After achieving 100 billion yuan last year, this is another highlight of Blu-ray development.
Editor’s note: This article comes from Phoenix Web property .
A year later, the Blu-ray Garbo service, which was terminated on the New Third Board, found a new starting point and went to the Hong Kong Stock Exchange for IPO. On October 8, Blu-ray Garbo launched an initial public offering on the Hong Kong Stock Exchange, issuing 42,916,200 shares at a share price of HK $ 30.60 to HK $ 39.00. If its offer price is finally set at HK $ 39.00 per share, the raised funds will be at most HK $ 1.5592 billion.
Garbo, founded in 2000, is a subsidiary of Blu-ray Development (SH: 600466). Its main business includes property management services, consulting services, and community value-added services. It has residential properties and shopping covering the entire industrial chain of property management. Centers, office buildings, industrial parks, hotels, etc.
After achieving 100 billion yuan last year, this is another highlight of Blu-ray development.
Mixed and sad
Similar to most property companies divested from real estate companies, most of Blu-ray Garbo’s services come from Blu-ray Group. The prospectus shows that Blu-ray Garbo’s revenue accounted for Blu-ray Group from 2016 to 2018 and as of 2019.6.30. 85.0%, 68.4%, 54.9% and 52.4%. Although the dependence on the parent company’s blood transfusion has decreased year by year, so far, it has relied on Blu-ray Group for half of its revenue.
Breakdown into major services. During the 2016-2018 and 2019 semi-annual reports of consulting services, Blu-ray Group accounted for 99.4%, 94.7%, 93.6%, 85.6, and community value-added services accounted for 92%, 77.1%, 70%, 69.1%.
Compared to what other property companies may have said in the past, the data shows that Agile Property Company relied on parent company’s blood transfusion for 100%, 99.9%, 81.7%, 81.9% in 2014-2017 at the beginning of its listing. Country Garden According to the latest data of the service, part of the revenue from Country Garden Group accounted for 76.8% of the total property revenue. Third-party revenue accounted for 23.2% of total revenue.
In the 2019 China Top 100 Real Estate Service Companies List released by the China Index Research Institute, Blu-ray Garbo ranked 11th, and ranked first in Chengdu among the top 10 real estate service companies in major cities in China in 2019. Own Blu-ray real estateThe endorsement of Chengdu’s No. 1 property is a natural fit. However, the proportion of its base camp has gradually decreased. During 2016-2018, Blu-ray Garbo Sichuan’s managed properties accounted for 76.0%, 54.7%, and 55.0% of the total property construction area, respectively. The relative income share of the total revenue has also decreased relatively, from 82.4% in 2016 to 59.8% in the semi-annual in 2019.
On the one hand, nearly half of the income comes from Sichuan. The corresponding Sichuan soil storage area also accounts for half. Despite the decreasing trend, there is still a risk of a single area layout due to the concentration of land area. Financial commentator Yan Yuejin told Fenghuangwang Real Estate that, in proportion, it is related to the national layout of Blu-ray, etc., so this will bring better growth, or the operating risks of property management services will follow. Reduced. In terms of disadvantages, the familiarity of subsequent new markets and the regional structure of the real estate market will also affect its specific operations.
New battlefield in the stock era
The downturn in the real estate industry is difficult to hide the market downturn. In the real estate industry’s focus on diversified transformation, what percentage of property development is going?
Take Blu-ray Garbo service as an example. High-valued real estate companies also affect the corresponding property companies. The growth of Blu-ray Real Estate ’s 100 billion yuan sales has also expanded the scale of Blu-ray Garbo. The Group’s pipeline construction area in Sichuan Province is approximately 34.19 million square meters, with a total construction area of 63.31 million square meters. At the same time, data and information have also increased accordingly. In 2018, Blu-ray Garbo Services achieved revenue of 1.464 billion yuan, an increase of 58.6% year-on-year, and a net profit of 297 million yuan, an increase of 59.7% year-on-year. In the first half of 2019, it realized revenue of 933 million yuan, an increase of 58.8% and a net profit of 187 million. Yuan, an increase of 108% year-on-year.
The property management industry report released by CITIC Securities recently said that the structural characteristics of the capital market objectively reflect the stage of the industry. Although the quality property management leader has significant advantages in the medium and long term, such as the possibility of increasing prices through negotiation, and the advantage of expanding the stock room, this advantage will not be reflected in the next 1-2 years. On the contrary, related party support is greater, and mergers and acquisitions of property management companies may indeed have a faster growth rate in 1-2 years. In the long run, ignoring the management radius and the lack of brand barriers may lead to the loss of tube area, but this problem will not be exposed in the short term.
The in-depth report of Haitong Securities’ property industry shows that, on the whole, the property service industry is in the period of industry expansion, the rapid growth of management area and the layout of community O2O make the industry’s profitability more room for improvement.
Taking the expansion of community value-added services as a guide and combining online + offline methods to increase revenue is typical. To develop O2O business through community APP, Blu-ray Garbo has its own strategy.
The three product lines in the Jiabao family system based on the “product-side + server-side” model are named Jiajia’s housekeeping service, Jiayiyang’s elderly care service, and tourism.