I Love My Home (000560): Property service providers throughout the industry chain make living better
I love my home: property service providers across the industry chain.
The company’s brokerage business adheres to standardized procedures, which can effectively solve the problem of virtual fakes, and the customer matching is not high.
Through online diversion and offline service models, the company provides services such as checking parking lots, entrusting leasing and selling, viewing, and allowing contracts for both buyers and sellers.
The company has many years of rich brokerage business experience and has accumulated a wide range of customers. Therefore, it is easier to integrate the selection and matching of customers, which can fully improve the matching rate of product rental and sales.
The leasing policy is frequently sent to Dongfeng, and the asset management business is promising.
I love my family. It is one of the professional leasing operating agencies with the longest operating 无锡夜网 time, the largest management scale and the most experienced management in China.
At present, the company has 14 large and medium-sized cities in China, with 30 houses under management.
30,000 sets, an increase of 19% in ten years.
In 2018, the average occupancy rate of “Xuanxuan” reached 94.
9%, with an average home-out cycle of 9.
“Family house” gives reasonable pricing, representative period of commission period, and differentiating decoration. Other competitive products in the earlier market have certain advantages.
The new house sales agency industry is more stable, eliminating the impact of industry cycle changes.
The company’s consignment includes the agency, direct sales, distribution and e-commerce models. The three major brands of “Weiye Consultant”, “Huijin Bank” and “I Love My Home” are linked, and the new house consignment business has grown steadily.
Outward expansion, strategic collaboration, and promote the steady development of business.
1) Date 58 city is an important strategic shareholder: 58 city holding company 8.
28% equity with a transfer price of 7.
12 yuan / share.
The introduction of the company’s strategy in the same city will help increase the company’s brand awareness, accumulate more abundant alternative and C-end customer resources, and promote the vigorous development of second-hand housing brokerage and asset management businesses.
2) Proposed acquisition of Zhonghuan Interconnect to further expand its business scale: It is proposed to acquire 100% of Zhonghuan Interconnect. It is assumed that after the completion of the acquisition, Zhonghuan Interconnect will become a wholly-owned subsidiary of I Love My Family.
If the acquisition is successfully implemented, the company will be fully complementary to Zhonghuan Interconnect in the model and region, improve operating efficiency, and strengthen regional layout.
Investment suggestion: I love my family as a whole industry chain property service provider, corporate brokerage business, asset management business, and new house agency sales business.
The real estate market will gradually enter the era of stock trading in the future, the market capacity will steadily increase, and the company will benefit from becoming a leading real estate broker.
The company’s EPS for 2019-2021 is expected to be 0.
42 yuan, 22 respectively.
53 times, the first coverage given “overweight” rating.
Risk reminders: The scale of the industry’s sales is expanding; the mortgage loan interest rate is expanding upward; the real estate policy is tightening significantly; the cost of real estate companies’ capital is increasing.