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銀河聯昌證券:旭輝控股(00884.HK)20-21財年收入預計增長20-30%
格隆匯 04-09 17:50

近日,銀河聯昌證券(CGS-CIMB)發佈研報,維持旭輝控股集團(00884.HK,以下簡稱“旭輝”)“增持”評級。基於較高的新增土儲權益及2020年預估已售未結轉收入判斷,旭輝2020-2021財年收入或將維持20-30%的增速。

銀河聯昌證券在研報中指出,只要今年去化率達到60%,旭輝就能完成2300億元的年內合同銷售目標,過去兩年的去化率都達到65%,因此目標實現難度並不大。同時,2019年全年旭輝新增土儲權益上升至65%,未來權益銷售佔比有望升至70%。隨着權益的增加,旭輝權益合約銷售將比全口徑合約銷售額實現更快增長。

研報稱,為了實現25-30%長期毛利率目標,旭輝計劃通過收併購等多元化方式獲取土地,以實現比公開市場更低的土地成本。旭輝的多元化拿地佔比將從19年的30%逐步提升至50%。

銀河聯昌證券指出,旭輝19年末已售未結轉銷售額中,有70-80%可在20財年實現確認,公司已經至少鎖定了20年營收的80%。管理層預計旭輝在未來兩個財年的營收將實現20-30%的年增長。

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