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禹洲集團(01628.HK):合同銷售量價齊升,千億規模更進一步,重申“買入”評級,目標價4.89港元
格隆匯 07-21 09:23

機構:國元證券

評級:買入

目標價:4.89港元

投資要點

合同銷售量價齊升,千億規模更進一步:

公司2020年上半年合同銷售金額為人民幣429億元,同比增長50.5%;銷售面積261萬方,較去年同期上升40.8%;銷售均價為16421元/方,同比增幅為6.9%。公司6月單月銷售金額約121億元,同比增長69%;銷售面積近70萬方,較去年同期增長47%;銷售均價為人民幣17193元/方,同比上升15%,環比增長2%。公司合同銷售增速連續三年維持在較高水平,疫情期間表現依然亮眼,上半年銷售呈量價齊升的趨勢;1-6月已完成今年千億銷售目標的42.9%,從全年1800億元的推貨來看,下半年實現41.6%的去化率即可完成全年目標,簽約額突破千億大關難度不大。

積極擴儲二線城市,重點佈局長三角城市羣:

公司於良好的窗口期積極擴充土地儲備,2020年上半年累計拿地11幅,均為招拍掛方式獲取,總建面約146萬方,權益建面近90萬方,權益比接近六成;新增貨值約人民幣362億元,按區域分佈來看,近98.6%分佈在長三角地區,僅1.4%分佈在華中地區;按城市能級劃分,11幅地塊均位於蘇州、無錫、成都等熱門二線城市。新增土地儲備地理位置優越,城市佈局能級良好,公司未來銷售和利潤的增長更有保障。

維持目標價4.89港元,重申“買入”評級

公司高速增長勢頭不減,突破千億難度較低;土地儲備擴張持續,新增土儲區位優越,城市能級良好,公司未來業績增長更有保障。我們預計公司2020至2022年核心EPS分別為0.81、0.93和1.07元,維持公司目標價4.89港元,重申“買入”評級:

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