研報掘金|民生證券:首予星盛商業“推薦”評級 發展穩中向好劍指行業龍頭
民生證券發佈研報,首次覆蓋星盛商業(06668.HK),給予“推薦”評級,指其紮根大灣區,持續優化結構,發展穩中向好,劍指行業龍頭。研報指,1)星盛商業深耕發展潛力較大的大灣區,未來發展確定性強。星盛商業目前形成了“灣區雙中心,一城雙子星”的戰略佈局。截至2024年6月,公司合約管理項目覆蓋全國21個城市,共有54個項目,其中33個部署在大灣區,佔總數的61.1%。根據公司口徑,剔除18個諮詢服務項目後,公司合約總面積約277萬㎡,開業面積約177萬㎡,未開業面積100萬㎡;已開業項目29個,籌備中項目17個,擴張計劃穩步推進,增長確定性較強。2)公司業務以委託管理與整租服務爲主,品牌服務及管理輸出模式結構性優化。2024H1委託管理、品牌輸出及整租服務三類業務毛利率分別爲57.9%、75.2%、12.7%,相較2023H1整體保持穩定,維持高位。3)核心經營數據穩中向好,毛利率保持較高水平。2023年公司累計同店銷售增長18%,全年月度同店銷售額和社會消費品總銷售額同比保持正增長;公司商場累計同店客流提升39%;出租率較2022年底提升0.3個百分點至 92.8%。從財務數據方面看,截至2024H1,公司實現收入3.14億元,同比增長8.8%;整體毛利率爲51.6%,在商業運營賽道保持較高水平。此外,公司持續分紅,高派息率回饋投資者。
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