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正榮地產(06158.HK)成都再落一子 持續高質量拿地
格隆匯 11-07 14:59

11月7日,正榮地產(06158.HK)以樓面價3300元/㎡競得位於都江堰市幸福街道彩虹社區72畝住宅用地,這是繼今年6月後拿下成都新都一塊31畝的土地後,年內在成都拿下的第二個項目。在今年8月的半年報業績發佈會上,正榮地產就表示看好西部地區的經濟發展,會戰略關注中西部。據公開信息,正榮地產今年在西部幾大核心城市西安、重慶、成都均有斬獲。

2019年正榮延續1+6+X全國佈局,即“一個總部、六個區域、多個項目”。目前,正榮地產的業務範圍已覆蓋長三角、海峽西岸、中部、西部、環渤海及珠三角六大主要經濟區域。正榮地產在今年中期業績發佈會上還表示,隨着調控政策延續及流動性的持續收緊,預計整體土地價格將會趨向合理。正榮地產會繼續保持審慎投資原則,不會太激進地去拿地,會密切關注土地價格及政策變化,圍繞六大區域核心都市圈進行深耕,聚焦主力城市和價值板塊,並積極探索更多拿地方式及項目合作模式。

2019年是正榮地產的新三年戰略首年,基於行業進入存量時代的新週期,以及公司步入後千億時代的新階段,正榮將新三年戰略定義為高質量發展期。

針對高質量發展,正榮地產表示,要懷着敬畏之心,積極把握新業務環境中的發展機遇,加強風險管控能力,保持審慎投資和聚焦,重視財務穩健、規模、利潤的三者平衡,強調高週轉及快去化,堅持強運營、控投資、控槓桿的策略。即通過打造新動能,實現從行業紅利向公司紅利轉變。

2019年臨近收官,正榮高質量發展的幾大新動能也開始顯現成效。強運營方面,正榮地產曾在業績發佈會上表示項目首開時間平均為7個月,但今年上半年拿地的項目運營效率顯著高於發佈會上提出的水平。在2019年3月拿地的天津“津門·正榮府”和南昌“正榮·悦瀾灣”項目,首開時間縮短至6個月,首開去化率達到70%以上;2019年4月拿地的合肥“北城·正榮府”項目,首開時間縮短至5個月,首開去化率達到80%以上。

控投資方面,今年上半年公司拿地靜態毛利率及拿地權益比例均有所提升,較高拿地毛利率及權益比例有助於公司在未來結算期取得更高的歸母業績增長。至19年中期公司在手儲備共計2634萬方,儲備水平基本充足,穩定高增長的新開工則有力保障公司拿地向銷售規模的轉化。9月至今,正榮在蘇州、南昌、武漢、泉州、成都等核心二線城市均有斬獲。

控槓桿方面,正榮地產淨負債率下降至70.4%,低於行業平均水平。今年境內外評級均實現了上調,境內獲得了中誠信AAA評級,境外標普、穆迪、惠譽也都上調了公司評級。11月6日,正榮公告3.5年期的3億美元優先票據上市,顯示了資本市場的授信資源向優質房企集中的趨勢。

海通證券表示,當前房地產行業具備低估值、低倉位、低預期、高業績確定性的特徵,當前市場看重房企的異地擴張能力、快速去化的能力,融資能力、產品定價能力。國泰君安表示,正榮地產在2018年邁入千億銷售陣營,突破規模瓶頸後,優質的儲備和高質量的產品有望維持公司業績保持高速增長,給以正榮地產目標價6.25港元。

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