以下文章来源于物业深度观察 ,作者袁益

 

2021年过半,物企上市热潮迎来一波小高峰。

据公开资料,从6月18日至6月23日的五天时间内,就先后有德信服务、朗诗绿色生活以及康桥悦生活三家物企通过了港交所聆讯,距离正式上市只差最后的“临门一脚”。

据统计,当前港股市场上总计共有42家上市企业,而叠加当前目前这三家已经通过聆讯的物企以及之前5月24日通过聆讯的越秀服务的话,港股市场的物企数量将向50家发起冲击。

通过业内人士告知,随着港交所明年新规实施,越来越多的物企,尤其是体量较小的物企,还将在下半年冲刺港股IPO,届时预计仍将有一波上市热潮出现。

那么,近五天内三家通过聆讯的物企质地究竟如何,还是通过最新披露的公开资料来一探究竟。

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01

康桥悦生活:

三年营收增长超150%

6月23日早间,康桥悦生活通过港交所聆讯并披露了聆讯后的资料集。
成立于2010年的康桥悦生活,起初公司专注于为康桥地产集团开发的住宅物业提供物业管理服务。从2015年开始,公司开始大力拓展与第三方物业开发商的项目组合并在规模及覆盖地域方面实现迅速发展。另一方面,受益于康桥地产集团的业务增长,自2018年起,公司的相关业务开始走出河南,转而向全国开始进军。
截止目前,公司的业务覆盖中国8个省28个城市,为238项物业提供物业管理服务。面积规模方面,公司目前合同建筑面积约为3900万平方米,总在管建筑面积约为1570万平方米。
一家在管面积刚刚突破一千万方,合约面积不足四千万方体量的物企,在当前整体上市物管企业梯队中的确算不上显眼,那么康桥悦生活究竟是依靠哪些优势吸引资本市场青睐呢?

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首先来看营收方面,根据资料显示,公司2018年至2020年三年分别实现营业收入2.29亿元、3.63亿元和5.76亿元,这意味着最近三年来,公司在营收规模上成功翻倍,总计增长了151.5%。

分类来看,公司营收主要由三部分组成,分别是物业管理服务、非业主增值服务和社区增值服务及其他。从2020年年底的数据来看,当前公司的营业收入分布已经从2018年的物业管理服务占据绝对主力,逐步演变成了物业管理服务和非业主增值服务旗鼓相当的格局。

数据显示,2020年底,公司物业管理服务收入2.55亿元,占整体收入44.3%,与此同时,公司在非业主增值服务上获得收入2.35亿元,占整体收入的40.9%,两者贡献相当接近。

不仅如此,公司的社区增值服务及其他领域,虽然在2020年的收入整体占比中有所下滑,但从收入金额上依然保持了较高的增速。公司2020年在该领域录得收入8522.1万元,较2018年的2958.5万元增长了超188%。

从上述数据不难看出,当前康桥悦生活已经由一家以物业管理收入为主的企业,逐步发展成各项业务均衡高速发展的多元化物企,而社区增值服务业务也以极高的增速成为公司新的业绩支撑。

除了高速发展的营收之外,公司在盈利方面同样取得了足够的成长。康桥悦生活的净利润由2019年的6010万元增长52.6%至2020年的9180万元。其收入由2018年的2.29亿元增加58.5%至2019年的3.63亿元,并进一步增加至2020年的5.76亿元。物业管理服务的毛利率由2019年的14.2%上升至2020年的17.4%。

更值得一提的是,尽管公司整体管理面积规模并不算大,但是公司的独立性却保持的相当出色。有半数以上是由独立于康桥集团的第三方物业开发商所开发。截至2018年、2019年及2020年12月31日,第三方物业开发商开发的物业的在管建筑面积分别占总在管建筑面积的62.2%、60.1%及62.5%。而同一时期,康桥集团所开发的物业占公司总在管建筑面积的37.8%、39.9%及37.5%。同时,在2020年末,公司总合同建筑面积中第三方物业开发商所开发的物业占比达72.0%。

对此,公司方面表示,“我们于2015年开始大力拓展康桥集团客户基础以外的独立于康桥集团的第三方物业开发商,并在过去的五年内就项目数量、规模、覆盖区域等方面均得到高速的发展。于2016年,我们成功在省会郑州市以外的河南省其他重点城市获取了第三方物业开发商开发的项目。基于我们累积的良好口碑,我们在2019年成功走出河南省,获取了第三方物业开发商开发的在山东省的住宅项目、浙江省杭州市的高端写字楼、商业及体育中心项目。”

02

朗诗绿色生活:

第三方外拓发展迅猛

今年1月25日,朗诗绿色生活向港交所递交主板上市申请,6月22日,公司通过港交所聆讯。

公司自2005年成立,截至2020年12月31日,朗诗绿色生活提供的物业管理服务涵盖21个城市,包括15个长江三角洲城市及六个中国其他城市。

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营收规模方面,根据招股书显示,从2018年到2020年,公司实现营收3.1亿元、4.33亿元、6.01亿元。增速来看,公司近三年成功实现营收规模的翻倍。

