國泰君安國際看好弘陽地產(1996.HK)雙輪驅動模式 推薦弘陽2022及2023年到期美元債券
(香港，2021年9月15日) – 中國領先的綜合性房地產開發商弘陽地產集團有限公司(“弘陽地產”或“集團”；股份代號：1996.HK)，獲國泰君安國際發表債券投資評級報吿，看好集團雙輪驅動模式，且當前債務水平健康，債務結構持續優化，推薦弘陽地產2022及2023年到期美元債券。
國泰君安國際表示弘陽地產2021年前八個月實現累計合約銷售金額為人民幣620.3億元，完成全年銷售目標約62.4%。回顧上半年銷售情況，今年上半年集團合約銷售人民幣491.5億元，同比增55.7%；上半年簽約回款率約為91%，回款效率和質量維持行業領先水平。
國泰君安國際看好集團的雙輪驅動戰略模式，土地儲備豐富。該行認為弘陽地產住宅物業地產開發聯動商業開發及營運的模式，相較其他單一住宅物業開發商擁有較好的現金流表現。2021年上半年集團土地儲備為2,101萬平方米，在手資源可售貨值約人民幣3,188億元，當前土儲預計維持2-3年發展。
弘陽地產當前債務結構主要以開發貸為主，佔37.9%，其次為美元債及境外銀行貸款，佔36.9%，信託貸款下降到10.9%，集團以境內融資為主，境外為輔，債務結構健康且持續優化；短期借貸逐年下降，截至今年中期公司短債佔比30.8%，較去年末35.4%下降4.6%，國泰君安國際認為集團短債佔總負債比例將持續走低，有利於整體債務穩健向好。截至今年中期，一年以內到期債務為104.2億元，現金及銀行結餘約為人民幣175.8億元，在手現金餘額可完全覆蓋一年以內到期債務。
此外，弘陽地產三條紅線均處於綠檔水平。集團2021年中期現金短債比為1.7x；淨資產負債率為53.9%；剔除預收賬款的資產負債率為69.4%。
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