雅生活服務(3319.HK):聚焦內生增長和投後整合,維持買入評級,目標價41.1港元
機構:廣發證券
評級:買入
目標價:41.1港元
核心觀點:
公司發佈 2019 全年業績。收入同比增長 51.8%至 5127.3 百萬元,股 東應占淨利潤同比增長 53.7%至 1230.8 百萬元。在管總建築面積同比 增加 69.4%至 234.0 百萬平方米,合約總建築面積同比增加 55.0%至 356.2 百萬平方米。物業管理服務收入同比增長 74.2%至 2829.7 百萬 元,外延增值服務同比增長 23.9%至 1812.3 百萬元,社區增值服務同 比增長 68.1%至 485.3 百萬元。
管理效能持續提升,盈利能力改善。物業管理服務毛利率下降 2.1 個百 分點,主要由外拓項目承接前期投入較高以及收併購企業貢獻佔比提 升所致。公司行政開支率同比下降 2.4 個百分點至 5.8%,主要原因為 組織架構優化,實行集約化管理並積極對收併購公司進行資源協同和 集團賦能等手段,精簡原管理結構,實施集約化採購等。
調整 2020-21 年業績分別為 1.24 元/股和 1.60 元/股。隨着中民物業的 並表,公司將逐步聚焦內生增長和投後整合。目前公司已經形成了大 體量、多元化業態的物業管理佈局,我們預計公司在 2020-2021 年能 維持超過 30%的增長。我們維持公司 2020 年 30 倍 PE 的合理估值水 平,對應每股合理價值為 41.10HKD,維持買入評級。
風險提示。併購業務並表不及預期;未預期的自然或人為災害。
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