性盈利將同比增長25%,達到5.05億元人民幣(下同),淨收益同比下滑7%至4.52億元,均符合一致預期,並預計2019年在管面積同比增長26%,簽約面積同比增長22%,對應全年新增簽約面積約9000萬平方米,預計公司將堅持聚焦高線級城市,繼續加深滲透,預計2019年物業管理板塊毛利率將大致持平。

該行預計,2019年園區服務收入將同比增長36%,板塊毛利率將同比增長3.2個百分點至28.7% 。此外,板塊收入結構將進一步改善,物業資產管理服務收入佔比有望下降,還預計2019年諮詢服務收入將同比增長27%,板塊毛利率約為35%。在開支方面,該行預計經常性銷售管理費用將同比增長37%,快於總收入增速,主要因為新業務發展和持續研發投入。

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