正榮地產（6158.HK）：銷售保持韌性，融資成本下降，給予“增持”評級
格隆匯 09-21 11:04
機構：華西證券
評級：增持
事件概述
正榮地產發佈 2020 年半年報，公司上半年實現營業收入 145.4億元，同比+6.5%；歸母淨利潤 8.8 億元，同比-6.2%。
業績小幅下滑，盈利水平穩定
2020H1 年公司實現營業收入 145.4 億元，同比增長 6.5%；歸母淨利潤 8.8 億元，同比下降 6.2%。報告期內，公司淨資產收益率、銷售毛利率和銷售淨利率分別為 5.21%、20.31%和 8.76%，較上年同期下降 1.48pct、下降 0.01pct 和上升 0.12pct，在疫情影響下公司整體盈利能力保持穩定。
銷售韌性十足，投資力度穩健
2020H1 公司實現銷售金額 560.0 億元，同比下降 4.5%；銷售面積 365.5 萬平方米，同比下降 4.0%。在疫情影響下，公司銷售規模微降。公司新增計容建面 302.3 萬平方米，同比增長 4.2%；對應拿地金額 177.8 億元，同比下降 2.1%。公司拿地金額佔當期銷售金額的 31.8%，相比上年同期提高 0.8pct，投資保持穩健。
槓桿率有所優化，融資成本下降
截至報告期末，公司資產負債率和淨負債率分別為 82.73%和90.18%，較 19 年末增長 1.08pct 和下降 7.36pct，槓桿率有所優化。此外，報告期內公司於境內、外市場新增融資的成本均有所下降，加權平均融資成本進一步下降至 7.0%。
投資建議
正榮地產業績穩增，銷售持續增長，土儲佈局優化，財務狀況穩健。我們預計公司 20-22 年 EPS 為 0.69/0.82/1.05 元，對應 PE 為 5.8/4.9/3.8 倍（1 港幣兑換 0.8827 元人民幣），首次覆蓋，給予公司“增持”評級。
風險提示
銷售不及預期，計提存貨減值準備影響業績。
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