《大行报告》野村首予恒大物业(06666.HK)「增持」评级 目标价18.5元
野村东方国际证券发表研究报告指,恒大物业(06666.HK)目前在管面积达3亿平方米,主要受益母公司恒大(03333.HK)的支持,令2017至19年物业管理面积规模复合年均增速达29%。
该行指,凭藉强大的执行力和品牌知名度,相信恒大物业能够巩固在第三方市场的领先地位并实现快速扩张,2020-23财年管理面积规模CAGR有望达到50%。而且恒大拥有多元化的生态系统。借助与母公司的紧密合作,认为恒大物业的社区增值服务蕴藏巨大增长潜力。房产中介、保险经纪和家装美居等领域预计是重要发力点,预计公司2020-23财年社区增值服务收入CAGR将达到47%。
该行又指,2020-23年净利润CAGR预计将达到50%,利润增速的预测主要基於以下因素:监於母公司的大力支持,且第三方合同招标预计将贡献2021/22年在管面积的33%/47%,预计2023年物业在管面积或将从2020年的3亿平方米扩大至10.2亿平方米,CAGR将达到50%;尽管毛利率呈下滑趋势,但公司盈利能力仍强於同业(2023财年营业利润率预测为30.7%),首予「增持」评级,目标价18.5元。
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