綠城管理控股(09979.HK)2020年新拓代建項目代建費預估58.1億 同比增22.3%
綠城管理控股(09979.HK)發佈公吿,截至2020年12月31日,集團2020年度新拓代建項目的合約總建築面積達1869萬平方米,較去年同期增長約16.8%;新拓代建項目代建費預估58.1億人民幣,較去年同期增長約22.3%。
從公司業務戰略上來看,新拓代建項目體現出反週期特質,項目質量比去年同期增長突出。隨着最近中原建業等公司擬分拆代建業務的趨勢分析:由於宏觀調控及行業去槓桿等原因,輕資產業務模式佔中國整體房地產發展的比例將持續增加,並且該模式的公司擁有較強的抗週期特質。
綜合來看,輕資產模式因其低負債、強現金流、高盈利、抗週期性等特點,大概率將成為房地產發展路徑下的必然選擇之一,或成為新的價值投資窪地。在此背景下,行業龍頭及領先企業,有望享受“頭部效應”,業績增長將邁入高峯期,估值空間也將進一步提升。
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