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正榮服務(06958.HK):打造非住品牌,多元發展,穩步前行,給予“強烈推薦”評級,目標價5.42 港元
格隆匯 12-01 10:00

機構:克而瑞證券

評級:強烈推薦

目標價:5.42 港元

給予強烈推薦,目標價格5.42港元/股。我們對正榮服務集團有限公司(簡稱“正榮服務”或“公司”)首次覆蓋,目標價格5.42港元,相當於29.1x2020年PE與18.3x2021年PE。

穩中求進,深耕長三角及海西經濟區。截至2020H1公司在管面積中57.1%來自長江三角洲地區,這一比例在2017年以來呈現上升趨勢。公司在管面積中23.4%來自海西經濟區,這兩大區域是正榮地產主要佈局區域。我們認為公司不斷深耕長三角地區(包括上海、南京為主的一二線城市)的策略對物業板塊的發展更有利,原因如下:1.長江三角洲地區物管費相對更高2.通過重點深耕提升規模效應,提升盈利能力。

外拓以非住業態為主,年內首度突破度假村業態以及進軍城市服務。公司外拓以非住宅項目為主。2020H1公司非住宅類在管面積為829.6萬平方米,佔比由2017年的8.4%上升至2019年的36.2%。公司通過收併購取得政府共建、學校物管項目經驗積累,並在併購後重點發力這些業態的項目拓展,着重把現有非住宅業態做深做透。同時,公司今年首次切入度假村業態以及城市服務領域。

增值服務目前仍較多依賴關聯地產支持。2019年公司增值服務收入為3.7億元,佔比達到52.2%:其中非業主增值服務佔比在36.6%,大多來自關聯地產的新盤。業主增值服務收入佔比在15.6%,其中佔大頭的停車場管理收入也離不開關聯地產的支持。正榮地產在克而瑞全口徑地產銷售金額排名較穩定,近五年均進入前30名且排名有所上升,我們認為關聯地產近年來的快速發展將為正榮服務未來兩年的業績提供一定保證。

風險提示:市場外拓不達預期;增值服務未尋求到突破口。

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