【券商聚焦】兴业证券首予恒隆地产(00101)“增持”评级指公司租金收入有望实现稳中有增

金吾财讯

Oct 20, 2025

金吾财讯 | 兴业证券研报指出，截至2025H1，恒隆地产(00101)在内地9个核心城市拥有10个高端商场，公司超前布局，占据核心位置和商圈，通过多年的运营和不断迭代更新，成为当地的标杆商场，尤其上海恒隆广场，经过20多年的经营，成为上海标杆重奢商场。该机构指出，公司于内地的核心项目上海恒隆广场和上海港汇恒隆贡献内地零售业态物业租赁收入的50%以上，2025H1上海恒隆广场和上海港汇恒隆广场实现租金收入同比增速由负转正。该机构认为随着核心项目经营表现趋于稳定，叠加2025下半年杭州恒隆广场写字楼开业带来部分增量租金，2025年公司整体物业租赁收入同比降幅有望收窄。该机构续指，公司核心的发展中项目杭州恒隆广场计划2025下半年开业部分写字楼，截至2025H1预租率达22%；剩余写字楼和购物中心部分将于2026上半年开业，截至2025H1购物中心预租率已达77%。该机构认为杭州恒隆广场将提升公司经常性收入，有利于公司稳定派息能力。该机构表示，预计随着杭州恒隆广场分阶段开业，公司租金收入有望实现稳中有增，资本开支和净负债率均有望自2026年起回落，派息也有望维持稳定且恢复纯现金派息。2025年10月17日收盘价对应2024/2025年股息收益率为5.9%/5.9%，首次覆盖，给予“增持”评级。

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