中信建投:龍光地產(03380.HK)新三輪驅動,續寫優質成長篇章
國內著名券商中信建投發表最新研報,指龍光地產(03380.HK)開啟新三輪驅動,全國化佈局打開新銷售增長點,城市更新項目將成為公司業績長期增長的重要引擎,投資性物業有序推進,未來經營性收入穩步上升。公司財務穩健,信用評級再上調。高分紅彰顯價值。繼續維持“買入”評級,上調目標價。
報告指出,龍光地產坐擁大灣區優質土儲,未來將繼續加大在“長三角都市圈”、“西南城市羣”和“中部城市羣”的全國化佈局。截至2019年底,公司總土儲超8300億元人民幣(單位下同),其中近期土儲貨值超4300億元,足夠支撐未來三年權益合約銷售額20%的增長目標。
同時,預計公司可順利完成2020年全年權益合約銷售目標1100億元。城市更新項目貨值超4000億元。預計未來三年城市更新項目可貢獻當年核心盈利的20%,確保公司未來盈利能力繼續優於同業。公司投資性物業項目儲備豐富,隨着新項目的陸續運營,預計公司未來的投資物業經營性收入穩健上升。
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