The second curve of Longhu: Longhu Zhichuang Life has grown 59%in 3 years, and the "commercial management+property management" model improves the rarity

Produced ｜ Company Research Office

Text ｜ Cooky

"Is there a iceberg that we can't see, what should we do if we hit it?"

In the past ten years, Wu Yajun has a strong barrier to Longhu with this alert mentality, allowing Longhu to have a chip of the crossing cycle in the downturn of the real estate.

Faced with the time of the institution some time ago, Longhu recently responded to a strong response.

The cost of financing has been further reduced, the financing channels are unblocked, and the pressure of short -term debt payments is basically not paid during the year. Long Lake uses a safe cash flow to keep the most important "lifeline" of housing companies and inject confidence into private real estate companies.

In addition to the real estate development business, in the first half of this year, Longhu Zhichuang Life increased by 59%in three years, a growth rate of 33%year -on -year, and continued to maintain high growth.

The combination of "commercial management+property management" is originally a scarce standard in the market. In addition to the well -recognized property services in the industry, Longhu project in the Tianjie project in the core area of ​​the first and second -tier lines will inevitably further improve the Longhu of Longhu, which has just updated the prospectus, The future valuation of Zhichuang Life.

The core profit of income increased doubled, and the channels for smooth channels for financing dropped to 3.99%

Today, although performance and scale are no longer the most important indicators for real estate companies, when the real estate industry is in trouble, some stable real estate companies still have the ability to make excellent answers to the outside world.

In the first half of 2022, Longhu Group achieved operating income of 94.80 billion, an increase of 56.4%year -on -year; gross profit 2015 billion, an increase of 20.1%year -on -year, and a gross profit margin of 21.3%. The core profit was 6.55 billion, a year -on -year increase of 6.1%.

In the first half of 2022, Longhu realized contract sales of 85.81 billion and the sales area of ​​5.185 million square meters. In Chongqing, Shenyang, Jinan, Hefei, Guiyang, and Xianyang, they won the cities to sell laurels. 15 cities entered the top five in the market and 33 cities entered the top ten in the market. Such sales performance also explained that buyers' recognition of Longhu brand has Essence

At present, cash flow is the most important "lifeline" of real estate companies. Safe cash flow is the most important weapon for housing companies to resist risks.

At the end of June 2022, Longhu Group's cash short -term debt ratio was 4.07 times, which met the "three red lines" requirements for six consecutive years. From the perspective of strict standards, after excluding pre -sale supervision funds and limited funds, Longhu's cash short debt ratio will still reach 3.09 times.

Among the interest liabilities of Longhu, the debt due within one year was 21.52 billion, accounting for only 10.1%, and the average loan period was 6.28 years. The company's debt was mainly based on long -term debt, and the debt structure was good.

In terms of factors such as Longhu's sales, short -term debt ratio, and long -term debt structure, Longhu paid short -term debt is basically no pressure. Good sales and low debt risk formation of "positive feedback" can help Longhu more stable in the current market environment.

It should be noted that Longhu is still one of the few private housing companies with land acquisition and obtaining financing support.

In the first half of 2022, Longhu added 17 new plots, with a land price of 13.1 billion yuan. The total construction area of ​​the new soil storage was 2.26 million square meters, and the equity area was 1.34 million square meters.

Since the "three red lines", most private housing companies have encountered greater difficulties on the financing side. Only a few private real estate companies have been "green lights" by financial institutions at a good credit level, ensuring the stability and smooth financing channels.

In the first half of 2022, Longhu dropped the financing cost to 3.99%, a year -on -year decrease of 31 basis points. In August, Longhu issued the first medium -term bill for China Bond Credit Investment Co., Ltd. to make full guarantee, which opened a new model for private housing enterprises' financing. The financing interest rate was as low as 3.3%.

Whether it is the sales side, the investment side, or the financing side, the performance of Longhu has injected confidence in private housing companies.

The first half -year operating income exceeded 10 billion, and Tianjie increased the rarity of "property management+business management"

In the past two years, when the valuation of the property management company is high, the outside world has been "urging" the listing of high -quality real estate companies such as Vanke and Longhu, but both Vanke or Longhu, it seems to be in a hurry.

In November 2021, when Vanke confirmed the spinning of all things to go public, Yu Liang said such a sentence: "If the valuation is relatively rational, it will be more conducive to the growth and a better mentality of employee business." Facing impetuous impetuousness, in the face of impetuousness The capital market, pursuing the natural development of the business and the success of the time, maybe it is the strategy of the response of Vanke and Longhu.

Under the "one Longhu" ecosystem, the diversified business business of Longhu's commercial investment and property management shows high -efficiency and coordinated characteristics, maintaining a high growth trend, and contributing stable income and profits to the group. In the first half of 2022, Longhu's operating business revenue was 11.04 billion yuan, exceeding 10 billion yuan for the first time, an increase of 26%year -on -year, and a compound growth rate of 36%in 3 years.

2022年初，龙湖集团进行了一次品牌升级，将原物业服务、商业运营等业务进行有机融合，推出了全新生活服务品牌——龙湖智创生活，以先进科技全面赋能物业管理及商业运营，并The spin -off is listed on the Hong Kong Stock Exchange.

