永升生活服務(1995.HK)信息更新報吿：雙品牌收購，強強聯合，資源融合優勢明顯，維持“買入”評級
機構：開源證券
評級：買入
規模躋身第一梯隊，定位智慧城市服務，維持“買入”評級
永升生活服務深耕行業近20年，背靠旭輝集團資源優勢強大，具備優秀的第三方外拓能力，多業態均衡發展，成長迅速。社區增值服務依靠高客户粘性持續發力，非業主增值服務營收提速明顯且毛利率穩步提高。旭輝集團並表後形成聯合品牌，協同效應將顯著提升。公司基本面持續向好，我們維持盈利預測不變，預計2020-2022年歸母淨利潤分別為3.80、5.73、8.48億元，同比增長70%、51%、48%；EPS分別為0.23、0.34、0.51元/股，當前股價對應PE估值為74、49、33倍。維持“買入”評級。
戰略併購，價低質優，圍繞區域聚焦戰略積極推動
1月7日，公司全資附屬上海永升與泰興控股等訂立框架協議，上海永升有條件地同意收購目標公司彰泰服務65%已發行股本，彰泰服務承諾2020年淨利潤不低於6000萬元，現金代價4.34億元人民幣。此次收購性價比凸顯，估值對應彰泰服務2020年業績僅11倍。彰泰服務是全國百強物業公司，是廣西本土的中高端物業服務公司，區域深耕能力強，未來增值服務訂單有保障，與公司深耕戰略不謀而合；除住宅物業外，彰泰服務也開始持續拓展非住宅業態。此次併購後，永升生活服務可以充分享受彰泰服務在廣西區域的地域資源優勢，增加項目分佈密度；同時公司在增值服務、產品品牌、智慧物業上優勢顯著，未來可以賦能給彰泰服務，將有效提升其經營業績。
旭輝集團並表，“地產+物業”雙品牌拓展，資源融合優勢明顯
旭輝集團此前就採用雙品牌戰略成功收購山東銀盛泰，本次併購是雙品牌拓展的再一次成功案例。2020年5月旭輝集團對永升生活服務實現並表，“旭輝+永升”聯合品牌是公司對外市場化拓展的獨特優勢。根據CRIC百強房企排行榜，2020年彰泰集團實現銷售額224.5億元，銷售面積291.4萬平米，有效保障彰泰服務的內生增長規模。
風險提示：行業銷售規模波動加大，外拓業務不及預期，人工成本上行壓力。
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