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中國銀河國際:首程控股(0697.HK)上半年業務表現良好 維持“增持”評級
格隆匯9月9日丨中國銀河國際發研報指,首程控股2022上半年收入維持高速增長,同比上升44.4%至9.22億港元;其中,停車出行板塊收入同比上升76.2%至4.8億港元、基礎設施不動產資產管理板塊收入同比上升23.9%至4.42億港元;關於停車出行業務方向投資的基金管理公司其所管理的基金本期分配超額收益約2億港元、部分戰略性股權投資基金進入退出分配期而帶來的超額回報約1.33港元。毛利率同比上升15.8個百分點至70.8%、 毛利潤同比上半85.8%至6.53億港元、經營溢利同比上升117.5%至7.94億港元;分板塊來看,停車出行板塊分部税前利潤同比大升249.5%至1.12億港元。該行認為,首程控股的業務結構從典型的週期性行業業務成功轉型為跨越經濟週期、現金流良好、運營穩定健康的中國基礎設施不動產投資信託基金(REITs)引領者和基礎設施不動產。在2022年上半年首程控股堅持“精準投資+精益運營”的發展理念,以成為“中國REITs引領者和基礎設施不動產管理效能提升者”為方向,持續聚焦基礎設施不動產領域,切實做好盤活存量資產工作, 仍保持持續的增長,主營業務在2022年下半年亦將迎來更為快速的發展態勢。該行稱,公司的盈利能力持續改善, 受惠於基礎設施不動產基金管理業務表現較為穩定,首程控股的派息政策將保持穩定,加上特別股息,2022年的派息將高於2021年水平。該行維持首程控股 “增持”評級,目標價為1.99港元,基於18倍2022年市盈率。
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