In the first half of 2022, the full -caliber revenue of Longhu Zhichuang Life was 6.3 billion yuan, an increase of 33%year -on -year, a 3 -year compound growth rate of 59%, and a comprehensive gross profit margin of 29%.

Zhao Yi, CFO of Longhu Group, said at the performance meeting, "Longhu Zhichuang's life has converted the focus of development into endogenous, paying attention to endogenous conversion rate, the efficiency of taking over, and the improvement of gross profit margin to reduce low -quality mergers and acquisitions. From From the perspective of data in the first half of the year, Longhu Zhichuang Life's business is running smoothly. "He also said that" the annualized income of Longhu Zhichuang Life in the future will increase by more than 40%and the annualized profit growth of more than 50%, which is fully available. " In the service sector, most companies focus on property management, and a few companies can do well in property management and commercial operations at the same time to achieve two -wheel drive. This has made the combination of "commercial management+property management" have always been scarce in the market, and then enjoy higher valuations.

Taking two central enterprise property companies as an example, China Resources Vientiane Life is currently valued at about 34 times by virtue of the "commercial management+property management" model; and the Chinese Shipping Property represented by traditional property management is about 25 times. Value differences are obvious.

If Vientiane City is a masterpiece of China Resources Commercial Management, Tianjie is the signboard of Longhu in commercial real estate. Since the opening and operation of the first Longhu Tianjie-Chongqing Beicheng Sky Street in 2003, Longhu has a 20-year shopping mall operation management experience, and naturally it will also increase the valuation of Longhu Zhichuang's life.

In addition, Longhu Commercial has formed a copy -available "commercial management" method, and long -term accumulated brand influence and management capabilities have begun to output.

From May 20th to 28th, in less than 10 days, Longhu opened two light and one shopping centers, namely Chongqing Aijia Liangjiang Xingyuehui, Hangzhou Wujiao Tian Street, and Jiaozhou Tianjie in Qingdao.

The light asset model is an important supplement to the layout of Longhu Business to improve the grid layout. Along the path of "extension", the growth rhythm of the "commercial management" business is steadily accelerating.

As of the end of June 2022, Longhu opened 65 operating malls. The construction area of ​​the shopping mall has been 6.18 million square meters, and the overall rental rate is 95.6%. It will be opened in the next five years. In the second half of 2022, 9 Sky Streets are expected to open in first- and second -tier cities such as Beijing, Shanghai, Chongqing, and Wuhan.

Per capita income is 423,700 yuan, technology empowerment and optimize the business model business model

Although the property industry has been sought after by capital in recent years, for a long time, the property has been at the bottom of the real estate industry contempt chain and is considered a poor business model.

Public information shows that Longhu's property management sector began in 1998. But in 2016, Wu Yajun bluntly stated, "I am not optimistic about the established model of existing property companies."

This is because at that time, the labor costs of property companies generally accounted for 75%, and labor costs rose every year, but the property expenses had a very large rigidity. Many projects could not rise in 7 and 8 years. Undoubtedly, the property company expands forward according to the model at the time, and it is dangerous, and costs must be reduced by changes.

The change method of Longhu's selection is technology, and 10%of the group's net profit is used for investment technology each year. As of now, Longhu has applied for 4 international patents and 844 Chinese patents (including 531 Chinese invention patents), and the number of patents that continue to declare each year has exceeded 200, becoming the industry's digital technology highland.

Simply put, in the process of transformation from labor -intensive to intensive knowledge, Longhu uses technology to effectively solve the pain points of the traditional property industry's low efficiency and high labor costs.

Chen Xuping, executive director and CEO of Longhu Group, said that "Longhu Technology invested about 2 billion yuan in 2021, and the future investment in science and technology will not stop. Technology is serving the business logic of various channels, which can improve the organization and operational efficiency. To deal with various challenges. "

Based on the long-term capital investment and R & D team of Longhu Group, Longhu wisdom creative life that has been explored by smart engines since 2014 has now established a systematic technology support system to open up "people-space-service" to form a terminal to form a terminal The service to the end is closed to empower the service.

Longhu wisdom and creative life with scientific and technological support can make owners inadvertently feel the convenience and security of intelligence in the process of receiving the service.

For example, when the carbon dioxide concentration of the garage exceeds the standard, the monitoring system can issue instructions to drive the fan to quickly exclude the garage exhaust gas; when the automatic irrigation equipment monitors the soil humidity, the greening of water can be automatically sprayed and irrigated; It will automatically lighten up when it is needed; once the sewer manhole cover is tilted more than 15 degrees, the maintenance personnel's mobile phone will receive alarm information.

In addition to allowing owners to experience a more intelligent life scene, the combination of emerging technology and traditional property fields can make the industry's efficiency significantly improve.

According to the latest prospectus, in 2021, the per capita building area of ​​Longhu Zhichuang's life was 10,800 square meters, and the per capita revenue was 423,700 yuan. The two indicators increased significantly compared with the previous year, and the per capita efficiency industry continued to rank. First. It is rare that the premise of achieving efficiency is achieved. The satisfaction of the owners of Longhu Zhichuang's life has exceeded 90%for 13 consecutive years, and it has always maintained a high industry.

The preparations for Longhu Zhichuang Life are obviously successful in the water. Behind this, it is inseparable from the bottom line of Longhu's planning and stable operation.

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