金吾财讯 | 开源证券发研报指，华润万象生活(01209)商业航道主要包含购物中心和写字楼两大业态，其中商业在管面积1185万方，关联方占比82%；写字楼在管面积1523万方，受新项目入市影响出租率同比下滑2.6pct至77.1%。2024H1商业航道收入28.5亿元，同比+23.4%，其中购物中心和写字楼收入占比分别为66%和34%；毛利率达60.9%，同比增加2.4pct。该行表示，公司2019年来收入利润保持增长，2024H1收入及归母净利润同比分别+17.1%、+36.0%；得益于商管毛利率边际提升，整体毛利率同比提升0.8pct至34.0%，毛利率和净利率水平在头部物企均保持前列；管理费率同比下降1.3pct至5.1%，在头部物企处于较低水平。公司在手现金充裕，上半年经营性净现金流可覆盖净利润倍数同比提升至90%。该行续指，华润万象生活背靠华润集团，关联方华润置地销售及拿地市占率提升，项目储备优质，同时积极拓展城市空间赛道；商业管理赛道作为行业龙头，在管购物中心及写字楼运营效率提升，盈利能力保持稳健。该行预计2024-2026年归母净利润分别为35.0、41.2、47.2亿元，EPS分别为1.54、1.81、2.07元，当前股价对应PE为17.7、15.1、13.2倍，首次覆盖，给予“买入”评级。
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