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華西證券:堅持“業績為王”投資邏輯,推薦龍光集團(03380.HK)
格隆匯 11-24 10:28

華西證券發佈房地產行業2021年度投資策略報告,認為房地產行業仍表現出極強的韌性,住宅需求依然較為旺盛,預計明年市場將延續強勢表現,增長可期。該機構指出,當前房地產板塊估值處於歷史低位,具備長期投資價值,重點關注業績增長確定性強的優質房企,推薦龍光集團(03380.HK)。

華西證券給出2021 年房地產板塊投資的主線邏輯:1、堅持“業績為王”,聚焦業績靚麗的地產公司;2、從規模導向逐漸轉向利潤導向,擁有優質土地資源、較高經營管理及成本管控能力的房企,盈利優勢明顯;3、行業集中度提升的邏輯仍將延續,龍頭房企在融資端和拿地端的優勢更為顯著,將繼續享有較大優勢,進一步提升市場份額。

2020年中報顯示,龍光堅持前瞻性投資戰略,聚焦中國最具價值的核心區域,擁有土儲總貨值超9300億元,近期可開發土儲貨值達4791億元,可保障未來3年權益銷售年均增長20%的目標。公司盈利能力持續領先行業,核心利潤率居上市房企前列,連續八年平均淨資產收益率(ROE)超30%,在2020年財富中國500強企業中排名第三。公司財務表現穩健,淨負債率低於行業平均值,現金短債比達2倍,助力高質量發展。

華西證券指出,當前房地產板塊投資價值顯現,龍光等業績確定性強、股息收益率高的優質房企,將獲得資本市場更多青睞。尤其是,龍光今年以來銷售增速及任務完成率均位居行業前列,有望超額完成2020全年1100億元的權益合約銷售目標,未來業績增長可見度高,派息率維持40%,股息收益率超過8%,將給投資者帶來可持續的長期投資收益。

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