綠城管理(9979.HK)備受市場關注，輕資產管理股唯一標的獲天風證券看高至5.9港元
格隆匯4月25日丨綠城管理控股(9979.HK)此前公佈2020年歸母淨利潤4.39億元，逆勢增35.3%。2020年，公司經營活動現金淨流量達人民幣9.03億元，較上年同期增長645.9%，流動資產33.21億元，比上年同期增長31.7%。這顯示公司作為服務屬性的輕資產公司，無負債且現金流充足的穩健發展狀態。
綠城管理控股是中國房地產代建行業的最大龍頭，也是房地產輕資產領域的稀缺標的。業內人士認為，綠城管理控股不是建築股、不是地產股、不是物業股，而是獨一無二的輕資產管理股，未來估值空間潛力巨大。
公司去年多項業務表現遠超行業平均水平。估值方面，對照物業管理板塊平均市盈率超43倍的水平，綠城管理控股目前13倍的市盈率仍遠處於行業低位。
綠城管理控股於4月19日獲納入恆生物業服務及管理指數，又於近期獲多家機構、投行的關注。
瑞銀近日發研報稱，首次覆蓋中國物業管理公司暨行業領軍者綠城管理控股予買入評級，目標價5.1港元，對應12倍2022年市盈率。並預計綠城管理的市場份額將從2019年的22%增加到2025年的30%。
今日，天風證券也發研報稱綠城管理控股業績超預期，提高公司目標價至5.90 港元/股，維持“買入”評級。
天風證券稱，綠城管理控股輕資產、現金流、高分紅特性下，疊加房地產行業調控嚴厲，考慮到公司訂單增速與調控具備較強的反相關性，預計公司有望受益該市場環境的變化促使訂單快速增長。公司政府代建業務有望受益未來人才住房、公租房、租賃住房等規劃的提升。
天風證券上調公司業績預期，21-22年歸母淨利潤由5.4、6.8億元上調至5.6、7.0億元，同比增速分別+25.2%、+26.5%；對應 21/22 年PE為11.72X/9.30X；提高公司目標價至5.90 港元/股，維持“買入”評級。
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