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平安證券:星盛商業(6668.HK)業績具備持續高增長基礎 首予“推薦”評級
格隆匯 07-08 10:49
格隆匯7月8日丨平安證券發研報指,星盛商業(6668.HK)為深圳知名地產商星河控股關聯商管公司,以其輕資產商業模式輸出和專注商業運營服務,成為具備稀缺性的“純商服”標的。公司佈局購物中心優質且高成長性賽道,多路並舉拓規模,2020年第三方合約面積佔比為62%,第三方項目收入同比增長70.7%,新簽約項目15 箇中9個來自獨立第三方。此外,公司靈活採用委託管理、品牌及管理輸出以及整租3種輕資產輸出模式,多維賦能強運營,塑造品牌生命力;公司還打造多個精品標杆,項目運營改造經驗豐富。平安證券預計公司2021-2023年EPS分別為0.18元、0.25元、0.35元,當前股價對應PE分別為22.9倍、16.3倍、11.7倍。報吿稱,公司為輕資產模式下純商業運營服務稀缺標的,深耕大灣區多年,已形成完整且成熟的運營模式、產品體系及強品牌力,盈利能力持續優化。同時優質關聯方的高質量土儲為擴大規模提供確定性保障,公司亦具備強勁外拓能力,綜合運營能力頗受市場認可。中長期看,公司業績仍具備持續高增長基礎,首次覆蓋給予“推薦”評級。
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