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研報掘金|第一上海:予星盛商業“買入”評級 看好公司作為純商管公司的外拓能力和經營韌性

第一上海發佈研報,予星盛商業(6668.HK)目標價1.75港元及“買入”評級,看好公司作為純商管公司在房地產步入後周期的外拓能力和經營韌性。

公司公佈2024年上半年業績,營業收入為3.14億元,同比增長8.8%;毛利1.62億元,歸母淨利潤為0.89億元。期末在手現金14.66億元,較2023年底增長3.9%,在手現金充足。公司宣派中期股息每股0.048港元,派息率50%。

研報指,(1)在營項目表現穩健:截至2024年中期已開業零售商業項目數量29個,面積達177萬平方。2024年上半年公司在營項目的累計同店銷售額同比上升8%,累計同店客流同比上升16%。整體出租率為92.5%,收繳率為99.5%,仍處於行業高位水平。(2)堅持高質量開業,項目儲備充足:期內新開廣州荔灣區健康港及上海浦東兩座購物中心,公司存量項目持續深耕,並注重業績轉化。公司多品牌體系和靈活的合作模式使其運營能力獲得市場認可,且多個第三方項目表現持續向好,出租率穩中有升。截止目前,公司的合約面積約277萬方共17個項目(不含8個諮詢服務項目),覆蓋全國21個城市,第三方面積佔比為 44.2%,未來發展具備確定性。

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