Main points of investment
The first gem registered property unit focuses on high-tech parks to create high-end brands. The special service is the first gem registered property stock, the special development group directly or indirectly holds 65% of the shares of the company, is the controlling shareholder of the company, and the Shenzhen SASAC is the actual controller. The company focuses on the property management track in the park, takes integrated facility management services as its core business, and is committed to becoming a high-end integrated service operator in China. By the first half of 2020, the area under management by the company was 2283.69 million square meters, of which the park area accounted for 89.8%. The average property management fee of the park property (non-site maintenance) was 7.8 yuan / square meter per month, which was higher than the industry average. The choice of business format and high-quality service have led to the rapid growth of the company's property management revenue, with a CAGR of 32% in the past three years, and profitability has been maintained at a high level.
The company operates steadily and has core competitiveness:
Major customers are high-quality and stable, and the brand advantage of benchmarking project is obvious. In the company's main science and technology park and office property track, the company already has Huawei, BABA, Tencent and other top enterprise customer resources.
The top five customers contribute more than 50% of the company's revenue, of which the company has cooperated with Huawei for nearly 20 years, and the service amount of the department in 1919 is as high as 255 million yuan, the cooperation is stable. The company continues to improve its scale by deeply digging the existing customer resources and building a benchmarking brand. In addition, 74% of the company's contracts are 2-5-year medium-and long-term contracts, which will bring stable cash flow to the company in the future.
Fine operation, continuous output of service standards. The company has strong professional ability in the field of integrated facilities and equipment, and can provide targeted services for different types of equipment and facilities. At present, the company has issued three major service standards for park, commercial and residential, and has compiled a visual scene service manual for application at the grass-roots level, such as the park category contains 7 modules, 45 first-level standards and 275 second-level standards. strong replication and maneuverability lays the foundation for scale expansion. The company has also established an effective salary and incentive system to retain core talents and ensure the stability of the company's daily operation.
With diversified development, government services have become a new growth point. In response to the call of logistics socialization, the company took the lead in entering the field of government affairs. the number of projects increased rapidly from 15 in 16 years to 102 in the first half of 2020, and the annual compound growth rate of government service revenue in the past three years was 73%. The proportion of revenue has increased from 6% to 13%, which has become a new growth point of the company's profits. At the same time, relying on the brand effect of the park, the company explores other high-end property markets such as public construction and commerce, and carries out value-added services to broaden the profit space. In 1919, the gross profit margin of the company's value-added services was 83%, and the area under management of public and commercial properties increased from 1.92 million square meters and 13.2 million square meters in 17 years to 4614,962 thousand square meters in 19 years.
With the help of fund-raising projects to expand the scale and reduce costs, the future development can be expected. According to the prospectus, the company will take advantage of the national investment project layout, build an information platform, and carry out intelligent upgrading and energy-saving transformation. At present, the company mainly lays out the core urban agglomeration, which is highly consistent with the layout of the national industrial park. In the future, the company will set up a marketing center in 24 cities to quickly distribute the whole country. In terms of scientific and technological empowerment, the manpower cost of 2020H1 accounts for 68.3% of the total cost. In recent years, the company has made some progress in reducing costs and improving efficiency by adopting "intelligent robot inspection system". The management expense rate of 2020H company is 6.6%, which is 3.3% lower than that of 16 years. It is estimated that after the intelligent upgrade of property management, the company's single project will reduce two order maintenance personnel and one engineering staff, a single project festival can save 222000 / year; after the completion of the energy-saving transformation, the annual energy consumption will be saved by 3.499 million yuan. The company's future scale expansion and cost reduction and efficiency improvement can be expected.
Risk tips: lower-than-expected scale expansion, high customer concentration, rising labor costs and other risks