投資概要
時代鄰里成立於1998年,主要為時代中國所開發的物業提供物業服務。集團紮根在大灣區超過20年,不斷擴大其在大灣區的物業管理範圍,公司在2019年12月於香港交易所主板上巿。在《2020中國物業服務百強企業研究報告》中,時代鄰里於2020中國物業服務百強企業中排名十二。主要業務包括物業管理服務、非業主增值服務、社區增值服務和其他專業服務。公司以「深耕大灣區,面向全國,加速多元化業務佈局」作為其發展戰略。在2020年上半年,公司收入實現高速增長,總收入達人民幣7.02億元,同比增加54%。在撇除上巿費用的影響後,股東應佔核心利潤為人民幣0.84億元,較去年同期增加76%。
積極進行外拓 在管項目多元化
公司積極拓展版圖,截至2020年6月30日,時代鄰里業務覆蓋全國17個城市,擁有物業管理項目298個,物業管理在管面積達4835.3萬平方米,相比2019年底增加25.8%。在新增的在管面積中,有574.7萬平方為新收購所帶來的面積,而期內公司新業務和終止業務的在管面積分別為548.2萬平方米和130.5萬平方米,公司在管物業組合多元化,截至2020年6月30日,公司物業管理在管面積中,40.6%為住宅物業,而59.4%為非住宅物業。例如商業物業及寫字樓、政府大樓、工業園、公共設施、醫院、機場以及學校等。
國內物管行業快速發展
近年來,國內的物業管理行業規模快速發展,據《2019物業服務企業發展指數測評報告》中的數據指出,截至2018年底,全國物業管理行業管理面積約279.30億平方米,相比2013年的154.90億增長逾80.31%,年複合增長率為12.5%。當中主要集中在廣東省、江蘇省和浙江省,合計佔全國物業管理規模約26.0%。中國物業管理協會預測中國物業管理總面積將在2023年達到376.7億平方米,較2018年底增加近100億平方米。
巿場集中度提高
中國物業管理行業競爭激烈,過往巿場由大大小小不同的物業管理公司所組成,根據克而瑞(CRIC) 的數據,2018年底,巿場上有超過127,000間物管公司。為擴大在管建築面積以提高巿場地位,大型公司分別透過內部增長及併購中小型物業管理公司兩種方法加速擴張。
透過收購項目進入管理細分領域
公司透過收購拓展進入細分領域,在上半年成功收購了廣州市浩晴物業管理有限公司(廣州浩晴)和廣州市耀城物業管理有限公司(廣州耀城),代價分別為人民幣3,270萬元和人民幣1,487萬元,以進入供電行業的細分領域。廣州耀城成立於2003年,主要提供物業管理及園林綠化維護等綜合性物業管理服務,服務對象主要為供電系統單位及相關政府機關等。截至 2019年12月底,耀城物業在管項目27個,在管面積大約243萬平方米,其中約94%在管面積為供電系統單位。廣州浩晴以物業服務為主,兼營多種業務,業務涉及政府機關和供電系統單位。
估值與投資建議
公司在配股後備有充裕的現金以進行併購,為未來提供潛在的增長空間。公司今年的收購亦讓公司進入電力設施的細分領域。時代中國為公司提供穩定的項目供應,加上公司自身的外拓能力,預期公司未來收入將持續提升。我們預計公司2020年2021年的每股盈利為22.72仙人民幣和41.38仙人民幣,給予目標價14.25港元對應2020年和2021年56.45x /31.00x預期市盈率。給予買入評級
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Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.