World Union Bank (002285): Transaction services weigh on performance and comprehensive services store the future

World Union Bank (002285): Transaction services weigh on performance and comprehensive services store the future

Investment points: 1.

The event company released its 2018 annual report.

At the core of the report, the company achieved operating income of 75.

3 ‰, a decline of 8 per year.

26%; the company realized net profit attributable to shareholders of listed companies.

2 trillion, a year down 58.

59%, net profit attributable to shareholders of listed companies after deduction is 3.

700 million, down 61 every year.

69%; the company’s basic earnings are zero.

2 yuan, down 59 every year.

18%, lower than expected.

The company’s 2018 profit distribution plan is: based on the company’s total number of shares at the end of 2018, 2,042,970,972 shares, and every 10 shares will be distributed 0 yuan.

21 yuan (tax included) cash dividend.


Our analysis and judgment (1) Affected by the cooling down of the first-hand housing market, the replacement of both revenue and net profit by 2018 was a difficult year for the company’s leadership, and it was also the first time the company’s operating income and return since its listing in 2009.The net profit of the mothers both decreased for one year.

The first is that the transaction service sector is affected by macro-policy deleveraging policies, various actual restructuring policies overlap, and the market has become colder. Factors such as the company’s largest business sector transaction service sector operating income was 52.

87 trillion, down 18 a year.


  On the whole, the basis for comprehensive relaxation adjustment does not exist, the grading policy has bottomed out, regional tensions are different, market sentiment is different, companies are actively transferring, inventory and market sentiment will continue to deepen policy due to the city, and prices do not have a large-scale downward trend.Conditions, the increase in the volume of goods to push sales to bottom 北京桑拿洗浴保健 is more likely to result.

The price is expected to be stable in the coming year, and the growth rate of national sales area will decline to some extent in the first half of the year, and the market may rebound in the second half of the year. Therefore, the market is basically flat last year.

This will help the company’s trading services business rebound.

  (2) The annual growth of the other three major businesses, the “three rises and one declines” in the revenue of the four major business segments. Although the company’s transaction services segment had significant revenue in 2018, the other main business segments achieved growth.

The post-transaction service segment achieved operating income10.

13 ppm, an increase of 20 in ten years.

12%; asset operating services segment achieved operating income6.

34 trillion, 杭州桑拿网 an increase of 89 in ten years.

83%; asset management segment achieved operating income5.

52 ppm, a ten-year increase of 7.


The “three rises and one drop” of the company’s four major business segments showed that it was the only single material sales service and could not meet certain market needs.

China’s real estate market needs comprehensive services to solve problems that arise for customers and the market.

  (3) The unresolved resources are abundant, and the release of future performance can be guaranteed. The revenue is confirmed through the company’s agency service business revenue confirmation method and the developer will receive the full payment after the account is received.Due to the influence of factors such as lower liquidity, the settlement progress of the company’s agency service business has slowed.

  As the company speeds up its settlement progress, the agency service business in 2018 has achieved an increase but the initial amount of unsettled agents is approximately 394.8 billion, which will bring about 30 to the company in the next 3 to 9 months.

5 billion agency fee income.

In 2018, the agency service business continued to deeply cultivate the metropolitan area, and accelerated the penetration of the third- and fourth-tier cities with its strong organizational sinking advantage. Currently, it has entered more than 200 prefecture-level cities and covers more than 2,500 cases.As the offline traffic entrance and basic routine of the three-dimensional distribution network of the company’s residential area, the case has reached more than 2.3 million customers.

  (D) Long-term rental apartment business steadily upgraded In 2018, the company’s apartment business operating income was 4.

0.6 billion, an increase of 94 in ten years.

85%.After more than three years of development, the long-term rental apartment business covers 30 cities, and 7 second-tier cities such as Hangzhou, Guangzhou, and Zhengzhou have become the 7 key development cities for the company’s apartment business.

By the end of 2018, the company’s operating projects had reached 191 (including charter and hosting models), with nearly 30,000 operating rooms, and projects with a leasing rate of more than 90% for half a year.

  (V) Asset management business maintains steady growth The asset management segment mainly includes property management services and asset investment services.

At present, the major investment projects managed by the company are mainly concentrated in commercial office buildings in Shanghai. The number of projects has gradually increased to 18 and the total value of assets under management exceeds 60 billion.

  Property management services business realized operating income 5.

1.5 billion, an increase of 13 in ten years.

18%, has maintained steady growth.

At the end of 2018, there were 116 fully entrusted projects under management, an increase of 29 from the same period of the previous year, and the actual area of charges under management projects reached 593.

180,000 square meters, the charge area increased by 82.

800,000 square meters.


Investment recommendations We expect the company’s budgeted earnings for 2019-2020 to be 0.

35, 0.

45 yuan.

Take March 29 at 6.

At the closing price of RMB 04, the corresponding dynamic P / E ratios are 17 times and 13 respectively.

4x, P / B ratio of 2.

3 times.

As the first land integrated service provider to land on A shares, the company is unique and unique.

The company implements the Xiangyun strategy with “service, entrance, openness, platform” as its core, and integrates its business into the development strategy system of “entry, scenario, service”.

The company takes transaction services and asset operation services as entrances, enriches scenarios and services, improves the comprehensive capabilities of the “asset management + transaction + finance” platform, and provides customers with comprehensive solutions.

Facing the market change in 2018, the company adheres to the concept of “returning to the roots and creating value for customers”, and aims to improve efficiency, capacity sharing and empowerment in 2019.

Maintain the “Recommended” level.


Risks suggest that house prices will fall sharply, and shed reforms may not be as expected.