New Taisho: Industry Comparison and New Taisho: Relying on Outward Growth and Winning Business Efficiency

2019/12/31 15:03:08 Source: Tianfeng Securities 2019/12/31 15:03:08

New Taisho The size of the non-residential property market of 100 billion yuan occupies half of the property management market

Non-residential properties mainly include commercial properties, office properties, park properties and public construction properties. Urban public construction properties can be further subdivided into school properties, hospital properties, and public transportation properties. The wide coverage of non-residential properties is an important part of the property management industry. The non-residential market has ample market space. According to the data of the Middle Finger Hospital, the area under management of the National Industrial Park in 2018 was 890 million square meters; the number of hospitals was 29,000, including 2267 tertiary hospitals and 8081 secondary hospitals; the number of general colleges and universities in China was 2663 (including independent colleges 265 )).

In 2018, the non-residential revenue of the top 500 property management companies accounted for more than 50%. According to the data of the China Institute of Research and Development, in 2018, the non-residential management area of the top 500 property management enterprises accounted for 36.52%, and the non-residential property management service revenue accounted for 52.38%. Specifically: commercial, office, park, school, and hospital areas under management are 694 million square meters, 1.098 billion square meters, 739 million square meters, 629 million square meters, 204 million square meters, and the total non-residential management area is 4.341 billion. Square meters.

A Comparative Perspective of Industry New Taisho : Relying on outsourcing to grow, higher operating efficiency

At present, most companies in the property industry are involved in non-residential properties. Among them, Hong Kong-listed property management companies mostly rely on the real estate parent company. In recent years, their operations have focused on residential properties and value-added services for owners; New Taisho Is a genuine non-residential property; Investment surplus AVIC Property is positioned as a high-end institutional property, with a focus on government, public and corporate headquarters. At the same time, China Merchants Property also has access to non-residential properties; Hong Kong stocks Poly Property At present, non-residential buildings account for more than half of the area under management. This article uses an industrial perspective to compare the financial data of the three companies.

New Taisho : Market-oriented development creates word-of-mouth growth, professional services enjoy demand and release dividends

The company has strong marketization capabilities, has strong professional advantages in airport, school and other subdivided fields, conforms to the trend of logistics socialization reform, and efficiently operates genes to lay a growth trend. The five major project categories establish a standardized, process-oriented, sustainable innovation management system.

Maintain profit forecast and buy rating

New Taisho Property is a comprehensive service provider dedicated to creating smart city public buildings and facilities, and managing urban projects such as public, parks, aviation airports, government agencies, schools, and residences. According to the "2019 China Top 100 Real Estate Services Enterprises Report" issued by the Middle Finger Index, New Taisho Property won the honorary title of "2019 China's Leading Enterprise in Market-oriented Operation of Property Management Industry". We predict that the net profit for 2019-2021 will be 110 million yuan, 150 million yuan, and 210 million yuan, and PE will be 46.43x, 34.69x, and 25.41x.

Risk Tips: Loss of Core Talents, Real Estate Development Less Than Expected, Outward Expansion Area Less Than Expected

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