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《大行報告》大和升綠城服務(02869.HK)目標價至11.7元 評級「跑贏大市」
阿思達克 03-30 12:56
大和發表的研究報告指,綠城服務(02869.HK)去年淨利7.1億元人民幣,按年增48.8%,好過該行原先預期的6.57億元人民幣,期內淨利增長較收入增長18%更高,主要受惠於毛利率較高,加上銷售及營銷開支比例較低,另外政府在疫情下的補貼亦有幫助。公司宣派末期息每股12港仙及特別息每股8港仙,意味派息比率高達76%。

該行認為公司三個分部收入增長均穩健,期內物業服務、社區生活服務及諮詢服務收入分別增17.9%、13.8%及23.2%,其中物業服務收入增長與管理面積增長一致,社區生活服務及諮詢服務收入增長放緩則主要受疫情影響需求減慢、合約簽署亦有所延遲。

總體而言,該行料公司毛利率今年有望進一步改善,去年其毛利率按年改善1個百分點至19%。展望今年,公司希望透過改善效益,目標整體毛利率再改善1個百分點至20%和淨利率至7.5%。公司目標2020-25年收入年複合增長可達38%,期望到2025年收入增至500億元人民幣。

該行認為公司去年相對較安靜,相信其2021-25年進取的目標有助提升投資者信心,維持其「跑贏大市」評級主要因為目標仍未「交貨」,目標價由10.8元升至11.7元,而2021-22年每股盈測則升3-13%,以反映對利潤估算提升。(el/u) ~

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