I Love My Home (000560) Interim Review: Stable Growth and Perfect Industrial Layout

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I Love My Home (000560) Interim Review: Stable Growth and Perfect Industrial Layout

Core Views The company released a semi-annual report, and its revenue in 2019H1 was 56.

80夜来香体验网 0 million, ten years +6.

6%; net profit attributable to mother 3.

800 million, +15 a year.

9%; net profit deducted from non-attributed mothers3.

500 million, ten years +3.

2%; performance is in line with expectations.

The company is a leader in domestic second-hand housing brokerage and housing leasing. The industry has ample room for growth and concentration; core cities are expected to usher in a boom in 2019, helping the company’s performance grow steadily.

We maintain the EPS for 2019-2021 to 0.

32, 0.

37, 0.

Earn a profit forecast of RMB 42 and maintain a “Buy” rating.

Most of the cities in the layout have picked up, and the revenue has gradually expanded. The gross profit margin has rebounded from the previous quarter. In H1 2019, the company’s layout of the city’s market has been fragmented, but the majority of the recovery has driven the company’s revenue growth by + 7%, including brokerage, asset management, and new home business revenue growth + 14%., + 6%, -5%.

Although the gross profit margin has improved compared with the same period of the previous year, it has improved relative to 2018H2. Among them, the gross profit margin of the brokerage, asset management and new home business was -0.

2, + 10.

2, + 2.

4 units.

The growth rate of the company’s net profit attributable to its parent was higher than revenue, mainly because the expense ratio during the period was close to -0.

4 up to 20.

4%, plasma / profit ceiling -5.

4 up to 28.

6%, and net income from securities investments in non-recurring gains and losses of 0.

230,000 yuan (expected last year 0.

2.5 billion).

2019H1 Subsidiary Beijing I Love My Homecoming Mother’s Net Profit3.

With a combined $ 600 million merger and acquisition of Blue Ocean, we expect to achieve a performance commitment of $ 700 million.

Expanding store size and improving operating quality The company is cautious about store expansion and suspended the acquisition of Zhonghuan Interconnect. The number of stores in H1 2019 is still more than 3200, unchanged from the end of 2018.

However, the company actively improved store operation quality.

Brokerage business: second-hand housing transactions to achieve transactions 5.

More than 30,000 orders, customer unit price, human efficiency increased steadily; new house business: store billing rate, broker billing rate sometimes + 13%, + 24%, the number of key disk subscriptions accounted for the total project subscription amount + 8%,The direct signing rate of cooperation with developer projects + 10%; asset management business: Taiyuan, Tianjin, Beijing, and Hangzhou took the initiative to reduce non-performing inventory, which is reflected in the number of sets of tubes 29.

240,000, a decrease of 1 from the end of 2018.

06 million units, but the occupancy rate is 94.

7%, vacancy period 9.

7 days, staying ahead.

Acquisition and cooperation to improve the industrial layout 2019H1 companies through acquisitions and strategic cooperation to improve the layout of multiple industrial chains.

Company 5.

The US $ 600 million acquisition of 100% equity in Blue Ocean was completed on May 20, forming a good synergy with the company’s commercial real estate marketing and operation business, increasing the company’s net profit of 10.38 million yuan.

61.2 million yuan acquisition of 51% equity of Meizhu.com to strengthen the decoration of second-hand housing.17.78 million yuan acquired a 10% stake in Shanghai Yiwu, strengthened the “VR house” layout, and launched the “one-click dressup” function.

Reached strategic cooperation with Suning Youfang, leveraging its online platform and offline physical store distribution channels.

The performance has grown steadily, and we 武汉夜生活网maintain the “Buy” rating. We maintain the EPS for 2019-2021 to 0.

32, 0.

37, 0.

42 yuan profit forecast.

With reference to comparable companies, the average PE in 2019 is estimated to be 14.

8 times, we think that the company as the rare listed target among the real estate brokers, the reasonable PE estimate for 2019 is 17-19 times, and the target price is 5.


08 yuan (previous value was 8.


32 yuan), maintain “Buy” rating.

Risk warning: lifting the ban on restricted stocks may cause some pressure on the company’s size; the risk of goodwill impairment; the sales scale of second-hand and new homes is less than expected;