Blu-ray Development (600466) In-Depth Research Report: Garbo Services is expected to become popular soon after listing

Blu-ray Development (600466) In-Depth Research Report: Garbo Services is expected to become popular soon after listing
19H1 performance 武汉夜网论坛 increased by 105%, sales growth increased, high advance receipt coverage guarantees the release of 19H1 performance, and the company achieved revenue of 145.4 ‰, +81 a year.5%; net profit attributable to mother 12.700 million, ten years +104.5%; gross margin and net profit attributable to mothers are 29.4% and 8.7%, -3 from the previous year.0pct and +1.0pct. The scale of the company’s carry-over has greatly increased, the economies of scale have been demonstrated, and its profitability has continued to improve.As of the end of 19H1, the company’s advance receipts reached 616.600 million, +20 at the end of the previous 18 years.9%, covering 18 years of real estate revenue2.16 times to ensure the sustainability of subsequent performance release.19H1, sales amount 465.3 ‰, +12 per year.5%, equity sales amount of 349.500 million; sales area 514.80,000 countries, +34 per year.0%.In addition, new construction started in 483 in 19H1.30,000 countries, completed 127.1 universal, at least +6.3%, +21.8% think that actively taking land will promote the rapid increase of new construction, and the rapid increase of new construction and completion will promote the steady growth of sales and settlement. Diversified land acquisition and expansion of land storage, 19H1 increased the value of 80 billion yuan, financial stability, smooth financing in 19H1, the company through the receipt of mergers and acquisitions, cooperative development, industrial land acquisition, bidding, auction and other methods to supplement the soil storage 512.20,000 cubic meters, corresponding to a value of 80 billion, equivalent to 1 in the same period.7 times, stock replenishment is positive; among the newly added soil reserves, new first-tier and second-tier cities account for 62%, and strong third-tier cities account for 38%.It is estimated that the soil reserves at the end of 19H1 will be about 25.05 trillion trillion, which can cover 18 years of sales area3.1 time, the soil reserves gradually thickened.Since listing, the company’s financing channels have continued to be optimized.At the end of 19H1, the asset-liability ratio was 81.3% a year -1.6pct, net debt ratio 109.4%, five years -5.7pct, maintaining financial stability; 19H1, adding 20 trillion private placement debt approvals; completed 7.500 million US dollars of bonds, 1.1 billion company bonds issued, financing channels unblocked.The average financing cost at the end of 18 was 7.54%, 17 years earlier +0.35pct, slightly increased under the overall tightening of the industry funds in 18 years. Garbo is going to be listed soon. The top 100 companies are ranked 11th. CAGR50-70% in management, revenue and performance for three years. Garbo Services is a 90% property management subsidiary of Blu-ray Development Holdings. It is currently ranked 19th in the top 100 Chinese property service companies.Eleven.On October 8, Gerber released a prospectus: 19H1 revenue 9.3 trillion, +58 a year.8%, CAGR reached 49 in 16-18.2%; net profit attributable to mother 1.800 million, ten years +104.9%, CAGR reached 69 in 16-18.3%; 19H1 gross profit margin and net profit margin were 33.9%, 19.3%, respectively +0 over 18 years.7, -0.5pct, a high level in the industry; 19H1 property management services, consulting services, and community value-added services accounted for 58 of revenue respectively.8%, 20.5%, 20.7%; In 18 years, property management service revenue from Blu-ray Group and third parties accounted for 54% respectively.9%, 45.1%, third party accounts for +13 for ten years.6pct, reflecting the market-oriented development capabilities of third parties in developing countries.At the end of 19H1, the area under management reached 63.33 million countries, which was +4 compared with the end of 18 years.4%, CAGR reached 54 in 16-18.6%; Considering the high increase in sales of Blu-ray in 16-18 years, the follow-up will be continued blood transfusion for Garbo. The popular copyright of property management is overestimated. Garbo hopes to increase the Blu-ray market value by 2.65 billion to 5.5 billion, corresponding to 13-28%. The Garbo service plan will be listed on October 18.Approximately 77% (approximately 10.(US $ 6.6 billion) will be used for the expansion of the property management service business. It is expected that subsequent third-party expansion will continue to make efforts to ensure high growth in the area under management.In view of the high growth history, we forecast a 50% growth rate for 19 years, and expect a net profit of 4 in 19 years.3 trillion, the estimated shareholding ratio after listing is about 67%, with reference to the current 19PE15-40 times of the property management industry, an increase of 19PE15 / 20/25 times, corresponding to the market value of equity of 43/58/72 trillion, considering the 18-year equity incentive performance commitmentThe increase in the contribution of Hejiabao’s listing performance has led to the acceleration of the release of approximately US $ 100 million in real estate performance. It is expected that the overall market value of Blu-ray will be increased by 26/40 / 5.5 billion yuan, and the market value will be increased by 13% / 20% / 28%.Recently, the SME Xinyuan Service rose 42% on the first day of its listing, continuing the good performance of the property management company. Investment suggestion: Garbo Services is expected to be listed soon, and the property management is expected to become more popular. Maintain the “Strong Push” rating. Blu-ray Development After restructuring and listing in 2015, the actual business will gradually realize the national layout, and expand the resources through diversified channels.From Sichuan Blu-ray to National Blu-ray.2019H1 company performance growth rate of 105%, gross profit margin, net interest rate both rose, diversified financing channels are expected to promote smooth financing, the recent subsidiary subsidiary Jiabao shares issued overseas listing expansion, is expected to comprehensively increase the Blu-ray market value of 2.6-5.5 billion, thick proportion13-28%.We maintain our 2019-21 earnings forecast at 1.11, 1.68, 2.10 yuan, corresponding to 19 and 20 years of PE are 6 respectively.0 times and 4.0 times, the dividend yields of 18A and 19E are 3 respectively.9%, 5.8%, maintain target price of 8.85 yuan, maintaining the “strong push” level. Risk reminder: Real estate industry policy tightens more than expected and industry funds tighten more than expected