中银国际:盛业资本(6069.HK)平台化转型、拥抱轻资产,首次覆盖给予买入评级,目标价7.38港元
中银国际发研报指,盛业资本(6069.HK)凭借其金融科技赋予的产品创新和风险管理能力,在保理行业建立了差异化优势。通过平台化战略转型,公司将逐步迈向轻资产,释放增长动能。预计盛业资本在2021-23年的收入将增长17.5%/20.8%/21.3%。首次覆盖给予“买入”评级,目标价7.38港元(相当于15.0x 2021E市盈率)。
中银国际表示,由于效率的提高和产品的创新,盛业资本获得了更高的净息差。与银行提供的传统保理相比,盛业资本具有强大的竞争力,可以收取更高的利率,预计公司的净息差将保持在高水平。此外,盛业资本新推出了轻资产、平台化的业务模式,其融资撮合(助贷)业务亦在2020年迅速增长,以此降低表内资金带来的限制,释放增长潜力。预计未来盛业资本的融资撮合业务将继续保持快速增长,其他服务收入占总收入中比例将进一步提升,在2021-23年,其他服务收入将占总收入的18.0%/25.0%/32.2%。
中银国际表示,盛业资本已与10家核心企业建立了紧密的合作关系,其庞大的供应链对盛业资本而言意味着巨大的增长潜力。截至2019年底,这10家核心企业的应付账款总额超过2万亿人民币,而盛业资本在2020年表内保理业务放款及融资撮合放款额总和为156亿人民币。因此,有理由相信未来盛业资本的保理业务还有很大的拓展空间。
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