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研報掘金丨國信證券:中國國貿坐擁首都核心地段商業地產,首予“優於大市”評級

國信證券研報指出,中國國貿坐擁首都核心地段商業地產。隨着地產銷售量價持續低迷,A 股房地產開發商整體進入虧損狀態,但房地產經營商業績表現相對平穩。公司作爲最早上市的房地產經營企業之一,基於北京CBD 國貿中心開展投資性物業出租管理及酒店經營業務,控股股東持股比例保持80.65%。經過四十餘年的發展,國貿中心已建設成爲佔地面積17 萬㎡、總建築規模112 萬㎡、功能齊全的現代化商務中心。公司經營北京核心地段商業地產國貿中心,盈利穩定穿越週期。在降息背景下,公司股息率具備吸引力。結合絕對估值與相對估值,認爲公司合理股價區間爲22.9-26.8 元,較當前股價有5%-23%的空間。首次覆蓋給予“優於大市”評級。

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