永升生活服務(01995.HK)：營收業績雙豐收，旭輝並表永升協力發展，維持“買入”評級，目標價18.31港元
機構：廣發證券
評級：買入
目標價：18.31港元
核心觀點：
營收業績雙豐收，管理費率持續改善。公司發佈20年中報，實現營收13.4億元，同比增長90%，歸母淨利潤1.7億元，同比增長89%。分業務來看，物管、非業主增值、社區增值營收同比分別增長84%、117%、85%，三大業務營收比例6:2:2，而毛利比例5:2:3，格局良好。利潤率方面，20H1毛利率30.7%，同比+0.9pct，物管和非業主增值服務毛利率均有所增長，而業主增值服務則受內部營收結構變化的影響有所下滑。公司積極運用技術手段並進行組織優化，管理費用率11.8%，同比-1.4pct。然而，公司19年來加大了外拓合作和非全資併購力度，少數股東損益佔比同比提高14.5pct至14.4%，稀釋了業績增長，但歸母淨利率12.7%（同比-0.1pct），較好地平衡了增長與利潤率的關係。
儲備資源豐富，旭輝並表永升開啟發展新篇章。截至20H1，物管方面，公司儲備面積6567萬方，保障倍數為0.85，大股東旭輝的儲備面積對公司在管的保障倍數為0.68，儲備資源豐富。城市服務方面，公司19年底試水城市服務，20年來新拓展了4個項目，成果較大。社區增值服務方面，房修、美居兩大子業務先後BU化，成長較快，空間廣闊。6月30日起旭輝並表永升，依託旭輝在地產開發上的優勢和資源，永升不僅能在物管、非業主增值服務上得到大股東更好的支撐，在城市服務、業主增值服務等方面也能與旭輝形成協同，助力永升發展。
預計20-21年EPS分別為0.24元/股、0.36元/股。我們認為公司儲備豐富，外拓能力較強，社區增值空間廣闊，20年來在城市服務領域的快速發展及旭輝並表永升也進一步打開公司的成長空間。考慮到公司的業績增速，給予公司對應2021年業績45xPE估值，對應合理價值18.31港元（最新港元兑人民幣匯率0.87962），給予“買入”評級。
風險提示。房地產市場下行；市場競爭加劇；增值服務不及預期。
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