Report summary:
Continuous correction of the sector: continuous correction of the sector: last week, the H-share property index of northeast real estate closed at 584775 points, with a cumulative decline of 2.76%; Over the same period, the Hang Seng Index fell 4.18% and the Hang Seng Composite Index fell 3.64%; Last week, the Northeast real estate A-share index closed at 118123, down 1.40%, the Shanghai and Shenzhen 300 fell 0.94% and the Shanghai Composite Index fell 1.77%. The top three property management companies that rose last week were ya life service (+ 20.39%), Shenzhen Sdg Service Co.Ltd(300917) (+ 15.00%) and Hejing Youhuo (+ 12.78%). Last week, Zhonghai property, green city service, China Resources Vientiane life, Shimao service, rongchuang service, Hejing Youhuo, Jianye new life, ya life service, Evergrande property and excellent business enterprise services were increased by Hong Kong stock connect, with rongchuang service increasing the most. As of last week, the shareholding ratios of China Resources Vientiane life, Shimao service, rongchuang service, Zhonghai property, Greentown service, Hejing Youhuo, Jianye new life, ya life service, Evergrande property and excellent business enterprise Service Hong Kong stock connect were as follows:
\u3000\u3 Xinjiang International Industry Co.Ltd(000159) 2%/8.50%/2.17%/9.39%/9.23%/0.93%/3.10%/1.01%/7.46%/2.64% 。
Among them, rongchuang service gained the most Holdings (+ 1.97%) during the week.
Company dynamics: last week, poly properties, China Merchants Property Operation & Service Co.Ltd(001914) , Jianye new life released its annual report Shenzhen Sdg Service Co.Ltd(300917) carry out the management of idle raised funds.
Industry news: last week, Hefei released the measures for the management of property credit information; Jinke service established a wholly-owned subsidiary Chongqing jinyurui Property Service Co., Ltd; Jinke service won the bid for Wuxi Huishan Yuqi street parking project.
Investment suggestion: last week, poly properties, China Merchants Property Operation & Service Co.Ltd(001914) , Jianye new life released the results of 2021.
Among them, the revenue growth rate of poly property in 2021 was 34.2%, which exceeded the performance guidance at the beginning of 2021 by 30%, which was basically the same as the growth rate of 34.7% in 2020. The net profit attributable to the parent increased by 25.6% year-on-year, which exceeded the performance guidance at the beginning of 2021 by 25%. The core net profit after excluding one-time exchange gains and losses increased by 30.6% (one-time exchange losses were caused by exchange rate changes), and the annual performance growth target was exceeded; The area under management was 465 million m3, with a year-on-year increase of 22.4%, the contract area was 656 million m3, with a year-on-year increase of 15.7%, and the scale increased steadily China Merchants Property Operation & Service Co.Ltd(001914) 2021 revenue and net profit attributable to parent company increased by 22.6% and 17.9% respectively year on year; Deduct the net profit not attributable to the parent company of RMB 365 million, with a year-on-year decrease of 5.32%. The difference from the net profit attributable to the parent company is mainly due to the income from changes in the fair value of investment real estate of RMB 110 million, and some hedges the performance impact brought by the provision for asset impairment of RMB 160 million; The area under management was 281 million m3, with a year-on-year increase of 47.2%. The number of projects under management increased from 1438 at the end of 2020 to 1717. The newly signed contract amount was 3.05 billion yuan, with a year-on-year increase of 24.2%. Overall, the performance and scale growth of the two central enterprises with deep non residential layout are stable, and the profit margin remains stable. It is expected to see the rapid growth of the performance of more leading enterprises during the 2021 annual report quarter. We suggest that in the medium and long term, we should pay attention to the market-oriented external expansion ability and single site optimization potential, and be optimistic about China Resources Vientiane life, country garden service, Xuhui Yongsheng service, Jinke service and Baolong business; In the short term, it is necessary to assess the credit risk impact of related parties, supplemented by the consideration of valuation and cost performance, and be optimistic about poly property, Jinke service, xinchengyue service, China Merchants Property Operation & Service Co.Ltd(001914) .
Risk warning: the price increase of property management fee is blocked; External expansion is less than expected; The expansion of value-added services was less than expected
