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正榮地產(6158.HK):債務水平健康,基本面穩定向好
格隆匯 07-29 10:52

機構:國泰君安國際

今年上半年銷售同比上漲 46.98%:7 月 7 日,公司披露 2021年 6 月未經審核經營數據。今年前 6 個月,正榮地產連同合營公司及聯營公司累計實現合約銷售金額約 822.99 億元,合約銷售建築面積約 497.74 萬平方米,對應的合約平均售價約為每平方米 1.65 萬元。相比於去年,今年上半年累計合約銷售額同比上漲46.98%;累計銷售建築面積同比上漲36.19%。此前,正榮地產將 2021 年銷售目標定為 1500 億元,上半年公司已完成年度目標約 54.9%。

近一個月贖回已發行的債券,代表管理層對公司的信心:(1)6 月 29 日,完成贖回人民幣 10 億元 2021 年到期年息 7.4%的優先票據(XS2215202628);(2)6 月 29 日,完成贖回 4.2 億美元 2023 年到期年息 8.65%的優先票據(XS1973630889) 等。回顧 2020 全年業績:盈利穩定增長,財務穩健。2020 年全年融資成本降低(加權融資成本 6.5%,美元債成本 7.3%),據公司數據2021年上半年加權融資平均成本約6.5%-7.0%;多元化的融資渠道,綠色債券佔比逐步提高;土地儲備充足,當前土儲預計維持約 2.5-3 年發展,土儲主要集中一二線城市 (佔 82%,貨值人民幣 5000 億),區域佈局長三角(38.6%)、中部(18%)、環渤海(11%);經營重提效(平均首開去化70%) ;公司流動性充足,2020 年末銀行結餘及現金達 430億元人民幣,可完全覆蓋短期債務。房企三條紅線的監管指標處於“黃檔”水平。

風險提示:(1)部分項目引入信託公司增資持股;(2)今年拿地成本較去年大幅上升;(3)房地產行業監管趨嚴。

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