 

具体来看,公司的营收构成主要由物业管理服务、非业主增值服务和社区增值服务组成。其中物业管理服务占据绝对主导地位。2020年,公司物业管理服务收入4.1亿元,占整体收入68.2%。而在2019年和2018年,该项业务收入在整体营收中的占比也一直高达68.6%和63.8%。

 

值得注意的是,公司社区增值服务的收入增速是三项主要业务中最快的。2019年该板块营收3756.2万元,同比增长54.1%;2020年实现营收5016.7万元,同比增长33.56%。高增速的社区增值服务将为朗诗绿色生活未来发展奠定新的基础。

 

进一步来看,目前公司的社区增值服务主要包括居家生活服务,例如家居清洁、房屋维修及保养服务;公共资源管理服务,主要包括公共空间租赁及广告活动;有关出售及租赁二手房及停车位使用权的二手房物业代理服务。其中居家生活服务占据了社区增值服务收入的绝对主力,同时公共资源管理服务的收入每年也在稳步攀升。

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管理面积方面,最新数据显示,目前公司在管总建筑面积为1734.6万平方米,合共123项在管物业,包括102项住宅物业及21项非住宅物业,为逾12万户住户提供服务。此外,其总合约建筑面积为2366万平方米。

值得一提的是,2020年朗诗绿色生活由独立第三方物业开发商开发的物业(不包括朗诗获独立第三方物业开发商委聘为服务提供商提供物业开发委托服务的项目)的在管建筑面积大幅增加620万平方米左右。来自独立第三方的收入大幅提升至4.5亿元,占公司总收入约75.0%。外拓业务成为驱动公司业绩增长的强大引擎。

 

不仅如此,公司的盈利能力也同样较为突出。招股书数据显示,截至2020年12月末,朗诗绿色生活的毛利为1.6亿元,毛利率26.7%,归属股东净利润4107万元。

 

整体而言,尽管整体管理面积规模较小,但是凭借营收增速稳健增长、盈利翻倍、社区增值服务进入发展快车道,朗诗绿色生活服务仍以自身特色和过硬实力,在当前快速发展的物管行业中占据一席之地。

03

德信服务:

社区增值服务表现优异

6月18日,成立于浙江,总部位于杭州的德信服务顺利通过港交所聆讯。

回溯历史,公司前身为2001年成立的德清县中房物业,在2006年和盛全物业合并,组成了德信服务。截至2020年12月31日,德信服务的在管物业合共175项,覆盖7个省份24座城市。

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营收规模上来看,公司2018年至2020年三年内分别录得营收3.98亿元、5.13亿元和6.92亿元。
分类来看,公司的营收构成主要由物业管理服务、非业主增值服务和社区增值服务三大块组成,其中物业管理服务的收入占比最大,但近三年呈现占比逐渐递减的过程。截止2020年,公司物业管理服务收入录得3.7亿元,占整体营收53.5%。
与之对应的,是占比逐渐提升的社区增值服务。数据显示,2020年,公司社区增值服务录得收入1.43亿元,占整体收入的20.7%,较2019年增加了8.4%。
对此,资料显示,部分由于物业销售及协销服务收入增加。于2019年,德信服务开始采用先买后转售模式,截至2020年9月30日,出售了所有停车位。于2020年下半年德信服务根据酬金制模式启动了协销。其中,2020年收入69231万元。
这表明当下公司已经不再是一家单纯依靠物业管理服务为主要收入来源的企业,社区增值服务占比明显增加预示企业正发展成一家综合性多元化发展物企。

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管理面积上,公司2020年在管建筑面积为2490.5万平方米,其中,和德信集团相关的在管总建筑面积为880万平方米,占德信服务在管总建筑面积的35.1%;独立第三方开发商开发的106项物业,在管总建筑面积为1610万平方米,占比为64.9%。

04

结语

本次通过聆讯的三家企业,分别来自河南、江苏以及浙江,仔细对比不难发现,三者的共同点是无论在管理面积上,亦或是营收规模上,在当前上市物企队伍中,均属于中小物企的行列。

面对当前热闹的通过聆讯,在恭喜三家企业之余,多位行业专家提醒,2020年下半年或许还有更多物企,尤其是中小型物企将会进行IPO方面的冲刺。

5月20日,港交所公告称,将提高主板上市申请人于三年营业期的盈利要求,其中必须符合包括最近一个财年盈利不低于3500万港元以及前两个财年累计不低于4500万港元,即三年累计应以不低于8000万港元。该要求将在2022年1月1日开始执行。

“根据新规粗略计算的话,港交所上调主板上市企业上市前盈利标准之后,可能意味着管理面积低于1000万的小型物企的上市窗口即将在2022年1月1日到来前关闭。”克而瑞物管研究总监汤晓晨说道。

而由盈利门槛调高催化来的小型物企IPO窗口即将关闭之下,给行业极有可能还将带来新的影响。一方面,企业IPO的进程会加快,抓紧现行规则的“末班车”,另一方面,由于短期上市无望,会改变中小企业的上市预期,加剧中小企业的整合,促进企业间联合体的出现。

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