According to the 2018 semi-annual report, Shenzhen Yunfang was included in the consolidated statement. The company achieved a total operating income of 2.07 billion yuan, an increase of 769% over the same period last year. The net profit attributed to shareholders of listed companies was 13.6 billion yuan, an increase of 28770 over the same period last year.

Regional real estate intermediary leader, gradually national layout. Shenzhen Yunfang, a wholly owned subsidiary of the company, is a real estate intermediary service provider with O20 model as the core, led by "Internet +".

The company's real estate intermediary service industry occupies the top three in the Pearl River Delta region and occupies a significant dominant position in the South China market. The company makes breakthroughs in the middle of China, ploughs second-hand houses in East China, and tries to rent and sell the same rights.

O20 model upgrade, innovative business model. In the first half of 2018, the company built and completed the secondary and tertiary market linkage system, adhering to the innovation road of "platform model + functional system + capital platform".

The ratio of brokers to online has increased from 6.6% to 10.5%, free traffic has increased from 20% to 35%, the number of daily active users of daizen app has increased from 8806 to 26227, installed members have exceeded 3.2 million, and the marketing efficiency of the company has been greatly improved.

It is planned to increase the number of non-public offerings to create a full service platform. The company plans to raise no more than 1.30158 billion yuan in non-public offerings. In addition to strengthening the construction of the trading platform, the company will make efforts to rent apartments for a long time, further improve the whole chain of real estate intermediary services, and further enhance the company's core competitiveness.

Shenzhen Yunfang has promised to achieve net profit (after deducting non-recurring profits and losses) of not less than 242.5 million yuan, 257.5 million yuan, 322.5 million yuan and 365 million yuan respectively from 2016 to 2019, and the 16-and 17-year performance commitments have been completed.

Give the company an "overweight" rating. It is estimated that the EPS in 2018, 2019 and 2020 will be 0.36,0.43 and 0.52 yuan respectively. The current stock price corresponds to 18.0,154,12.7 times PE in 2018, 2019 and 2020, respectively.

Risk tips: the real estate industry is subject to regulatory factors down; second-hand housing transactions fell sharply.