全筑股份(603030)跟踪报告:租赁房助力 全装修龙头启航

_blank class=infotextkey>get=_blank class=infotextkey>全筑_blank class=infotextkey>get=_blank class=infotextkey>股份:_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>领域的_blank class=infotextkey>get=_blank class=infotextkey>龙_blank class=infotextkey>get=_blank class=infotextkey>头_blank class=infotextkey>get=_blank class=infotextkey>企业。主营_blank class=infotextkey>get=_blank class=infotextkey>业务是_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>get=_blank class=infotextkey>高端_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅、_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>楼盘、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>酒店、_blank class=infotextkey>get=_blank class=infotextkey>办_blank class=infotextkey>get=_blank class=infotextkey>公及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业_blank class=infotextkey>get=_blank class=infotextkey>空间的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>服务,_blank class=infotextkey>get=_blank class=infotextkey>服务涵盖_blank class=infotextkey>get=_blank class=infotextkey>设计、_blank class=infotextkey>get=_blank class=infotextkey>施工、_blank class=infotextkey>get=_blank class=infotextkey>家具制造、_blank class=infotextkey>get=_blank class=infotextkey>配套软_blank class=infotextkey>get=_blank class=infotextkey>装、后期_blank class=infotextkey>get=_blank class=infotextkey>服务等_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>产业链。_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>区域由_blank class=infotextkey>最初的华_blank class=infotextkey>get=_blank class=infotextkey>东、华_blank class=infotextkey>get=_blank class=infotextkey>中逐步向_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国_blank class=infotextkey>get=_blank class=infotextkey>其他_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地区及_blank class=infotextkey>get=_blank class=infotextkey>海外_blank class=infotextkey>get=_blank class=infotextkey>覆盖。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>2018 年_blank class=infotextkey>get=_blank class=infotextkey>实现营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入65._blank class=infotextkey>get=_blank class=infotextkey>21_blank class=infotextkey>get=_blank class=infotextkey>亿元,塘厦,同比_blank class=infotextkey>get=_blank class=infotextkey>增长40.98%;归母净利润_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>60 _blank class=infotextkey>get=_blank class=infotextkey>亿元,同比_blank class=infotextkey>get=_blank class=infotextkey>增长5_blank class=infotextkey>get=_blank class=infotextkey>8._blank class=infotextkey>get=_blank class=infotextkey>10%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第一_blank class=infotextkey>get=_blank class=infotextkey>大股_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>董事长朱斌持股_blank class=infotextkey>比例为_blank class=infotextkey>31.06%。

    业绩_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>增长,石碣,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>占比_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>80%。_blank class=infotextkey>get=_blank class=infotextkey>2015 年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市来,业绩_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>高速_blank class=infotextkey>get=_blank class=infotextkey>增长。营_blank class=infotextkey>收年化复_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>37.74%,归母净利润年化复_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>36.51%。

    从_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入结构来看,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司营_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>主要来自于_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>施工。而_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分是_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修占总营_blank class=infotextkey>收比_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>超过_blank class=infotextkey>get=_blank class=infotextkey>80%。

    _blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>龙_blank class=infotextkey>get=_blank class=infotextkey>头_blank class=infotextkey>get=_blank class=infotextkey>步入快_blank class=infotextkey>get=_blank class=infotextkey>车道,长_blank class=infotextkey>get=_blank class=infotextkey>短期皆具成长性。_blank class=infotextkey>get=_blank class=infotextkey>短期来看,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产竣工_blank class=infotextkey>get=_blank class=infotextkey>回暖,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>短期_blank class=infotextkey>get=_blank class=infotextkey>趋势向好。_blank class=infotextkey>get=_blank class=infotextkey>长期来看,_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修渗透率_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>提升。_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>房渗透率快速_blank class=infotextkey>get=_blank class=infotextkey>提升的_blank class=infotextkey>get=_blank class=infotextkey>生态已形成,叠加_blank class=infotextkey>get=_blank class=infotextkey>租赁_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>助力_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修B 端_blank class=infotextkey>get=_blank class=infotextkey>市场扩容,_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>市场将_blank class=infotextkey>get=_blank class=infotextkey>步入快速_blank class=infotextkey>get=_blank class=infotextkey>增长通道。_blank class=infotextkey>get=_blank class=infotextkey>全筑凭借其_blank class=infotextkey>get=_blank class=infotextkey>深耕_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>领域_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>多年形成的_blank class=infotextkey>get=_blank class=infotextkey>长期稳_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>资源、_blank class=infotextkey>技术积累等,具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>明显_blank class=infotextkey>竞争_blank class=infotextkey>get=_blank class=infotextkey>优势。

    _blank class=infotextkey>get=_blank class=infotextkey>充足订_blank class=infotextkey>单_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>保障业绩_blank class=infotextkey>get=_blank class=infotextkey>增长,_blank class=infotextkey>get=_blank class=infotextkey>“两_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>布局+_blank class=infotextkey>get=_blank class=infotextkey>股权激励夯实主业。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司当前_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单1_blank class=infotextkey>get=_blank class=infotextkey>29.8 _blank class=infotextkey>get=_blank class=infotextkey>亿元,是_blank class=infotextkey>get=_blank class=infotextkey>2018 年_blank class=infotextkey>get=_blank class=infotextkey>全年营_blank class=infotextkey>收的_blank class=infotextkey>get=_blank class=infotextkey>2 倍,_blank class=infotextkey>get=_blank class=infotextkey>充足的订_blank class=infotextkey>单为_blank class=infotextkey>get=_blank class=infotextkey>未来业绩的快速_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>提供了_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>保障。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司核心_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>布局的_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时,也注_blank class=infotextkey>get=_blank class=infotextkey>重围绕核心_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>住宅_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>打造_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>产业链_blank class=infotextkey>get=_blank class=infotextkey>一_blank class=infotextkey>get=_blank class=infotextkey>体化_blank class=infotextkey>get=_blank class=infotextkey>服务。

    盈利_blank class=infotextkey>get=_blank class=infotextkey>预测与评级:_blank class=infotextkey>get=_blank class=infotextkey>我们对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司盈利_blank class=infotextkey>get=_blank class=infotextkey>预测做_blank class=infotextkey>get=_blank class=infotextkey>调整,_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>2019_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21 _blank class=infotextkey>年的EPS 分别为0.65 元、0.90 元、1.1_blank class=infotextkey>get=_blank class=infotextkey>2 元,_blank class=infotextkey>11 月_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3 日_blank class=infotextkey>收盘价对应的PE 分别为1_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>3 倍、8._blank class=infotextkey>get=_blank class=infotextkey>2 倍、6.6 倍,维持_blank class=infotextkey>get=_blank class=infotextkey>“审慎增持_blank class=infotextkey>get=_blank class=infotextkey>”评级。

    _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险提示:宏观_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>下行_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>市场景气度_blank class=infotextkey>get=_blank class=infotextkey>下行、应_blank class=infotextkey>收账款坏账损失增加、家_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>业务拓展_blank class=infotextkey>不及预期、垫资导致_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流较差

在线咨询
联系电话
返回顶部