建發國際集團(01908.HK):收入持續高增 全年業績可期,重申“買入”評級,目標價16.41港元
機構:國元證券
評級:買入
目標價:16.41港元
收入持續高增,全年業績可期:
公司上半年實現總收入人民幣28.5億元,同比增長123.3%;毛利錄得人民幣6.2億元,同比增長20.4%;歸母淨利潤約為人民幣1.5億元,比去年同期減少27.9%。考慮到公司項目結轉主要集中在下半年,預計公司全年仍將取得較好的業績表現,我們維持公司全年財務預測不變。
土地儲備持續擴張,全國佈局更進一步:
截至2020年6月底,公司土地儲備貨值約2015億元,較去年末增長24%。2020年上半年累計獲取項目18個,新增貨值約人民幣667億元,同比增長145%,購地權益比達到79%。公司積極補充優質土地資源,土儲規模持續高速增長,上半年首次進入北京、上海和貴陽,全國佈局更趨完善,公司未來業績的增長更有保障。?融資優勢顯著,成本進一步降低:公司2020年上半年加權平均融資成本同比進一步降低14BP至5.35%,較同規模房企成本優勢明顯;截至6月底尚未使用的銀行授信額度達207億元,比2019年末增長55%。在國有股東背景下,公司融資優勢顯著,負債狀況有所改善,償債壓力較小。
維持目標價16.41港元,重申“買入”評級:
公司上半年收入持續高速增長,盈利表現不及預期,考慮到公司項目結轉主要集中在下半年,預計公司全年仍將取得較好的業績表現。同時公司在國有股東背景下,融資優勢顯著,償債壓力較小,未來銷售及利潤的增長較有保障。我們預計公司2020至2022年核心EPS分別為1.96、2.49和3.11元,維持公司目標價16.41港元,重申“買入”評級:

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