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花旗:龍光土儲充裕優質,業績跨週期持續增長
格隆匯 08-24 09:48

著名國際投資銀行花旗發佈最新研報,推薦買入龍光集團,目標價上調至19.3港元。花旗指出,龍光2020年中期歸母核心利潤53.3億元,同比增長18.3%,核心利潤率17.6%,盈利能力持續領先行業。花旗認為,集團未來將奉行“住宅開發+城市更新+商業運營+產業運營”的四輪驅動戰略,土儲優質,長期事業合夥人計劃將激勵管理層持續創造優於行業的業績,未來業績增長確定性高,派息持續優厚,是投資者的長期價值之選。

花旗指,基於優質充裕的土儲和強大的執行力,集團2020上半年實現權益合約銷售額463.5億元,同比增長12.1%,完成全年1100億元權益銷售目標的42%,權益銷售額增速居行業前列。花旗預測集團可順利完成1100億元的2020年權益合約銷售目標,未來三年權益合約銷售額可以保持每年20%的增速。

花旗指出,依託前瞻性的佈局和區域深耕戰略,集團全國化佈局粵港澳大灣區、長三角兩大核心都市圈和西南、中部兩大城市羣,通過招拍掛、收併購、城市更新等多渠道擴充優質土儲資源。截至2020年6月30日,集團擁有土儲總貨值9340億元,其中大灣區土儲貨值增加至7620億元,佔土儲總貨值比重82%,支撐集團未來業績跨週期持續增長。

花旗認為,城市更新是集團獲取高價值土儲的重要方式,具有差異化競爭優勢。截至2020年6月30日,集團共計在11個城市拓展了87個城市更新項目,可轉化土儲貨值4549億元,其中94%位於大灣區。這些城市更新項目佈局好,質量優,價值高,孵化快,盈利可見性清晰,未來3年每年可貢獻約20%的核心利潤。

花旗並指,集團目前在深圳區域已經擁有9個軌道交通上蓋商業項目,未來五年集團商業運營持有面積將達到500萬平方米,成為集團長期穩定收入來源。

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