碧桂園服務(06098.HK)：疫情下營收與業績高速增長，增值服務空間廣闊，給予“買入”評級
機構：廣發證券
評級：買入
核心觀點：
傳統業務毛利率穩中有升，優惠所得税率到期。公司發佈 2020 年中期業績公告，實現營收 62.7 億元，同比增長 78.4%，實現歸母淨利潤 13.1億元，同比增長 61.0%。分業務來看，公司物業管理、社區增值服務營收同比分別增長 57%、96%，疫情之下高速成長，非業主增值服務營收同比+13%，受疫情影響增速較低，三供一業業務也穩定貢獻營收（去年同期基本無營收）。利潤率方面，上半年公司毛利率 37.2%，同比下滑 2.0pct，主要是三供一業業務毛利率（5.6%）較低所致，剔除三供一業公司毛利率 42.3%，同比提高 3.1pct。疫情期間公司進行組織結構和人員優化，管理費用率 10.3%，同比下降 2.9pct。然而，公司高新企業資格 19 年到期，優惠所得税率調整至 25%（原 15%），20H1 歸母淨利率 21.0%，同比下滑 2.3pct。
儲備資源豐富，收併購拓展生態佈局。截至 20H1，物管方面，公司儲備面積 4.3 億平，保障倍數為 1.33，儲備資源豐豐富。城市服務方面，20 年來公司拓展了 6 個項目，累計取得 13 個項目，拓展成果較大。三供一業平穩接管，並逐步拓展業務邊界，值得期待。社區增值服務方面，拎包入住、增值創新、社區傳媒營收分別同比大幅增長 216%、 375%、98%，20 年公司收購了主營社區電梯傳媒的城市縱橫、主營電梯維保及銷售代理的溧陽中立電梯、主營保險經紀的文津國際，橫向收購快速拓寬增值服務專業能力，打破傳統業務邊界，實現協同創新。
預計 20-21 年 EPS 分別為 0.82 元/股、1.14 元/股。我們認為公司儲備資源豐富，城市服務領先，社區增值服務空間廣闊，考慮到可比公司估值及公司業績增速情況，給予公司 2021 年 45 倍 PE，對應合理價值58.18 港元/股（最新港元兑人民幣匯率 0.87576），給予“買入”評級。
風險提示。房地產市場下行；市場競爭加劇；增值服務不及預期。
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