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克而瑞證券:龍光開啟業績增長新引擎,首次覆蓋“強烈推薦”
格隆匯 04-08 09:49

4月7日,著名券商克而瑞發表最新研報,指龍光地產(03380.HK)開啟新三輪驅動計劃,進行全國化佈局,可確保公司未來盈利持續領先行業。公司擅長逆週期拿地,精準擇時,土儲優質;城市更新是其未來盈利及穿越週期的利器;財務穩健,分紅慷慨穩定。首次覆蓋,給予“強烈推薦”評級。

克而瑞認為,公司開啟新三輪驅動發展戰略,助力公司業績穩健增長。公司跨區域拓展能力強,除了深耕大灣區,未來將加碼長三角,西南和中部城市羣。龍光2020年可售權益貨值1800億元,有望順利完成權益銷售目標1100億元。未來三年,預計公司權益銷售複合增速有望達到20%。

城市更新項目是公司發展戰略儲備的優勢,預計未來三年每年將貢獻公司核心利潤的20%。此外,近期可推貨值約4314億元,足夠支撐未來三年銷售增長目標,實現跨區域的可持續發展。未來投資性物業收入亦可為公司貢獻持續性盈利。

報告最後提及,龍光財務穩健,融資成本呈下行長趨勢。國際信用評級不斷提升,持續創造價值。

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