正榮地產(06158.HK)：財務安全性進一步提升
機構：興業證券
投資要點
我們的觀點：8月下旬開始公司加大推貨力度，接下來幾個月銷售金額累計同比增速將持續增長，全年1400億銷售目標完成難度不大。上半年公司維持拿地力度，主要投向六大戰略區域的一二線城市，土儲規模穩步增長。另外，公司的財務狀況持續改善優化，淨負債率、融資成本進一步降低，短債、高息非銀貸款佔比顯著下降。公司的當前股價對應2019年PE為7倍，股息收益率為2.1%。
核心淨利潤同比下降6%，業績符合預期：2020H1公司實現營業收入145億元人民幣（下同），同比增長7%。核心淨利潤為8億元，同比下降6%，主要源於有效税率上升（遞延税項減少）和少數股東權益佔比上升。毛利率為20.3%，同比持平；核心淨利率為5.8%，同比下降0.8個百分點。
7月始累計銷售金額同比轉正：截至8月公司累計實現合約銷售金額和麪積819億元和532萬平米，同比增長3.4%和3.9%，累計銷售均價為15389元/平米，當前銷售完成度為58%。上半年銷售金額按區域分佈，六大布局區域長三角、海西、西部、環渤海、珠三角和中部分別佔46%、25%、6%、12%、1%、10%。
新增土地權益比例保持60%以上：截至8月底公司共新增土地儲備548萬平米，權益比例為64%，土地金額為397億元，佔銷售金額比例為48%，高於行業平均水平，平均拿地成本為7233元/平米。截至2020H1，公司的總土地儲備為2740萬平米，較2019年末增長4.9%。
財務安全性進一步提升：公司的槓桿持續下降，截至2020H1公司的淨負債率為71.4%，較2019年末下降3.8個百分點。平均融資成本為7.0%，較2019年末下降0.5個百分點。截至中期公司的賬面現金為398億元，有息負債為636億元。其中短期負債佔30%，較2019年末下降4個百分點，銀行貸款、非銀借款、公司債和優先票據分別佔51%、9%、7%、33%。
風險提示：宏觀經濟增長放緩、行業限制政策加嚴、流動性收緊、商品房銷售不及預期、人民幣貶值。
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