Core ideas:
Acquisition and operation, the achievement of today's Huangting International.
The company, formerly known as Shenzhen BCCHK, changed its name from Shenzhen BCCHK to Huangting International in September 15, with the majority shareholder Huangting Group, controlled by Zheng Kanghao, a Chaoshan businessman. By the end of the first quarter of 17 years, it held a total of 572 million shares of listed companies, accounting for 49.89% of the total share capital of the company. Many years of experience in commercial real estate operation is the precious wealth of Huangting International, and the support of major shareholders for listed companies is the core driving force for the development of the company.
Taking commercial operation as the main body, creating a comprehensive operation service platform with endogenous and extended light assets model expansion is the main mode of future development. By building a dual platform of property management and content services, the rapid promotion of brand and management can be realized. Self-owned properties are becoming more and more mature:
Huangting Plaza is the core asset of the company. as a large commercial complex with a rental area of 80,000 square meters, even if it is located in Shenzhen Futian core business district, passenger flow incubation and improvement of rental rate have been the core priority since its opening 14 years ago. At present, the project has basically reached full rent, and the rent level is expected to rise further after 17 years. M & A projects are rich and colorful: over the past 16 years, through sublease and acquisition, the company has increased the rentable area of properties held by a total of 80400 square meters. The exploration of light assets management model will help the company to expand its future projects. Join hands with Greentown, power property management: the company has hosted 315000 major shareholder commercial property projects, and managing a total of 1.3 million stock projects and future incremental projects with Greentown will be a major focus of the company's performance and revenue growth.
The results in 17 and 18 are expected to be 0.25 yuan and 0.35 yuan respectively, giving a "buy" rating for the first time.
According to the company's equity incentive performance commitment, the net profit of 17 years, 18 years and 19 years is 290 million, 470 million and 700 million respectively. On the basis of current projects and resource reserves, the company's light asset resource expansion model will provide strong support for future performance growth. Pay attention to the pace of expansion of new projects in the future and the progress of entrusted cooperation with large-scale real estate enterprises.
Risk hint
The property is concentrated in Shenzhen Futian business core district, and the future performance growth is more sensitive to rent.
