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大行評級 | 花旗:綠城管理(9979.HK) 在逆週期維持穩健擴張 維持 “買入”評級 目標價8.2港元
格隆匯10月26日丨花旗發研報指,維持綠城管理(9979.HK)“買入”評級,予目標價港幣8.2元。在穩健擴張、供應的改革和創新的基礎上,綠城管理有望在2024財年之前釋放3年的30%的利潤複合年增長率:(1)在22財年至今實現總建築面積1億平方米;(2)政府/國有企業的需求不斷增長(上半年約佔新合同價值的60%);(3)金融機構以價格溢價新解決方案的滿足新需求;(4)按計劃施工和交付(8月有6個以上項目完成)。花旗指,公司約20%的收入與房地產銷售直接相關,支撐了22財年收入和利潤增長30%,從而在逆週期時期保持穩健:(1) 強勁的現金流量:淨現金到6月22日有18億元人民幣,65%的派息(收益率4.9%);(2)3.5%的股權激勵和近期管理。公司進行股份回購(其中董事林先生回購9萬股)。
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