旭輝控股集團(00884.HK):業績穩定增長,財務狀況良好,維持“增持”評級
機構:華西證券
評級:增持
事件概述
旭輝控股集團發佈2020年半年報,公司上半年實現營收230.7億元,同比+11.4%,歸母淨利潤33.7億元,同比+5.4%。
業績平穩增長,成本管控優異
2020H1公司實現營業收入230.7億元,同比增長11.4%,歸母淨利潤33.7億元,同比+5.4%。報告期內,公司淨利潤增速低於營收增速主要系毛利率下降4.0pct至25.6%。公司銷售費用率、管理費用率及財務費用率為2.92%、5.76%和1.26%,較上年同期下降0.26pct、0.54pct和0.53pct,展現公司良好的成本管控能力。
銷售恢復可期,拿地保持積極
2020H1公司實現銷售金額807.3億元,同比減少8.7%,公司銷售略降主要系疫情影響,下半年計劃推出2800億可售貨值,可售資源豐富,銷售有望快速恢復。拿地方面,公司上半年新增計容建面460.0萬平方米,對應拿地金額360.4億元,拿地金額佔當期銷售金額的44.6%,相較於19年上升3.54pct,投資態度保持積極。
財務槓桿優化,償債風險較低
截至報告期末,公司淨負債率為63.32%,較去年末降低5.78pct,財務槓桿優化。公司現金短債比為2.35,,短期償債風險低。報告期內,公司有息負債規模1053億元,加權平均債務成本為5.6%,較去年末下降0.4pct,融資成本進一步降低。
投資建議
旭輝控股集團業績穩步增長,銷售靚麗,可售貨值充裕,財務持續優化。我們維持盈利預測不變,由於購股權行使導致總股本增加,對應將公司20-22年EPS由0.99/1.18/1.41元調整為0.95/1.14/1.36元(1港元=0.8830元),對應PE為5.7/4.8/4.0倍,維持公司“增持”評級。
風險提示
銷售不及預期,房地產調控政策收緊。

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