華潤置地(01109.HK)：全年銷售2850億同增17.5%，新增土儲一二線佔比75%，維持“買入”評級
機構：國盛證券
評級：買入
事件：1月13日，公司發佈2020年12月份土地收購及營運數據簡報。
全年銷售2850億（+17.5%）超額完成目標，年末租金收入回暖，全年同增5%達130億。12月公司實現銷售面積95.4萬方，同比增長6.4%；實現銷售金額390.5億元，同比增長146.7%，環比增長34.9%；銷售均價40498.55元/平，同比增長191.5%。2020全年，公司實現銷售面積1418.7萬平方米，同比增長7.1%；銷售金額2850.4億元，同增17.5%；2020全年銷售目標2620億元，超額完成8.8%；銷售均價17471.68元/平方米，同增9.3%。此外，12月投資物業租金收入16.2億，同增24.7%。全年累計投資物業租金收入約130.4億元，在今年疫情影響下依然實現同比增長5.0%。
拿地節奏放緩，新增建面同降26.3%，均價同增27.5%至8563元，權益比大幅提升至80%。公司12月新增項目7個，計容建面154.7萬方，同比降低52.8%；權益建面101.3萬方，同比降低50.6%；權益金額54.3億元，同比降低44.7%。2020全年累計新增土儲計容建面1492.1萬方，同比降低26.3%；權益建面1196.3萬方，同比降低18.8%；權益金額1024.44億元，同比增長3.6%。全年權益比80.2%，較去年提升7.4個百分點。全年單位地價8563.44元/平，同比增長27.5%，地貨比49.0%，同比提升7.0pct。
新增土儲一二線面積佔比近75%，區域聚焦長三角、粵港澳和遼中南。公司12月新增項目主要分佈城市及計容建面佔比為：深圳（30.8%）、煙台（17.1%）、嘉興（15.1%）；一二三線計容建面佔比分別為30.8%、37%、32.2%。全年新增土儲計容建面一二三線佔比分別為15.5%、59%和25.4%。主要分佈在長三角（16.2%）、粵港澳（15.8%）和遼中南（13.9%）。
華潤萬象生活分拆上市，綜合開發能力進一步提升。華潤萬象生活(1209.HK)12月9日於聯交所分拆上市，公司2+X戰略穩步推進，輕資產輸出助力公司鞏固多元拿地優勢。
投資建議：我們預測公司20/21/22年收入增速為5.9%/38.0%/13.2%，歸母淨利潤為274/329/369億元，增速分別為-4.3%/19.9%/12.2%。2020年動態PE為6.7x，維持“買入”評級。
風險提示：一二線城市樓盤限價政策導致利潤率降低的風險；疫情反覆對公司投資物業影響超預期。
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