平安證券:龍光集團(3380.HK)財務穩健保持綠檔,給予“推薦”評級
格隆匯9月11日丨平安證券發佈研究報吿指出,房地產長效機制將進一步完善,行業將邁向“管理紅利”時代,持續看好現金流穩健的行業龍頭。該機構此前指出,龍光集團(3380.HK)2021年中期財務表現穩健,“三道紅線”指標進一步優化,淨負債率下降至60.8%,剔除預收款後的資產負債率下降至69%,現金短債比升至1.85倍,全部保持綠檔標準。多元化融資渠道保持通暢,新增融資成本下降15%至4.6%,期末加權平均融資成本5.4%,債務結構不斷優化,融資成本持續降低,流動性合理充裕。該機構認為,龍光集團堅持深耕粵港澳大灣區,並持續鞏固全國化佈局,具有充裕優質的土地儲備、豐富的城市更新經驗以及完善的員工激勵機制,總土儲面積約8556萬平方米,一、二線城市貨值佔比達94%,為公司的長期高質量發展提供保障。同時,考慮到公司派息持續優厚,中期股息每股49港仙,派息額佔歸母核心利潤約40%,投資價值頗具吸引力,給予“推薦”評級。
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