旭輝控股集團(00884.HK)：業績穩健增長，質量持續提升，維持“買入”評級
機構：國信證券
評級：買入
公司財報點評：業績穩健增長，質量持續提升
營收淨利雙增
2020上半年公司實現營業收入230.2億元，同比增長11.3%；實現歸母核心淨利31.9億元，同比增長11.2%，核心淨利潤率達13.9%。公司宣派中期股息每股9.8分，同比增加10%。
佈局均衡，土儲豐厚
2020上半年，公司簽約回款率超過95%，維持在高位水平；實現銷售面積490萬平方米，同比下降4%；銷售額807億元，同比下降9%，公司從二季度起銷售持續發力，6月銷售額創單月曆史新高、7月單月銷售額同比大增51%，公司下半年可售貨值2800億元，有信心超額完成2300億元的銷售目標。上半年公司新增土地儲備總建築面積465萬平方米，新增貨值838億元，其中91%的新增貨值聚焦在一、二線，按權益面積計多元化拿地佔比37%，截至2020上半年末，公司擁有總土儲6850萬平方米，總貨值達1.03萬億元，其中一、二線及準二線佔比89%。
財務指標較好，短期償債能力優
截至2020上半年末，公司淨負債率為63.2%，較2019年末下降0.6個百分點；剔除預收賬款後的資產負債率為59.4%，較2019年末下降3個百分點；短期償債能力保障倍數——貨幣資金/（短期借款+一年內到期的非流動負債）為2.4，短期償債能力優；公司加權融資成本5.6%，融資成本有所下降。
商業穩健發展
旭輝商業“一五戰略”啟航，採取精品加規模的發展路徑，2020年在商業氛圍濃厚城市的核心區域鎖定商住綜合體，與住宅開發雙輪驅動。截至2020上半年末，旭輝已開業投資性物業總建面約60萬平方米，另有超過100萬平方米商業和寫字樓項目儲備，按計劃開業。
業績穩健增長，質量持續提升，維持“買入”評級
公司業績穩健增長，質量持續提升，未來將實施均衡發展策略，通過降槓桿、提效率、增權益、穩盈利實現持續、穩定、有質量的增長。預計公司2020、2021年歸母核心淨利潤分別為82.1億、97.8億元，對應最新股本的核心EPS分別為1.00、1.19元，對應最新股價的PE分別為6.0、5.1X，維持“買入”評級。
風險
公司銷售、結算不達預期，或因市場再度升温引發房地產調控預期。
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