金地商置(00535.HK)：經營業績穩步增長，財務實力雄厚
機構：興業證券
投資要點
核心淨利潤同比增長 43%，業績符合預期：公司 2020 上半年營業收入 56.7億元人民幣(下同)，同比增長 85.2%，主要因交付物業面積大幅上升；毛 利 20.3 億元，同比增長 41.3%，毛利率為 35.8%，仍處於行業較高水平；歸母淨利潤 16.1 億元，同比增長 39%；核心淨利潤 17.8 億元，同比增長43%；核心淨利潤率為 30%，中期業績符合預期。
謹慎拿地，深耕城市：截止 2020 年 6 月 30 日，公司總土儲達到 1720 萬平米；公司上半年土地總投資額 155 億元，新增土地儲備 237 萬平米，其 中 89%來自一線和二線城市，主要位於上海、温州、南京、青島、唐山及崑山，進一步優化公司土儲結構。
新盤去化表現良好：2020 年 1-6 月，公司合約銷售金額為 312 億元，同比增長 19.2%；合約銷售面積 134 萬平米，同比增長 8%。2020 上半年，公 司住宅平均推盤去化率 60~65%左右，新推盤銷售去化率表現良好，整體回款率達 90%以上。
自持商業物業穩定增長：受益於租金增長及更多新商業項目的開業，2020上半年物業租賃收入為 3.7 億元，同比增長 33%。目前，公司深圳威新科技園三期預期將於 2022 年建成，待項目竣工後，預計將為公司帶來額外15 億元的租金收入。
我們的觀點：公司利用快回款和低成本融資渠道儲備優質資金，實際平均貸款利率僅 5%，遠低於行業平均水平。為平衡公司的現金流和增長速度，公司堅持謹慎拿地，深耕全國最大的 20 個城市，發展快速週轉的銷售性住宅、綜合及商業項目，同時積極尋求併購機會以擴大規模。公司有望成 為商業地產和綜合性的全國開發商和運營商。目前公司股價對應 2019 年 5 倍 PE，股息收益率約 5%，建議投資者關注。
風險提示：宏觀經濟增長放緩；行業調控政策加嚴；流動性收緊；公司銷售不及預期；人民幣貶值。
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