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安信:龍光地產(03380.HK)高質量增長典範,上調目標價至18.5元
格隆匯 04-07 22:10

格隆匯4月7日丨國內著名券商安信國際發表最新研究報告,指龍光地產(03380.HK)認為公司盈利能力強勁,土儲優質,豐厚的城市更新資源是未來盈利的重要新引擎,業績確定性強。未來3年有望實現權益銷售平均不低於20%的增長目標,增速高於同業。疊加財務穩健,維持“買入”評級,上調目標價至18.50元。

安信報告指出,公司歸母核心利潤大幅上升,突破人民幣100億元,同比增速43%。公司2020年權益銷售目標為人民幣1100億元,較2019年權益銷售915億元同比增長20%。2020年可售貨值人民幣1800億元,可售資源豐富,有助公司順利完成全年銷售目標。安信認為在大型開發商銷售放緩的情況下,龍光未來三年權益銷售增速不低於20%,高於行業水平,有助資本市場重估公司價值。

該券商指出,龍光城市更新資源優勢非常明顯。公司的城市更新項目約95%集中在大灣區內,其中深圳及環深城市東莞、惠州城市更新貨值合計佔比55%,資產質量非常高。截至2019年底,龍光在手擁有78個城市更新項目,規劃總建面超2100萬平米,估計可轉化貨值超4000億元,其中在深圳、惠州、東莞、珠海等企業可自主改造區域的貨值近2890億元。未來3年城市更新業務可貢獻當年盈利的20%,充裕的大灣區城市更新資源將為未來公司盈利奠定堅實基礎。

安信認為,公司財務結構保持穩健,在手現金超400億元,現金短債比超2倍,淨杆杆比例處於行業較低水平。上調公司2020/21核心盈利,上調目標價至18.5港元,維持“買入”評級。

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