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首程控股(00697.HK)中期業績增長力“爆棚”,市值有望持續提升
格隆匯 09-01 08:58

8月31日收市後,中國停車第一股首程控股(00697.HK)公佈截至2020年6月30日止六個月的中期業績,公司實現持續經營業務的收入為2.58億港元,較去年同期上升61%;取得歸母淨利潤為4.41億港元,較去年同期上升45%;基本每股盈利為6.60港仙,擬派中期股息3億港幣,較去年同期暴增50%。

整體來看,上半年,公司業績在受到疫情影響之下依然能夠逆勢大幅增長並創下新高,再次印證了公司目前狀態和增長邏輯——處於經典的戴維森雙擊過程之中。

而跟隨業績持續高速增長的預期,首程控股在二級市場的股價也創下了自轉型以來新高,且自6月份以來的累計漲幅約為73%。

截至8月31日收市,首程控股的PE(TTM)已更新為約25倍,PEG仍顯著低於1倍,該數據代表首程控股仍有可能處於估值被低估的位置,這代表着估值的擴張或仍具備提升空間。從另外一個角度去理解公司的估值定位問題,首程控股的商業模式與物業管理公司極為類似,若進一步參考物管龍頭公司平均PE均超過50倍左右,另外港股物管板塊市值最高的碧桂園服務,其PE(TTM)已經超過60倍,這是否預示着同樣可享受估值溢價的行業龍頭首程控股,距離較為合理的估值定位,仍有約100%的潛在提升空間?

除了估值提升的可能性之外,作為戴維森雙擊的另外一擊——業績增長的可能性,同樣在這份中期業績中可得到驗證。

從分部業務來看,停車業務上半年實現收入1.55億港元,同比增長126%,累計簽約車位規模已到10.68萬,僅在今年上半年時間已經簽約3萬餘個車位,較2019年底的累計簽約車位規模,期內增加幅度接近40%。值得一提的是,經過較長時間精心培育與打造的停車業務首次實現了盈利,上半年實現淨利2.18億。隨着累計簽約車位規模的持續快速提升,首程的停車業務已經邁入了營收和盈利快速釋放的發展階段。

另外,公司基金業務發展也保持持續穩健,管理規模達人民幣434.09億元,較2019年同期的人民幣404億元,管理規模增加約人民幣30億元,該業務板塊實現收入1.03億港元,同比增長22%,並且實現淨利0.77億港元,同比增長67%。由此可見,首程控股的雙核心主業互為驅動,快速齊頭髮展的勢頭在方向上保持了一致,而加速的勢頭卻日益凸顯。

基於估值的提升和業績的增長仍具備可持續性,在戴維森雙擊被反覆印證和公司基本面持續增強的支持下,我們看好公司的市值能繼續創出新高。

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