东北证券:龙光集团(3380.HK)城市更新具差异化竞争优势,首次覆盖给予“买入”评级
东北证券发布首次覆盖研究报告指出,龙光集团(3380.HK)在粤港澳大湾区深耕近20年,城市更新业务具备“高增长、高价值、高效率”独特优势,项目转化确定性强,盈利能力有望持续领先,给予“买入”评级。
东北证券表示,城市更新是龙光高价值土储和差异化竞争优势的重要来源。2020年,龙光全面布局大湾区核心城市,新增城市更新货值3003亿元,同比大幅增长78%。截至2020年底,龙光在11个城市共计拓展布局109个城市更新项目,可转化土储货值7100亿元,其中95%位于大湾区核心城市。
龙光集团此前在业绩发布会上表示,公司城市更新项目布局好,质量优,价值高,孵化快,盈利可见性清晰,预计到2023年城市更新货值翻一倍,未来3年城市更新孵化货值超1500亿元,每年贡献核心利润约20%,将持续巩固公司核心竞争力,筑深拓宽发展“护城河”。
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