Nandu Property (603506) Quarterly Report Review: Contract Area Continues to Expand to Promote Rapid Growth of Company Performance

Nandu Property (603506) Quarterly Report Review: Contract Area Continues to Expand to Promote Rapid Growth of Company Performance

Event: The company announced the third quarter report of 2019, and the company’s net profit for the first three quarters was 8,659.

540,000 yuan, an annual increase of 31.

41%; operating income 9.

02 ppm, an increase of 22 in ten years.

27%; basic profit return is 0.

65 yuan, an annual increase of 27.

45%.

The cumulative contracted area increased by 14%, and the newly contracted area was nearly 5.88 million square meters. For the property company, the number and area of managed projects are the basis for performance growth.

In the first three quarters of 2019, the company continued to promote the nationwide layout. The company has accumulated a total of 471 contracted projects, an increase of 60 from the same period of the previous year, and a conversion rate of 15%. The company has a total contracted area of 6028.

970,000 square meters, an increase of 740 over the same period last year.

530,000 square meters, with a strength of 14%.

The increase in management area promoted the continuous improvement of the company’s performance, and reported that the operating income of the two companies reached 9.

02 ppm, an increase of 22 over the same period last year.

27%.

The company’s advance receipts reached 2.

US $ 0.7 billion, an increase of 59% over the same period of the previous year, mainly due to the expansion of the company’s business scale, the increase in delivery project integration and the 杭州夜网论坛 use of pre-receipt methods, reflecting the company’s continued growth in substitution.

The number of reports, the company’s growth in market development and strengthening of cash management, net profit increased by 34 compared to the same period last year.

77%.

Develop diversified property services and try to transform from a property manager to a city service provider. On the basis of a solid basic property business, the company seeks differentiated development and expands business types.

The company actively explores multi-faceted cooperation models such as “asset + operation, space + service, investment + management”, and extends the service target to the entire city.

For example, Jinfeng Property covers sanitation services (management of rivers, attractions, infrastructure facilities and other projects), and the forestry property service format covers terminals, schools and other special projects.

The company cuts into the field of long-term rental apartments with brands such as the islands JUNGLE, and carries out the operation of existing real estate.

The company expanded its market development efforts. In the reporting year, the company’s sales expenses increased by 33 compared with the same period last year.

11%, and the community’s O2O business vigorously launched sales, resulting in an increase in inventory of 200%.

The property enters the strong and strong stage, the company maintains the first echelon position to enhance the brand influence. The property management industry is showing a “strong and strong” competition pattern, and the concentration of certain companies is constantly increasing.

In the research and selection of the top 100 real estate service companies in China in 2019, the company was ranked 18th in the “2019 Top 100 Real Estate Service Companies in China” (19th in 2018).At the 3rd International Property Management Industry Expo, it won the TOP32 of the top 500 real estate service companies in 2019.

The company continues to maintain its position as the first echelon of domestic property companies to enhance brand influence and expand the foundation for future sustainable business development.

Investment advice and profit forecast We estimate the company’s net profit for 2019-2021 to be 1.

16/1.

59/2.

12 trillion, corresponding to 0 EPS.

86/1.

19/1.

58 yuan.

The company’s contracted area continued to rise steadily, and diversified business development provided the company with new performance growth points, maintained a leading position among domestic property companies, and maintained a “buy” rating.

Risk warning: real estate cycle fluctuates, project expansion is less than expected, and labor costs rise too quickly