雅生活服务(03319.HK)FY19H1收入+59%、净利+63%第三方委管面积快速增长
机构:天风证券
2019H1雅生活收入22.41亿元,同比增长59.4%,8月7日,公司公告半年报,收入22.41亿元,同比增长59.4%,其中,物业管理服务收入12.27亿元,占比54.8%(+1.4pct),同比增长63.6%;外延增值服务收入8.1亿元,占比36%(-4.9pct),同比增长40.3%,其中案场物业管理服务3.79亿,同比增长27.9%、其他外延增值服务4.28亿,同比增长53.6%;社区增值服务2.1亿元,占比9.2%(+3.5pct),同比增长157.9%。
具体来看:
物业管理服务包括安保、清洁、绿化、园艺、维修保养等,为公司主要收入来源,截至2019H1,公司总在管面积为2.112亿平方米,较2018年底1.38亿方增加0.73亿方,增长率52.9%。该增长主要来源于:(i)继续接管雅居乐集团开发项目,期内新增在管面积为230万平方米;(ii)来自绿地控股的项目期内新增面积为310万平方米;(iii)第三方拓展及期内收并购的贡献,其中包括收购青岛华仁和哈尔滨景阳带来的在管面积分别为590和980万平方米,收购广州粤华的在管面积3000万平方米,以及收购兰州城关1790万平方米在管面积。
截至19H1雅生活在管物业面积中23.9%来自雅居乐集团;3.7%来自绿地控股;72.4%来自第三方物业开发商。
截至19H1,雅生活来自雅居乐集团及绿地控股住宅物业项目管理费单价中位数为3.04元/平方米/月(2018年为2.99元/平方米/月);来自第三方物业管理开发商所开发的住宅项目(不包括收并购)管理费单价中位数为2.04元/平方米/月(2018年为1.86元/平方米/月)。
目前物管市场仍较为零散,但在资本助力下行业集中度迅速提升,当前规模扩张仍然是雅生活的重要发展战略之一。雅生活需通过物业管理费有提升空间的区域及项目作为切入点,迅速丰富区域及业态组合,在第三方外拓市场的议价能力及中高端项目的获取能力不断提升。
截至19H1,在管面积中住宅类业态占比为58.7%,非住宅类占比为41.3%。非住宅类占比有所增加,主要是由于19H1通过收并购项目的非住宅类业态占比较高。住宅业态是雅生活扩展规模的根基,雅生活目前仍以提供中高端住宅物业管理服务为主,未来将继续通过调整结构、优化多业态组合,进一步拓展商业写字楼及公共建筑物业管理,提升雅生活非住宅领域的品牌知名度。
风险提示:核心人员流失,在管面积增长低于预期等
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