雅生活服務(03319.HK):多品牌精耕細作,全產業加速佈局,給予“買入“評級,目標價48.00 港元
機構:國泰君安
評級:買入
目標價:48.00 港元
物業管理行業具有抗週期性。物業管理公司受新冠疫情的影響較小。隨着疫情逐漸得到控制,增值服務也逐漸恢復。此外,物業管理行業仍處於整合初期,頭部企業具有較高潛力。
憑藉着雅居樂集團和綠地控股以及收併購策略,公司實現快速擴張。在收購中民物業和新中民物業之後,雅生活進一步邁入公建服務賽道,並建立了擁有 18 個品牌的全產業鏈佈局。預計公司將採用精細化管理策略來提高質量並獲得協同效應。未來幾年預計雅生活都擁有充足的現金(截至 2020 年上半年有 48.82 億元人民幣),有望恢復收併購策略。
我們預計公司的總收入和股東淨利潤在 2019-2022 年分別以 46.4%和 34.1%的年複合增長率增長。在收併購的推動下,雅生活的在管總建築面積預計將在 2019-2022 年以 52.2%的年複合增長率增長。由於公建類項目的比例增加,預計毛利率相比 2019 年將穩定在較低水平。預計 2020-2022 年股東淨利率將分別為 18.2%、18.3%和 18.5%。
我們首次覆蓋雅生活並給予每股 48.00 港元的目標價以及“買入”的投資評級。目標價分別相當於 32.2 倍/23.5 倍/18.5 倍 2020-2022 年市盈率。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.