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奧園健康(03662.HK):一體兩翼合力騰飛,給予“ 買入“評級,目標價10.50 港元
格隆匯 09-22 14:58

機構:國泰君安

評級:買入

目標價:10.50 港元

公司總計收購了浙江連天美 60%的股份權益。浙江連天美是中國領先的醫美綜合服務集團。其目前於杭州運營 2 傢俬立醫美醫院且擁有 24 項註冊專利。

在管面積預計將於 2020 年下半年至 2022 年錄得強勁增長。公司收購了兩家總在管面積達到約 2,570 萬平方米的第三方物業管理公司。我們預計物業管理服務的在管面積將在 2020 年末激增至約 4,500 萬平方米並於 2022 年末進一步增長至約 7,500 萬平方米。

“一體兩翼”戰略將於未來結出碩果。目前,公司的主營業務主要包括住宅物業管理和商業運營。得益於第三方物業管理公司的收購以及持續發展的增值服務業務,公司對母集團的收入依賴將大幅降低而物業管理的收入結構也將得到進一步的優化。經過多年的發展,公司當前在大健康板塊的佈局主要包含康養服務、醫美服務以及中醫藥服務等。公司還建立了一個線上線下平台來進一步整合公司的幾大業務板塊。我們預計大健康業務將在不久的將來成為公司新的增長引擎。

我們上調目標價至每股 10.50 港元同時上調投資評級至“買入”。目標價分別相當於 26.7 倍/15.8 倍/ 11.2 倍 2020-2022 年市盈率。風險因素:低於預期的平均每平方米管理費率,第三方收購及大健康業務存在不確定性。

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