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中信建投證券:首予萬物雲買入評級 目標價56.16港元

中信建投證券研報指,首次覆蓋萬物雲(2602.HK),認為公司及其母公司萬科均擁有行業龍頭地位,整個體系經營穩健及組織效率高,預計公司2022至2023年的盈利分別為20.4億元人民幣及27.22億元人民幣,6個月目標價56.16港元,對應2022年30倍市盈率,首予“買入”評級。

該行指,公司是中國國內物業服務行業領導者,已建立社區空間居住消費服務、商企和城市空間綜合服務、AIoT(人工智慧物聯網)及BPaaS(業務流程即服務)解決方案服務,2019至2021年收入及盈利複合增長率分別達30.5%及27.9%,2021年底合約面積行業排名第二,合約在管比達1.3,為業績增長提供保障,預計2022年收入能達312億元人民幣。

報吿稱,母公司萬科銷售規模長期穩居行業前三,不斷地為公司提供管理項目支持,公司亦能享受萬科良好的政商關係和品牌力。該行指,公司開發的AIoT和BPaaS解決方案服務業務2021年收入達18.5億元人民幣,按年增長79%,解決了物業行業人力成本攀升及管理效率低下的痛處,該行認為有望成新增長動力。

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