易居企业控股(2048.HK)：三大业务协同增长，业绩表现靓眼，维持“增持”评级
机构：东吴证券
评级：增持
事件
易居企业控股发布2019年半年报，2019上半年公司实现营业收入43.3亿元，同比增长55.8%；实现归母核心净利润6.7亿元，同比增长22.4%。
点评
收入增长超预期，房友平台贡献最大。2019上半年公司实现营业收入43.3亿元，同比增长55.8%；实现归母核心净利润6.7亿元，同比增长22.4%。从收入看，代理服务、房地产经纪网络服务（房友）、数据咨询服务三项业务收入增速分别为15.7%、681.3%、15.4%。
代理业务市占率持续提升。2019上半年，公司一手房代理业务代理销售面积2340万平米，同比增长14.2%；代理销售金额3200.3亿元，同比增长25.1%。截至2019H1，公司已签约但还未销售的储备项目总面积2.83亿平米，给未来公司代理业务收入打下坚实基础。未来公司将努力搭建一手房多点销售服务平台（PMLS），通过这个平台将上游开发商和下游渠道商链接。
房地产经济网络服务再次升级，数据及咨询服务稳健增长。截至2019H1，公司易居房友平台已经覆盖56个城市，上半年成功实现扭亏为盈。上半年通过房友平台累计为开发商销售4.0万套新房，总金额502亿元，同比分别增长742%、395%。2019H1公司数据及咨询服务实现收入4.43亿元，同比增长15.4%。公司未来将继续打造面向全行业的房地产经纪共享服务平台，落实“30000+”战略，即10000+门店、10000+渠道和10000+社区，构建贯穿房地产全领域的B端服务平台。
投资建议：易居旗下三大业务协同发展，形成闭环式全产业链服务，强大股东背景提升了公司业绩确定性和成长性；大数据及房友业务存在独特竞争优势，有效提升公司权威性及知名度。预计公司2019-2021年EPS分别为0.88、1.07、1.29元人民币，对应PE分别为9.3、7.6、6.3倍，维持“增持”评级。
风险提示：行业销售波动；政策调整导致经营风险（棚改、调控、税收政策等）；融资环境变动（按揭、开发贷、利率调整等）；企业运营风险（人员变动、施工、拿地等）；汇率波动风险
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
