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中銀國際:盛業資本(6069.HK)平台化轉型、擁抱輕資產,首次覆蓋給予買入評級,目標價7.38港元
格隆匯 04-20 18:48

中銀國際發研報指,盛業資本(6069.HK)憑藉其金融科技賦予的產品創新和風險管理能力,在保理行業建立了差異化優勢。通過平台化戰略轉型,公司將逐步邁向輕資產,釋放增長動能。預計盛業資本在2021-23年的收入將增長17.5%/20.8%/21.3%。首次覆蓋給予“買入”評級,目標價7.38港元(相當於15.0x 2021E市盈率)。

中銀國際表示,由於效率的提高和產品的創新,盛業資本獲得了更高的淨息差。與銀行提供的傳統保理相比,盛業資本具有強大的競爭力,可以收取更高的利率,預計公司的淨息差將保持在高水平。此外,盛業資本新推出了輕資產、平台化的業務模式,其融資撮合(助貸)業務亦在2020年迅速增長,以此降低表內資金帶來的限制,釋放增長潛力。預計未來盛業資本的融資撮合業務將繼續保持快速增長,其他服務收入佔總收入中比例將進一步提升,在2021-23年,其他服務收入將佔總收入的18.0%/25.0%/32.2%。

中銀國際表示,盛業資本已與10家核心企業建立了緊密的合作關係,其龐大的供應鏈對盛業資本而言意味着巨大的增長潛力。截至2019年底,這10家核心企業的應付賬款總額超過2萬億人民幣,而盛業資本在2020年表內保理業務放款及融資撮合放款額總和為156億人民幣。因此,有理由相信未來盛業資本的保理業務還有很大的拓展空間。

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