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永升生活服務(01995.HK):業績穩步高增 規模持續擴張,調整至“持有”評級,目標價15.09港元
格隆匯 07-28 10:49

機構:國元證券

評級:持有

目標價:15.09港元

三輪驅動,業績穩步高增:

2019年公司收入為人民幣18.8億元,同比增長75%;歸母淨利潤為2.24億元,同比大幅增長123%。細分來看,三個板塊收入均呈現高增長態勢。其中社區增值表現較為亮眼,19年同比增幅達143%。盈利情況方面,物管及非業主增值板塊毛利率穩中有升,維持在20%以上;社區增值板塊毛利率相對較高,維持在50%以上的水平。公司在業績高速增長的同時,增值服務收入及利潤的貢獻逐漸加大,未來有望對盈利能力形成良好的支撐。

內增外拓,規模持續擴張:

2019年公司合約建築面積同比增長69%至1.1億方,首次突破億方大關。其中母公司貢獻同比增長32%至30.8百萬方,第三方外拓較18年同期上升89%至79.7百萬方;在管面積方面,截至19年末,公司總在管面積達65.2百萬方,同比上升62%。其中母公司貢獻同比增加21%至17.7百萬方,第三方外拓同比上升85%至47.5百萬方。整體來看,公司內增和第三方外拓貢獻的規模擴張速度均呈上升態勢,未來業績的增長更有保障。2020年4月8日完成對青島銀盛泰50%股權的收購,戰略佈局進一步完善,預計並表後對公司收入和利潤將有進一步的補充。

維持目標價15.09不變,調整至“持有”評級

公司業績維持高速增長,各業務板塊齊頭並進,盈利能力穩步提升。在母公司的支持下,公司在管面積持續增加,母公司強勁的銷售及良好的儲備為公司未來發展奠定堅實的基礎;同時公司外拓持續發力,未來有望成為公司維持業績增速的核心驅動力。我們看好公司中長期發展前景,由於近期公司股價已超過目標價,調整評級至“持有”,維持目標價15.09港元。相信未來隨着公司業績的不斷兑現,估值將迎來較好的改善,建議持續關注。

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