\u3000\u3000 Shenzhen Sdg Service Co.Ltd(300917) (300917)
Event:
Shenzhen Sdg Service Co.Ltd(300917) successfully won the bid for the new park project of rookie network headquarters. After winning the first project of rookie network Xixi in August 2019, Shenzhen Sdg Service Co.Ltd(300917) won the integrated IFM service of rookie network headquarters again.
Investment summary:
Ali’s territory continues to expand
In 2020, the company won the bid for the property project in Alibaba’s headquarters building and Alibaba’s Pro orange Lane project, and Beijing Branch won the bid for Alibaba’s zhongzhongzun project to develop super high-rise property service projects and further expand the territory of Alibaba’s projects. Alibaba won the bid for the 3007 {917} Cainiao} Park, the third level Cainiao network headquarters of Alibaba park.
The company’s cooperation with Alibaba continues to expand, which shows the high quality of the company’s services. The company won the award of Alibaba’s annual extreme service group in 2018.
Ali group is the company’s second largest customer
In the three quarterly reports of 2020, the top five customers are Huawei, Alibaba, tefa group, China Mobile and Tencent, accounting for 27%, 16%, 3%, 2% and 2% respectively.
The rookie headquarters park project has a total construction area of nearly 300000 square meters and a service team of more than 500 people. This bid winning is conducive to stabilizing the revenue proportion of head customers.
The general election of the company was completed and the management remained stable
The company held the first meeting of the second board of directors on October 14, 2021 and agreed to elect Mr. Chen Baojie as the chairman of the second board of directors and appoint Mr. Cui Ping as the general manager of the company. Mr. Chen Baojie and Mr. Cui Ping have served as the chairman and general manager of the company respectively since October 2018. They have been re elected in this general election. The stability of the management is conducive to the stable development of the company.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be RMB 1.61 billion, RMB 1.83 billion and RMB 2.11 billion respectively; The net profit attributable to the parent company was 130 million yuan, 150 million yuan and 170 million yuan respectively; Earnings per share were 1.03, 1.15 and 1.32 yuan respectively, corresponding to 22.2, 19.8 and 17.3 times of PE respectively. Maintain the “buy” rating.
Risk tips: the risk of business expansion is less than expected, the risk of property management fee reduction, and the risk of repeated epidemic.
