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中天精装(002989):新股询价定价报告

華鑫證券 ·  Apr 28, 2020 00:00  · Researches

  The company is a leading domestic fine decoration service provider, mainly providing batch finishing services for large domestic real estate companies, etc. The specific business includes building decoration engineering construction, building decoration engineering design, etc., and the company has strong market competitiveness in the field of fine decoration. The company's revenue comes from batch refinement business, design business, and other businesses. Among them, the batch decoration business is the company's main business, contributing more than 99% to the company's revenue during the reporting period. (1) At present, the company has the capacity to deliver 45,000 batch refurbished housing units per year, and has delivered a total of 220,000 finished housing units. At present, the company's batch refinement business has set up 11 regional centers across the country, focusing on covering cities with relatively developed economies in the region, and has initially developed batch refinement business capabilities covering the whole country, providing the necessary guarantee for the continuous and stable development of the company's business. In the future, the company will set up regional business centers in 15 key regions across the country. (2) At present, the company has become Vanke Real Estate (000002.SZ), Poly Real Estate (600048.SH), Longhu Real Estate (0960.HK), Country Garden (2007.HK), Zhonghai Real Estate (0688.HK), Times Real Estate (1233.HK), Sunshine City Real Estate (000671.SZ), China Airlines Shanda (000043.SZ), Xuhui Real Estate (0884.HK), Xiangjiang Holdings (600162.SH), China Merchants Shekou (001979.SZ), China Merchants Shekou (001979.SZ) Real Estate (1638.HK) Suppliers to large real estate companies such as Agile Real Estate (3383.HK), China Jinmao (0817.HK), OCT (000069.SZ), Midea Real Estate (3990.HK), and China Resources Real Estate (1109.HK) have high-quality and stable customer resources that guarantee the sustainable development of the company's main business and provide a solid guarantee for the company's leading edge in the residential batch hardcover business market in China. At the same time, with the continuous improvement of the business development and project management level of major customers across the country, the company's business layout and business level are also improving in order to meet business needs. (3) Since its establishment, Zhongtian Hardcover has received more than 100 awards. Currently, the company is a member unit of the China Building Decoration Association, Guangdong Construction Industry Association, and Shenzhen Decoration Industry Association. After years of development, the company has accumulated strong market influence and recognition in the field of batch decoration, and a good corporate image has become an important guarantee for the company to continuously develop business opportunities.

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