國盛證券:首次覆蓋並給予綠城管理控股(9979.HK)“買入”評級 目標價10.94港元
格隆匯7月2日丨國盛證券7月2日首次覆蓋綠城管理控股(9979.HK)並給予“買入”評級,目標價10.94港元。綠城管理控股是綠城中國的附屬公司及綠城品牌和代建管理模式輸出的主體。代建模式具有輕資產、抗週期、高盈利等特點,預計2020-2030年代建市場收入規模CAGR達20%。中國專業代建(狹義代建)行業目前集中度較高,2017-2019年累計新簽約面積口徑,專業代建行業TOP5公司的市佔率為60.5%,其中綠城管理控股的市佔率為30.3%,穩居行業第一。國盛證券認為,綠城管理控股的經營能力優秀,品牌價值優勢突出,標準化產品和綜合服務能力進一步構築行業壁壘。預測公司2021/2022/2023年的歸母淨利潤分別為5.77/7.14/8.44億元,增速分別為31.4%/23.6%/18.2%。
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