海通國際首次覆蓋:給予盛業資本“優於大市”評級,目標價11港元
日前,海通國際發佈首次覆蓋研報,認可供應鏈金融科技平台盛業資本的“雙驅動”+“大平台”輕資產發展模式,以及產融結合賦能中小微供應商的業務前景,給予盛業資本“優於大市”評級,目標價11港元,較昨日收盤價8.23港元存在近34%的潛在升幅。
海通國際認為盛業資本的優勢集中體現在三個方面。一是產業理解紮實,聚焦能源、基建、醫療三大領域的核心央企國企,在科技手段加持下有效把控風險,收穫優異資產質量。公司2Q21不良較2020年末下降23bp至0.37%。
二是獲得多方資金信任,保理資產規模增長提速。盛業資本平台業務資金合作方從2019年的29家增加到2Q21的62家,平台業務佔比有望繼續提升。海通預計公司保理資產日均餘額(含平台撮合業務)2021-2023年年複合增速將達30%。此外,公司與地方政府合作開展保理業務的模式也存在進一步推廣的可能性。
三是供應鏈科技服務有望開闢新收入來源。公司已在智慧工地、醫院 SPD領域為客户提供綜合增值服務,助力客户降本增效。同時,公司還參股領先SaaS企業,為數字金融解決方案和平台業務提供了獲客機會,實現了不同業務間的高度協同。
海通國際認為,盛業的供應鏈科技服務有望成為新的增長引擎並可能提升估值。其智慧工地解決方案和醫療SPD解決方案(SPD - Supply, Processing, Distribution,智能供應鏈運營綜合管理服務解決方案)不僅開闢了新的營業收入來源,而且有助於提升客户粘性和忠實度。同時,盛業也將在此過程中獲得實時準確的經營數據,這對實施精準的風險控制,以及保持優異的資產質量奠定了紮實的基礎,進而更容易拓展資金合作方擴展平台業務。
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