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Rongchuang's service is full of crisis: small volume and high price, 90% of property income depends on rongchuang China
2020-11-10 12:08:00 【BEDO Finance】
lately , Real estate is very busy , It's obvious that they are going to be listed together . This year, 10 month 30 Japan , Shimao Services 、 Hejing Youhuo landed on the Hong Kong stock exchange . At present , Jinke service 、 Rongchuang service has launched the IPO , Evergrande property is also on the way .
meanwhile , Real estate is also depressed . First day of listing , First Services Holdings 、 Shimao Services 、 Hejing Youhuo has been treated coldly by the market , And in IPO First day break . among , Only the first day of Shimao service was saved 16.6 The Hong Kong dollar / The issue price of the shares .
But up to 11 Monthly closing , First Services Holdings 、 Shimao Services 、 Hejing Youhuo did not exceed the issue price again on the trading day . And this is for the Jinke service which will be listed in Hong Kong 、 For rongchuang service , There is no doubt that it is an extremely obvious signal —— Property stocks cannot be bought .
That's why ,11 month 9 The financial innovation service of IPO was opened on the day of , Even with Tencent 、 Star investment institutions such as Hillhouse capital are the cornerstone , Still can't let investors rest assured to purchase . data display , The oversubscription multiple of rongchuang service on the first day is only 1 times , It is far lower than that of the bio pharmaceutical company Deqi Pharmaceutical Co., Ltd .
90% of property income depends on finance to create China
Bedouin learned that , Rongchuang service plans to issue 6.9 Million shares . among , On sale in Hong Kong 4830 Thousands of stocks , International sale 6.42 Million shares , The offer price per share is between 10.55 HKD to 12.65 The Hong Kong dollar . According to the calculation , It is expected to raise at most 87.3 Million Hong Kong dollars , expect 11 month 19 Officially listed on April .
By 2020 year 6 month 30 Japan , The total construction area of rongchuang service contract is 2.32 Billion square meters , Covering China 29 A province 、 Autonomous regions and municipalities 127 Cities . management 660 Property , Include 418 A residential property and 242 It's a non residential property , The total floor area of the project is up to 1.05 Billion square meters .
As a property management service provider of rongchuang China , Rongchuang service to rongchuang China （ Rongchuang group ） Highly dependent on . According to the prospectus ,2017-2020 year 6 end of the month , The proportion of income generated by the parent company of rongchuang service management is respectively 99.4%、99.1%、99.6% And 86.6%, The proportion of independent third party income is very small .
let me put it another way , The growth of rongchuang service mainly depends on the “ Blood transfusion ”. data display , By 2020 year 9 month 30 Japan , The total floor area of rongchuang service contract is 2.47 Billion square meters , Total coverage 1284 A project . among , Only the contracted floor area is 5930 Ten thousand square meters 409 Projects are external projects .
According to the prospectus ,2017-2019 year , As the single largest customer of rongchuang service , The non owner value-added services and property management services provided to them are respectively 6 One hundred million yuan 、11.3 One hundred million yuan 、17.4 One hundred million yuan , Accounting for the total revenue of rongchuang service 53.7%、61.3%、61.6%.
Rongchuang said in the prospectus that , In order to expand the customer base and reduce the dependence on rongchuang group , Rongchuang serves from 2019 Since, a series of measures have been taken to actively carry out the project extension . since 2019 From the year up to 2020 year 9 month 30 Japan , The total number of external projects providing property management services has been obtained 56 individual .
It's much smaller than the head , High P / E ratio
according to the understanding of , The main business of rongchuang service is divided into property management service 、 Non owner value added services and community value added services .2020 In the first half of , The proportion of revenue of the three is respectively 58.8%、37.8% and 3.4%, Each contributed to 10.53 One hundred million yuan 、6.76 One hundred million yuan 、6157.3 Ten thousand yuan of income .
On the whole , The prospectus shows , Rongchuang service 2017 year 、2018 year 、2019 The annual revenue is 11.12 Billion 、18.42 Billion 、28.27 One hundred million yuan , The annual compound growth rate is 59.5%. At the same time , The profits are respectively 4296 Ten thousand yuan 、9831 Ten thousand yuan 、2.7 One hundred million yuan , The annual compound growth rate is 150.7%.
2020 In the first half of , Rongchuang service revenue 17.9 One hundred million yuan ,2019 Revenue for the same period of the year 11.7 One hundred million yuan , Year-on-year increase 52.99%. At the same time , Net income of 2.51 One hundred million yuan , Year on year 2019 In the first half of 5362.5 Ten thousand yuan , growth 367.6%.
in fact , Although the growth rate of rongchuang service is fast , But the volume with other property management companies is not big , The scale of its revenue 、 Contract area and area under management are far lower than Vanke property 、 Country Garden Service 、 Evergrande property 、 Green city service, etc .
among , Vanke property 2019 Annual operating income 127 One hundred million yuan 、 Country Garden Service 96.5 One hundred million yuan 、 Evergrande property 43.8 One hundred million yuan , And rongchuang service is in 2019 The annual revenue is only 28.3 One hundred million yuan , There is an obvious gap between the scale of revenue and Vanke property , It's only a fifth of Vanke's property .
By 6 month 30 Japan , The overall average property management fee of rongchuang service is about per square meter per month 3.03 element , The average property management fee of residential property is about per square meter per month 2.7 element , On the same day, the average property management fee of non residential property is about per square meter per month 7.72 element .
Here's the thing to watch , Compared with the earlier prospectus of rongchuang service, we found that , Compare with 2020 year 3 month 31 The data of , The average property management fees for both residential and non residential properties of rongchuang service decreased , The overall average property management fee decreased by about 10.9%.
China Thailand International 11 month 9 The Research Report on rongchuang service was released on May , Rongchuang service 2019 The annual P / E ratio is about 101.4-121.6 times , Above the industry average . Considering that the company's valuation is too high and several property management companies have broken out on the first day recently , China Thailand International gives it 69 branch , Rating is “ Neutral ”.
Bedouin learned that ,2020 Since then , There is a total of 5 A new property issue broke out on the first day of trading . among , Only this year 10 month , There is 3 Property new shares . Besides , Excellent business enterprise services are also listed in the first 6 Day break . For now , Rongchuang service is also in danger .
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