西南證券點評正榮地產(06158.HK):區域深耕和經營提效成效顯著
近日,西南證券發佈研報對正榮地產(06158.HK)2020年財報予以點評,其認為得益於區域深耕和經營效率提升,正榮地產業績保持穩健增長,看好其後續發展,維持其持有評級。
研報指出,盈收穩增長、資產負債表持續改善和經營重提效是正榮地產2020年業績的三大亮點。2020年,公司新項目平均首開時間7個月,平均首開去化率達70%,可見經營效率顯著提升。
西南證券對正榮堅持區域深耕、佈局核心都市圈的策略給予肯定。研報指出,正榮通過區域深耕持續優化土儲佈局,堅持核心都市圈佈局,銷售平穩增長,權益比有所提升。公司繼續實施"1+6+X"戰略,深耕區域全國佈局,加碼長三角、海峽西岸地區的佈局,新增土儲43%位於長三角地區,31%位於海峽西岸,77%來自基本面良好的一、二線城市。截至2020年底,公司總土儲達到2845萬,貨值約5000億元,可供未來2-3年發展。2020年新增土地權益比為70.0%;實現合約銷售金額為1419億元,權益銷售比例約為55%。管理層預計將完成1500億銷售目標,同時預計銷售權益比將進一步提升至60%。
西南證券表示,2020年,正榮地產債務結構持續改善,降槓桿成效顯著,融資成本持續下降。三道紅線方面,正榮地產僅剔除預收款後資產負債率指標暫未達標,管理層預計2022年將全面降至綠檔。
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