欢迎访问网贷财经！ 电话 4008937218

　　机构：摩根士丹利

　　Net profit beats our estimate by 10%, despite the top line missing by 4%, driven by strong results from value-added services

　　Property management services:

　　Property management services revenue went up by 23% to Rmb1.2bn, 15% lower than our estimate at Rmb1.4bn.

　　Gross margin went up to 26.9% from 24.9% in 2016, in line with our estimate of 27.1%.

　　GFA under management went up from 50.1mn sqm in 2016 to 78.34mn sqm in 2017, vs. our forecast of 80.6mn sqm, with area developed by Agile rising by 23.1% to 42.19mn sqm and third-party by 112.1% to 33.46mn sqm.

　　Reserve area increased from 23.4mn sqm to 48.2mn sqm, in line with our forecast of 47.8mn sqm.

　　Value-added services:

　　Value-added services to non-property owners revenue went up by 114% to Rmb453mn vs. our forecast of Rmb356mn, with the gross margin increasing to 49.3% from 24.8% in 2016, vs. our estimate of 31.0%. Driven mainly by sales assistance services, representing 71.3% of total income from value-added services to non-property owners. Property agency services accounted for 22.1%.

　　Value-added services to property owers revenue went up by 86% to Rmb102mn vs. our estimate of Rmb69mn, with the gross margin increasing to 41.7% from 28.1% in 2016, vs. our estimate of 28.1%.

　　Stock view: We remain OW on the stock and expect strong growth in GFA under management growth, suPPorted by its two major shareholders.

　　Analyst briefing: Harbour View Ballroom I, Level 4, Four Seasons Hotel, 4:15 PM, Mar 20.

靠谱众投 kp899.com：您放心的投资理财平台，即将起航!