易居企業控股(2048.HK):內場被壓縮,外場初開花,給予“增持”評級
機構:國泰君安
評級:增持
本報告導讀: 一方面,傳統代理公司在新房銷售渠道能力逐漸被弱化,公司一手代理業務佣金費率 下降造成本版塊收入的下滑;另一方面,房友一二手聯動外場分銷效果凸顯。
摘要:
業績增長符合預期,維持增持評級。2019 年雖然公司實現收入增長 52.9%,但淨利潤卻同比減少 10.3%。收入的大幅增長主要是因為房友 的場外分銷增長超 7 倍,與此同時帶來的巨大的成本支出,而房友也 是繼 2016 年推出至今實現首次扭虧為盈。整體來看,雖然內場的傭 金率處於下滑通道,但公司背靠房企股東在傳統一手代理有保障的情 況下,房友也開始從前期的投入進入了收獲期,新賽道將貢獻業績以 及降低公司運營風險。
一手代理雖實現承銷面積增長 4.9%,但由於佣金率的下降導致收入 減少 3.9%。目前傳統代理公司在新房銷售渠道能力逐漸被弱化,電 商等多渠道營銷方式以及二手房經紀公司“一二手聯動”的出現削弱 了代理的銷售能力,最直接的表現為代理行業佣金費率的下降以及市 佔的下滑。背靠房企股東以及領先房企戰略合作背書,公司目前已籤 未售儲備項目面積達 2.88 億方,保證了未來一手代理業務穩定發展。
房友一二線聯動成效凸顯,收入增長超 7 倍。雖然內場的利潤被壓縮, 但房友整合渠道賺外場分銷的錢效果凸顯, 2019 年房友實現銷售收入 的超 7 倍增長。公司推出了友房公盤資源共享平台、友房通 2.0、易 居房友管理系統 2.0、房友數據研究院、房友學院等系列產品,大力發 展一二手聯動業務,併為中小微中介及經紀人賦能。繼 2019 年中期 單板塊實現扭虧為盈後,全年盈利 57.9 百萬元。
立志成為不動產行業「科技賦能、智慧服務」的奮鬥者、整合者和領 導者。在一手房代理服務業務方面,公司將從高速發展,轉向高質量 發展,通過智能服務,提質增效;在房地產經紀網絡服務平台業務方 面,公司將打造新房多點分發平台(PLMS)以及構建中小微經濟生態圈 (房友小微);在房地產數據及諮詢服務方面,公司將繼續圍繞地產大 數據,不僅要賦能服務開發商,更要賦能服務整個不動產行業。
風險提示:一手代理大幅業務大幅萎縮。

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