【重点推荐】地产侯丽科/李品科/卜文凯:华夏幸福(600340)联姻火炬孵化,科创航母启航

作者: 国泰君安证券研究
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维持增持评级,维持目标价41.04元,维持2015/2016/2017年的EPS为1.85/2.28/2.97元的预判。公司收购顶级孵化平台,联手乐视VR,布局产业发展服务全产业链,构建新型科创平台,引领估值提升。

通过收购顶级孵化平台加速长江经济带的战略布局,打开业务空间。“火炬孵化”在苏州、南京、上海、杭州、常州等地直接运营23个实体园区,拥有7个国家级科技园、10个省级科技园、7个国家级各类中小企业服务平台,25个省级各类服务平台。利用“火炬孵化”在长三角的优势布局长江经济带,推动公司产业新城资源增值。

收购顶级创业孵化平台,完善产业协同,构建创业-孵化-产业化完美闭环。公司是国内领先的产业新城运营商,火炬孵化公司则是中国专业的O2O园区运营服务商。通过本次收购,公司与火炬孵化在科技园区委托招商与管理、孵化器/众创空间的委托运营与管理、O’Park互联网在线平台的应用等多个领域展开全面合作,实现双品牌运作和共享资源联合拓展,既实现了量的扩张,又实现质的飞跃。

携手乐视,打开“虚拟现实”之门。公司与乐视VR建立战略合作关系,打通VR科技研发、内容制作、产品展示体验、技术交流活动的价值链,是公司创新驱动战略和产学研深度融合战略的又一次极具创造力的成功实践,领军企业对公司的认可印证了公司产业新城模式的强大魅力,加速高科技产业集群的落地。

风险提示:产业落地不及预期,有一定的周转压力和偿债风险

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