Kaiyuan Property (831971)-The leading financial position of the hotel-style property service industry continues to improve

Kaiyuan Property (831971)-The leading financial position of the hotel-style property service industry continues to improve

Event: The company released its 2018 annual report to achieve operating income7.

25 ppm, an increase of 31 in ten years.

01%; net profit attributable to mother was 6882.

490,000 yuan, an annual increase of 32.

90%.

The company’s IPO and listing on the GEM were approved by the China Securities Regulatory Commission.

(Company Annual Report) Comprehensive market-oriented property service provider with wide business coverage: The company is a multi-format, comprehensive property service provider of a market-oriented operator.

The company follows the business development strategy of “based on Hangzhou, enriching Zhejiang, developing the Yangtze River Delta, and focusing on the whole of China.” The company adheres to a market-based business development model, focuses on advantageous industry forms and advantageous regions, and features “hotel-style services”.The innovation of management and service system has accumulated rich experience in multi-format property management, providing professional property management services for residential, public, hospital, office and commercial property formats. The service scope has covered Zhejiang, Shanghai, Jiangsu, Henan, and Shandong.And other areas, among the best in the local area.

(Company annual report) The operating income has grown rapidly, with East China as the main source of income: the company’s operating income in 2018 was 7.

25 ppm, an increase of 31 in ten years.

01%, the first is the increase in management scale.

Revenue from property services was 7.

7.0 billion, accounting for 97% of revenue.

43%.

From a regional perspective, East China is the main source of income, with income of 6.

770,000 yuan, an increase of 35 in ten years.

61%, with a revenue share of 93.

33%, the first is the increase in the proportion of operating income in Zhejiang.

The Northeast area is mainly Dalian and Harbin Sea areas, and the operating income is reduced. The main reason is that Harbin Sea undertook a residential community property management in 2015, and the project was withdrawn in September 2017.

(Company Annual Report) Adhere to hotel-style property services and flexible management mechanism: The company adheres to the characteristics of “hotel-style property services”, provides professional and differentiated services, and divides the main scale of property management projects into real estate development.The company, the company has many years of market-oriented operation experience, and the advantages of the operating mechanism make the company become a peer that can provide higher cost-effective services, and has sufficient market development power, competitive ability to replace.

The company was recognized by the China Index Research Institute as “the leading brand in China’s market-oriented operation of property services” for three consecutive years in 2016, 2017, and 2018.

(Company Annual Report) The management team is young and professional, and the brand reputation is good: the company has a young and professional management team.

Senior managers are mainly concentrated in the post-70s-80s age group, with excessive industry resources and alternative execution capabilities; intermediate managers are mainly concentrated in the post-80s, with sufficient vitality and motivation.

At the same time, the company’s incentives for dating employee shareholdings stimulate the enthusiasm of key members.

At the same time, the company has passed a variety of management system certifications such as quality management system, environmental management system, occupational health and safety management system, energy management system, etc. At the same time, its own brand influence has been improved and it focuses on serving mid-to-high-end properties.

The company won the “2018 武汉夜生活网 National Top 100 Comprehensive Property Management Enterprises”, “2018 China Top 100 Real Estate Service Leading Enterprise”, “2018 China Hospital Property Management Leading Enterprise”, “Zhejiang Famous Brand Product”, “Hangzhou Famous Brand Product”And so on.
In the “2018 National Property Management Industry Development Report” issued by the China Property Management Association, the company ranked 27th in the comprehensive strength of China’s property service companies.Weak status and strong brand influence.

(Company annual report) Investment advice: Terminate to the latest closing, the company merges 18.

73 yuan, market value 7.

69 ppm, PE is 11.

2X, it is recommended to pay attention.

Risk reminder: market competition risk, risk of excessive concentration of business areas, business expansion risk