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西南證券:內生外拓雙輪驅動 首予星盛商業(6668.HK)買入評級 目標價6.47港元
格隆匯 07-28 15:40
格隆匯7月28日丨西南證券發研報指,星盛商業(6668.HK)擁有市場知名且完整的品牌體系,是大灣區領先的商業運營服務供應商,並且持續開拓長三角、中西部區域。公司業績穩步增長,盈利能力持續提升。2020年公司毛利率和歸母淨利潤率大幅上升,分別較2019年上升4.5pp/6.8pp至56.3%/28.7%。2020年公司的資產負債率較2019年下降24.9pp至63.0%,財務管理穩健且資金充足。報吿還稱,星盛商業內生外拓雙輪驅動,管理規模持續提升。公司與星河控股的資源生態圈形成良好的協同效應,星河控股優質資源助力公司發展,市場化能力領先,第三方收入佔比達72%。此外,公司通過成熟的全週期運作模式實現了高品質商業項目產出,平均出租率提升到94.3%領先市場;數字化運營系統助力精準化管理,單方坪效顯著提升至281.5元/平/年,管理費用率下降至12.9%。西南證券預計星盛商業2021-2023年歸母淨利潤分別為1.84/2.63/3.45億元,增速分別為44.85%/43.29%/31.23%,EPS分別為0.18/0.26/0.34元。考慮到公司業績穩步增長、商業運營市場廣闊、多資源多模式協同發展,給予2021年30倍PE,首次覆蓋並給予“買入”評級,目標價6.47港元。」
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