20220322-招银国际-新希望服务-03658.HK-Strong_FY21_results_set_for_a_more_sustainable_growth_4页_770kb
报告摘要
New Hope Service (3658 HK) Company Update Summary
Core Content
New Hope Service (3658 HK) reported strong financial results for FY21, with a 61% increase in adjusted net profit to RMB187mn, aligning with its IPO guidance. The company is expected to maintain a sustainable growth trajectory in FY22E, with a projected 30-40% YoY net profit growth. The valuation is considered attractive, with a P/E ratio of 5x for FY22E, and net cash almost equivalent to its market cap.
Main Points
Financial Performance in FY21
- Revenue: RMB925mn, up 57% YoY
- Net Profit (adjusted): RMB187mn, up 61% YoY
- EPS: RMB0.23, up 21% YoY
- Dividend: First dividend declared at RMB0.071/share, representing a 31% payout ratio
Revenue Drivers
- Lifestyle Services: Grew by 116% YoY, contributing 27% of total revenue (up from 20% in FY20)
- Community VAS: Increased by 149% YoY
- Asset Management: Grew by 108% YoY due to the Smart Vehicle Management Cloud System and cooperation with Beike
- PM Segment: Rose by 67% YoY, driven by a 58% increase in managed GFA and third-party expansion
- Third-party contribution: Increased to 28.1% of segment revenue (RMB89mn in FY21, up 269% YoY)
- Commercial Operations: Grew by 7% YoY to RMB120mn, with improved GPM to 62% due to better occupancy rates post-pandemic
Profitability Metrics
- Gross Margin: Dropped by 1.3ppt YoY to 40.7%
- Net Margin: Increased by 0.4ppt YoY to 20.2%
- ROE: Rose to 17.4% in FY21, expected to reach 24.2% in FY22E
Valuation
- P/E Ratio (FY22E): 4.8x
- P/B Ratio (FY22E): 0.8x
- Dividend Yield (FY22E): 20.6%
- Net Cash: Almost equivalent to market cap, suggesting strong liquidity
Key Information
Earnings Summary
| Metric | FY18A | FY19A | FY20A | FY21A | FY22E |
|---|---|---|---|---|---|
| Revenue (RMB mn) | 258 | 381 | 588 | 925 | 1,832 |
| YoY Growth (%) | N.A. | 47.5 | 54.6 | 57.2 | 98.1 |
| Net Profit (RMB mn) | 41 | 64 | 110 | 166 | 298 |
| EPS (RMB) | N.A. | N.A. | 0.19 | 0.23 | 0.37 |
| P/E (x) | N.A. | N.A. | 9.4 | 7.8 | 4.8 |
| P/B (x) | N.A. | N.A. | 9.3 | 1.1 | 0.8 |
| Yield (%) | N.A. | N.A. | N.A. | 12.7 | 20.6 |
| ROE (%) | 11.1 | 15.1 | 75.5 | 17.4 | 24.2 |
Shareholding Structure
- Mr. Liu Yonghao: 66.9%
- Free Float: 33.1%
Stock Data
| Metric | Value (HK$) |
|---|---|
| Market Cap | 1,734 |
| Avg 3 mths t/o | 0.32 |
| 52w High/Low | 4.20/1.82 |
| Total Issued Shares | 814 |
Share Performance
| Period | Absolute (%) | Relative (%) |
|---|---|---|
| 1-mth | -0.9 | 12.6 |
| 3-mth | -5.2 | 0.7 |
| 6-mth | 6.9 | 20.3 |
Financial Summary
Income Statement Highlights
- Revenue: RMB925mn in FY21, up 57% YoY
- Gross Profit: RMB377mn, up 52% YoY
- Net Profit (adjusted): RMB187mn, up 61% YoY
- Operating Profit: RMB198mn in FY21, expected to reach RMB360mn in FY22E
Cash Flow Summary
- Net Cash from Operating: RMB104mn in FY22E
- Capex: RMB5mn in FY22E
- Net Change in Cash: RMB109mn in FY22E
- Cash at the End of the Year: RMB1,215mn
Balance Sheet Highlights
- Total Assets: RMB1,634mn in FY22E
- Total Liabilities: RMB402mn in FY22E
- Equity to Shareholders: RMB1,231mn in FY22E
Key Ratios
| Metric | FY18A | FY19A | FY20A | FY21A | FY22E |
|---|---|---|---|---|---|
| Gross Margin (%) | 42.6 | 41.9 | 42.1 | 40.7 | 37.6 |
| Net Margin (%) | 15.9 | 16.8 | 18.7 | 17.9 | 16.2 |
| ROE (%) | 11.1 | 15.1 | 75.5 | 17.4 | 24.2 |
| ROA (%) | 7.1 | 4.9 | 18.6 | 11.1 | 18.2 |
| Current Ratio (x) | 2.8 | 3.4 | 1.2 | 2.9 | 4.3 |
| Receivable Turnover Days | 84 | 80 | 101 | 75 | 101 |
| BVPS (RMB) | N.A. | N.A. | 0.19 | 1.65 | 2.14 |
Analyst Ratings and Target Price
- CMBIGM Rating: BUY
- Target Price (HK$): 4.41
- Current Price (HK$): 2.13
- Up/Downside: +107.0%
Market Position
New Hope Service is positioned within the competitive China Property Service Sector. The company's growth strategies, including expansion into lifestyle services and third-party projects, are expected to drive long-term sustainability. The company's financial metrics and valuation suggest a strong potential for future growth and returns.
Analyst Contact
- Jeffrey Zeng: (852) 3916 3727, jeffreyzeng@cmbi.com.hk
- Xiao Xiao: (852) 3761 8952, xiaoxiao@cmbi.com.hk
- Zhang Miao: zhangmiao@cmbi.com.hk
Important Disclosures
- This report is not tailored for individual investors and is for informational purposes only.
- The information may be subject to change and is not guaranteed.
- CMBIGM is not a registered broker-dealer in the U.S. or Singapore and is not subject to the same regulations.
- Investors are advised to consult with a professional financial advisor before making investment decisions.
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