Real Estate · Half -year Daily | China Resources Vientiane Life Management: Adhere to the principle of mergers and acquisitions, and will not acquire mergers

On March 31, China Resources Vientiane Life (HK01209, a stock price of HK $ 35.7, and a market value of HK $ 81.485 billion) released the 2022 mid -term performance report and held a performance conference.

When asked about the future scale and profit margin, China Resources Vientiane Life Management stated that during the period of "Fourteen Five -Five", I hope that the scale of property management can exceed 400 million square meters. After that to increase profits, we must do a good job of endogenous growth. The endogenous growth of property comes from value -added services. Profit improvement is also a value -added service. "

In addition, in response to the choice of companies that collect mergers and acquisitions, China Resources Vientiane Life Management stated that it will adhere to the principle of mergers and acquisitions and will not mergers. It is hoped that the target company of mergers and acquisitions is stable and financially standardized. The focus should be to match the direction of strategic development, which can enhance the management concentration of the region.

Profit improvement comes from value -added services

In the two -wheel drive of "commercial management+property management", the proportion of property management income in the first half of China Resources Vientiane Life has further increased in its business revenue.

The financial report shows that the revenue of China Resources Vientiane lived in the first half of the year achieved a revenue of 5.278 billion yuan, an increase of 31.5%year -on -year. Among them, the revenue of the residential property management service sector was 3.354 billion yuan, an increase of 40.2%year -on -year; the income of the commercial operation and property management service sector was 1.924 billion yuan, an increase of 18.5%year -on -year.

It is worth noting that the value -added service income of China Resources Vientiane life has performed well. Among them, the revenue from the community value -added services was 560 million yuan, an increase of 77.7%over the same period last year, accounting for 10.6%of total revenue.

At the performance meeting, China Resources Vientiane Life Management pointed out that after the scale is large, the profit must be improved, and the increase in profits must also come from value -added services. The endogenous growth of property comes from value -added services. The benchmarking of excellent international property management enterprises, basic property management and value -added services can reach 1: 1.

"We have greatly improved our value -added services this year, reaching 16%, and there is still much room for improvement in the future. Moreover, the profit margin of value -added services is also much higher than the gross profit margin of our basic services."

In the first half of the year, China Resources Vientiane Life achieved gross profit of 1.672 billion yuan, an increase of 29.4%year -on -year; gross profit margin was 31.7%, a slight decrease of 0.5 percentage points year -on -year, and the core net profit was 1040 million yuan, an increase of 33.5%year -on -year.

"The gross profit margin of basic services should still be maintained at a reasonable level. It is impossible to increase the gross profit margin of basic property management too much, or the expectations are too high. In the future, the profit improvement in property is the value -added service." Li Xin, chairman of the board of directors of China Resources Vientiane Life, emphasized at the performance meeting.

Will not buy mergers and acquisitions

At the moment when the funds of housing enterprises are generally under pressure, the acquisition market has gathered on the head enterprises with more flexible funds and financing channels and has a background of the central enterprise.

On January 25 this year, China Resources Vientiane Life and China Merchants Bank signed the "M & A Financing Strategic Cooperation Agreement" to obtain 3 billion yuan of mergers and acquisitions of financing. This is also the first M & A loan this year's property industry.

Holding a lot of funds and smooth financing channels, China Resources Vientiane lived in the first half of the year's mergers and acquisition markets. During the reporting period, China Resources Vientiane Life successfully acquired Yuzhou Property Management Co., Ltd., Jiangsu Zhongnan Property Management Co., Ltd., and Sichuan Jiuzhou Qiancheng Property Management Co., Ltd., with a new pipe area of ​​72.85 million square meters.

At the performance meeting, Yu Linkang, the president of China Resources Vientiane Life, said, "In terms of mergers and acquisitions, whether it is property management or commercial management, we will actively pay attention to the opportunities in the market. But we will adhere to the principle of mergers and acquisitions. I still hope to increase and expand the scale through multiple measures. "

Regarding the choice of the acquisition standard, Yu Linkang expressed that he hoped that the target company of mergers and acquisitions was stable and financially standardized. The focus should be to match the direction of strategic development, which can enhance the management concentration of the region; at the same time Reasonable, with a certain scale.

In the first half of the year, China Resources Vientiane Life Property Management has accelerated and expanded. Housing and other property management business covered 136 cities across the country with a contract area of ​​323 million square meters. Meter.

However, the accelerated expansion of the scale of consolidation and purchase has also reduced China Resources Vientiane Living debt ratios and cash. As of the end of the reporting period, the total bank deposits and cash (including restricted bank deposits) were 12.98 billion yuan, a decrease of 6.8%from the end of last year; the asset -liability ratio was 43.5%, an increase of 7.8 percentage points from the end of last year.

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