中银国际:龙光地产(03380.HK)中期业绩喜人,盈利超预期
著名投资银行中银国际发表关于龙光地产(03380.HK)的最新研究报告,指出龙光地产2019年上半年业绩增速高于预期,收入同比增长78%,归属股东核心净利润增长70%,部分受益于城市更新项目土地一级开发收入的显著增长。中银国际认为,城市更新项目带来的充足货值有望成为龙光地产未来增长的又一引擎,予龙光地产“买入”评级,目标价为13.01港元。
中银国际表示,龙光地产的城市更新项目土地一级开发业务对集团盈利有突出贡献。截至2019年上半年,集团总货值达7520亿元人民币,其中3250亿元人民币来自城市更新项目,超过90%位于大湾区。该行预计,此项目每年可为集团带来不少于300亿元人民币的货值,提振龙光地产未来的销售额和盈利增长。
中银国际指出,集团坚持深耕大湾区战略,持续发挥城市更新项目明显优势,上半年新增城市更新项目货值达852亿元人民币。同时,集团净负债率维持在65.4%,处于健康水平。
该行同时指出,龙光地产2019年前7个月合同销售额达546亿元人民币,占龙光地产全年850亿元目标的64.2%,同比增长24.7%。以其全年1500亿元人民币的供货金额,集团只需达到56.7%的去化率,即可圆满实现2019年销售目标。中银国际预测龙光地产有潜力超额完成2019年销售目标,有望实现约900亿元人民币的全年销售额。
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