港股異動 | "代建第一股"真香!綠城管理兩日升超70%
uSMART友信智投7月13日消息,週一港股,上市的第二個交易日,綠城管理控股繼續強勢,午後升幅進一步擴大,截至13:15分,綠城管理升32%,報4.35港元,較發行價升74%。
7月10日,中國代建第一股——綠城管理控股(9979.HK)港交所主機板上市,首日收升30%,報3.25港元。
中達證券的研報指出,代建業務的優勢在於高利潤率,難點在於品牌、經驗、資源整合能力的積累。代建業務由於無需大量投入成本,而是採取輸入管理經驗、品牌效應的輕資產模式運營,因此具備投資規模小、財務杠杆低、抗週期性、利潤率較高等優勢。
對於現階段做大規模仍是重要訴求的房地產開發企業來說,代建業務可貢獻收入規模較低,以及在土地價格仍有望保持增長態勢下,代建業務無法享受土地溢價等劣勢,使得房企新進入該行業意願並不強烈。
但中短期來看,2019年中國百強房企銷售額佔市場份額比例為63.5%,行業集中度仍較為分散,而隨行業利潤空間壓縮、競爭加劇等,中小房企發展生存或更加困難,對於代建業務的訴求或將進一步增加,中短期內行業規模或有望擴大,對於綠城此類已深耕代建業務多年的企業將是一大利好。
而隨土地紅利消退、房企擴規模訴求下降,代建業務或將憑藉其輕資產屬性、高利潤率等優勢獲得房企青睞;但鑒於該階段大型房企集中度已進一步提升,因此對代建需求將有所減少,長期來看代建行業格局將趨於穩定,而深耕行業、經驗豐富企業或有望脫穎而出。
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