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新股预览:力高健康生活(2370.HK)
New share Preview: Lego healthy Life (2370.HK)

光大新鸿基 ·  {{timeTz}}

背景 由力高集團(1622.HK)分拆的力高健康生活為江西省領先的物業管理服務供應商,服務網絡涵蓋長江三角洲地區、大灣區、環渤海地區及華中地區等核心區域,收益主要來自物業管理服務、非業主增值服務,以及社區增值服務;截至2021年9月30日,集團在管項目達91個,在管總建築面積達15.1 百萬平方米,並且已訂約管理位於內地11個省、市及自治區的28座城市的133 個項目,合約總建築面積為23.5 百萬平方米。集團自2018年獲中指院評為物業服務百強企業之一,排名從2018年第68位上升至2021年的第40位。 概要 與力高集團維持長期策略業務合作:在2018 年、2019 年、2020 年及2021 年首9 個月,集中總收入的97.8%、96.2%、91.3%、94.8%及79.0%分別來自由力高集團及其合營企業以及聯營公司開發的物業,其中物業管理服務收益當中分別有96.7%、93.4%、91.3%、92.4%及70.4%源自力高集團及其合營企業和聯營公司所開發物業,截至2021 年9 月底,相關物業的建築面積佔集團在管面積約66.2%,由於力高集團開發的住宅物業包含更多高端項目,而且開發的物業相對較新,更集中在一二線城市,因此集團收取的住宅物業管理費更高。 業務規模實現穩步增長:集團在管建築面積由2018 年底的5.9 百萬平方米增至2021 年9 月底的23.5 百萬平方米,收益亦從2018 年的人民幣124.3 百萬元增至2021 年9 月底的人民幣260.5 百萬元,這主要是因為物業管理服務產生的收益增長,特別是力高集團及其合營企業和聯營公司所開發物業的在管建築面積增加,加上2020 年底收購蕪湖森林的25 個項目已經併入集團,同時非業主增值服務產生的收益增長與集團的業務擴展(尤其是服務組合擴展)及在管建築面積持續增加一致。 競爭優勢及的業務策略:集團透過「生活+健康」雙管家服務體系、標準化運營管理系統及優質服務能力,並且憑藉物業管理服務所建立的堅實客戶基礎提供綜合社區康養服務;集團為鞏固於經濟發達地區的市場地位,將透過內部增長、戰略收購及與第三方物業開發商合作進一步擴大其項目組合,並進一步發展資訊科技服務及升級資訊科技平台,以最大化成本效益及提升其服務水平。

Background Rico Health Life, spun off by 1622.HK, is a leading property management service provider in Jiangxi Province. The service network covers core areas such as the Yangtze River Delta, Greater Bay, Bohai Rim and Central China. The income mainly comes from property management services, non-owner value-added services, and community value-added services. As of September 30, 2021, the Group has 91 projects under management with a total construction area of 15.1 million square meters, and has contracted to manage 133 projects in 28 cities in 11 provinces, municipalities and autonomous regions in the mainland, with a total construction area of 23.5 million square meters. The Group has been ranked as one of the top 100 property service companies by the Central Index Institute since 2018, rising from 68th in 2018 to 40th in 2021. Summary Maintain long-term strategic business cooperation with Lego Group: in 2018, 2019, 2020 and the first nine months of 2021, 97.8%, 96.2%, 91.3%, 94.8% and 79.0% of the total revenue came from properties developed by Lego Group, its joint ventures and associated companies, respectively. Among them, 96.7%, 93.4%, 91.3%, 92.4% and 70.4% of the income from property management services were derived from properties developed by Lego Group and its joint ventures and associates, respectively. By the end of September 2021, the construction area of related properties accounted for about 66.2% of the area under management by the group. As the residential properties developed by Lego Group contain more high-end projects, and the properties developed are relatively new. It is more concentrated in first-and second-tier cities, so the group charges higher residential property management fees. The scale of business has grown steadily: the construction area under management increased from 5.9 million square meters at the end of 2018 to 23.5 million square meters at the end of September 2021, and the revenue also increased from 124.3 million yuan in 2018 to 260.5 million yuan at the end of September 2021. This is mainly due to the increase in revenue generated by property management services. In particular, the managed construction area of the properties developed by the Lego Group and its joint ventures and associates has increased, coupled with the 25 projects that acquired Wuhu Forest at the end of 2020. At the same time, the revenue growth generated by non-owner value-added services is consistent with the Group's business expansion (especially the expansion of service portfolio) and the continued increase in managed floor area. Competitive advantage and business strategy: through the "life + health" double butler service system, standardized operation management system and quality service capability, and rely on the property management services to establish a solid customer base to provide comprehensive community health services. In order to consolidate its market position in economically developed regions, the Group will further expand its project portfolio through internal growth, strategic acquisitions and cooperation with third-party property developers, further develop IT services and upgrade its IT platform, in order to maximize cost-effectiveness and enhance its service level.

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