光銀國際:給予弘陽服務(1971.HK)買入評級,目標價6港元
格隆匯8月24日丨深耕長三角地區、增長迅速的綜合社區服務供應商弘陽服務(1971.HK)獲光銀國際給予“買入”評級,目標價6.00港元。
光銀國際認為,弘陽服務2021年上半年淨利潤同比增加60.4%至人民幣3,740萬元符合預期,主要原因包括:1)總在管面積增加;2)社區增值服務增長強勁。
截至今年6月底,集團總在管建築面積達3436萬平方米,同比按年增加83.5%。其中,來自第三方的在管建築面積佔比為60%,同比提高22.2個百分點。
按業務劃分,期內物業管理服務收入人民幣3.5億元,同比增長55.2%,非業主增值服務收入人民幣8480萬元,同比增長22.9%、社區增值服務收入人民幣9380萬元,同比大幅增長2.3倍。社區增值服務增長強勁,主要由於集團推動全方位多元服務,當中,公共區增值服務收入同比增長382%,美居服務收入同比增長538%,社區便民服務收入同比增長181%。
此外,集團整體毛利率提高2.6個百分點達28.9%,得益於毛利率較高的社區增值服務收入佔比增加,以及規模效益使物業管理服務毛利率略提高0.2個百分點。
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