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香港智远:业绩与运营稳步优化 景瑞控股投资价值凸显
2020/04/03

2020年伊始,突如其来的新冠肺炎疫情打乱了经济运行的原有节奏,地产行业短期承压较大。随着国内疫情受控,被压抑的市场需求逐渐释放,多地出台措施稳定楼市。宏观政策方面,央行加大了逆周期调节力度,市场流动性保持宽裕,也有利于行业复苏,预计今年房地产市场能在严厉的调控环境下获得喘息,利好内房股板块。而当前受海外疫情蔓延的拖累,港股估值已接近历史底部,又恰逢业绩期,正是挖掘优质内房股的良机。


在“黑天鹅”事件频发,不确定性增强的背景下,业务布局多元且正向轻资产运营转型的景瑞控股(1862.HK)表现出很强的韧性。3月31日,景瑞控股发布了2019全年业绩,公司实现收入132.85亿元人民币,同比增长约17.9%;毛利为26.85亿元,同比增长5.4%;年内净利润达12.85亿元,末期股息每股0.24港元。


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优质的土储是房企业绩可持续增长的有力保障,景瑞控股聚焦长三角地区一二线城市补充优质土储。2019年底,景瑞控股的土地储备合计约470.83万平方米,与上年基本持平;2019年景瑞控股抓住合适的拿地机会,在天津、武汉、苏州、杭州、宁波、上海、南京及嘉兴获得10个项目,增加土地储备总建筑面积约130.02万平方米,项目总投资额达到约85.83亿元,保持着稳定的拿地节奏,完善了景瑞控股的土储布局。截至2019年底,景瑞控股开发项目可售货值约为458亿元,其中95%位于核心一二线城市,具有很强的抗风险性,能够在波动的市场环境中为景瑞控股提供相对稳定的现金流,降低企业的流动性风险。


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在业务不断扩大的背景下,景瑞始终保持了稳定、安全的负债水平。截至2019年底,景瑞控股净债务资本比率约为58%,较上年改善6个百分点,优于行业净负债率平均水平;银行存款及手头现金总额(包括受限制现金)约为137.48亿元,现金流较为充裕,有助于景瑞控股及时把握优质的收并购机会。此外,景瑞控股的银行授信额度也非常充裕,截至2019年底,未使用的银行授信额度为278亿元。


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