研報掘金丨東方證券:予星盛商業“買入”評級 項目儲備充足 運營品質提升
東方證券發佈研報,予星盛商業(6668.HK)“買入”評級,給予2024年11倍市盈率,對應目標價2.05港元。看好公司未來獲得更多優質項目機會。母公司星河控股財務穩健、在大灣區土儲充足,星盛商業儲備項目充足,未來業績增長潛力較高。研報提及,公司23年實現營收6.35億元,同比增長13.0%,歸母淨利1.71億元,同比增長10.9%。業績增長得益於六個高質量項目的開業,尤其是在委管、品牌及管理輸出業務上的穩定表現,儘管整租模式毛利率受新開業影響下降,但整體業務結構保持穩健。公司在營項目經營狀況良好,同店銷售與客流分別增長18%與39%,出租率提升至92.8%,彰顯強勁的運營能力。研報指,作為大灣區領先的商業運營服務供應商,在營項目運營表現持續向好,23年同店銷售增長18%,同店客流增長39%,出租率同比提升0.3%至92.8%,受益於港客消費熱潮,福田星河COCO Park客流同比增長60%,商家銷售同比增長40%。23末公司已開業/合約項目分別為27/55個,已開業/合約面積分別為165/284萬方,其中大灣區合約面積約159萬方,佔比56%,長三角合約面積42萬方,佔比15%。為未來發展提供確定性。
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