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融創中國(01918.HK):銷售強勢復甦,穩固土儲優勢,給予“增持”評級
格隆匯 06-15 15:29

機構:華西證券

評級:增持

事件概述

融創中國發布5月銷售簡報,公司2020年5月實現銷售金額451.8億元,銷售面積319.8萬平方米。

銷售顯著復甦,疫情影響減弱

公司5月實現銷售金額451.8億元,同比增長1.8%,環比上升33.8%;銷售面積319.8萬平方米,同比增長5.0%,環比上升28.5%,銷售恢復正增長。疫情消退後,公司銷售端呈現回暖態勢,依託充足且高質量的土地儲備,未來銷售有望進一步修復。

聚焦核心城市,鞏固土儲佈局

公司2019年新增土地儲備9970萬平方米,同比增長106.8%,主要分佈於一線、二線及強三線城市。截至2020年3月,總土儲面積達2.4億平方米,對應貨值3.1億元,其中超82%位於一二線城市,平均土地成本4306元/平方米。公司積極補充高質量的土地資源,進一步鞏固土地儲備的競爭優勢。

業績高速增長,盈利能力提升

2019年公司實現營業收入1693.2億元,同比增長35.7%;歸母淨利潤260.3億元,同比增長57.1%。業績實現快速增長,淨利潤增速高於營收增速主要系報告期內公司投資收益大幅增長62.1%。此外,2019年公司淨資產收益率及淨利潤率分別為31.33%和16.37%,分別較上年同期提升2.18和2.55pct,盈利能力持續向上。

投資建議

融創中國業績快增,優質土儲豐富,可售資源充足,財務狀況持續改善。我們預計公司20-22財年EPS為6.97/8.39/10.06元,對應PE為5.3/4.4/3.7倍,公司估值在可比房企中處於較低的水平,首次覆蓋,給予公司“增持”評級。

風險提示

銷售不及預期,結算利潤率下滑。

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