2022-2023优质物管公司案例研究报告.pptx

2022-2023 C O N T E N T S 2 01 02 03 04 05 3 01 01 4+1 2021 8.78 6.60 2 2021 1.36 1.25*2021 22 47 3 AIoT BPaaS 1.1*AIoT BPaaS(6.6)(1.2)AIoT BPaaS AIoT BPaaS City Up 63.4%58.5%55.5%30.8%35.8%36.7%5.8%5.7%7.8%0%20%40%60%80%100%2019 2020 2021 AIoT BPaaS 15.5%43.1%30.7%10.7%+01 5 1.2+/8.8/6.6 1.33/1.4/1.2 1.09 1 2 3 3-5 AI 98.6%3.13/97.2%5.7/89%90.8%+1 2 2021 18.5 29.9%50.5%84.7%01 2017 2 Radiant Sunbeam Limited Dream Landing Holdings Limited 15 3 25%5%2018 1 3%2021 9 4.80%10 3060.2 12 3060.2 11 Radiant Sunbeam Limited 6.66%29.94 19.96 19.96 12 Dream Landing Holdings Limited 1995.8 115.5 1.3 Radiant Sunbeam Limited Dream Landing Holdings Limited 57.12%5.77%17.14%2.86%8.57%2.86%1.90%2.01%1.78%58 01 1 2015 6 2 2016 1 25 1.14 2016 3 1.37 3 7000 6.66%394 2015 6 7000 6.66%397 1.4 20,000,000 1.90%1,068,294 0.10%667,459 0.06%578,014 0.05%807,663 0.08%934,776 0.09%1,055,513 0.10%21 8,603,563 0.82%6 1,979,447 0.19%360 34,305,273 3.26%70,000,002 6.66%01 8 1.5 1.2.AIoT BPaaS 1 2 3.AIoT 1 2 BPaaS 4.02 9 02 8 1 2021 131.6+23.9%5 2021 113.6+24.5%86.3%0.4 2 2021 17.98+20.5%13.7%2021 12.56+32.1%0.8 2.1 2020/2021 85.9%/86.3%8.9%/9.5%5.1%/4.1%6.0%/6.2%3.0%/3.3%3.4%/2.6%1.7%/1.6%8828 13161 20.3%10623 23.9%19%18%21%20%23%22%25%24%0 5000 10000 15000 2019 2020 2021%2021 96.4%2021 3.6%8-10%7251 9130 11363 890 687 950 543 1256543 24.5%25.9%6.8%32.1%-21.0%0.1%-50%0%0 5000 10000 15000 50%2021 2019 2020:yoy:yoy yoy 02 1 2021 6.6+32.7%8.78+35.8%2018-2021 CAGR 24%98.6%2021 1.33 2 1996 2021 50.5%2021 2021 1.63 0.44 0.55 0.72 27%34%44%3+2021 3.13/+1.6%2.95/2.1 34897 43111 49752 66043 45602 55744 87775 1.31 1.29 1.30 64656 1.33 0 20000 40000 60000 80000 100000 2018 2019 2020 2021%57.8%56.9%49.5%42.2%43.1%50.5%0%20%40%60%80%1.34 100%1.33 1.32 1.31 1.30 1.29 1.28 1.27 2019 2020 2021 3.06 3.08 3.13 3.02 3.04 3.06 3.08 3.1 3.12 3.14 2019 2020 2021/02 2.1 200 151-200 101-150 50-100 15 1 2021 200 150 2 2021 89%93.1%2021 34.5%19.7%2021+15.2%14.6%13.2%48.4%47.6%43.8%29.1%29.9%32.0%7.3%7.9%11.0%100%90%80%70%60%50%40%30%20%10%0%2019 2020 2021 19.3%19.0%18.3%50.4%49.9%47.7%24.9%25.3%27.1%5.4%5.8%6.9%100%90%80%70%60%50%40%30%20%10%0%2020 2021 2019 02 6 1 2021 86.9+34%2019-2021 CAGR 42.3%2021 36.7%2019 5.9 2 2021 52.88+31.4%60.8%2021 3.4+233%2021 1 2020/2021 62.0%/60.8%36.4%/35.3%1.6%/3.9%22.0%/20.8%8.2%/7.9%2021 97.3%2021 2.7%*9%2.2 27.9%/28.3%34.2%/32.5%6.2%/6.6%4293 6489 51.2%34.0%8693 0%10%20%30%40%50%0 2000 4000 6000 8000 10000 60%2019 2020 2021%2569 4023 5288 1693 2363 3065 31 102 340 56.6%31.4%39.6%29.7%233.7%233.0%-100%100%0 5000 10000 300%2021 2019 2020 yoy yoy yoy 02 1 2020 2020 7 2021 1.36 1.25 85%2021 900 8 7 2021 200 50%2 2021 62%38%2.2,4 17 3 82 5 4 7934 12456 4,136 5667 8739 13612 1.21 1.17 1.10 1.09 1.00 1.05 1.10 1.15 1.20 0 5000 10000 15000 2020 2021 2018 2019%23.3%18.5%15.3%76.7%81.5%84.7%0%20%40%60%80%1.25 100%2019 2020 2021 68.8%74.5%62.3%31.2%25.5%37.7%0%20%40%60%80%100%2019 2020 2021 02 1 90%9 2021 90.8%2021 41.4%26.1%2 95%2019 4.89/5.7/2.2 30.4%34.1%27.4%44.7%46.4%39.4%21.6%16.4%24.0%3.3%3.1%9.2%0%20%40%60%80%100%2019 2020 2021 4.89 5.28 5.7 5.8 5.6 5.4 5.2 5 4.8 4.6 4.4 2019 2020 2021 97.9%96.6%97.2%96%96%97%97%98%98%2019 2020 2021/%02 1 2018 2021 47 22 2021 3.4+233%2 73 2.2 1.91 28.29 264 13.78 608 4 13.59 4000 18 16 36.52 4 13 10.3 8.76 12.43 02 3-5 1+20-30 2019-2021 100 14900 3400 3-5 2 2021 155 513 2.2+1 2-8 6+33.5%54 500/200%5.13 6 5 4 3 2 1 0 154.93 180 160 140 120 100 80 60 40 20 0 02 2.3 AloT BPaaS AI AIoT 2019-2021 CAGR 32.5%BPaaS 2019-2021 CAGR 136.2%AIoT BPaaS 1 AIoT-7 24 AI 7-2 BPaaS 2,000 3 03 19 1 2021 139.27+30.6%+23.9%55.5%2021+34%2019 30.8%36.7%AIoT BPaaS 2021 18.5+79%2 2021 43.3%36.8%2021 35.9%2020 1.2pct 30.5%2020 2019 15.7pct 03 3.1 2021 2019 2020 2021 2019-2021 8828 10623 13161 22.1%yoy%20.3%23.9%63.4%58.5%55.5%4293 6489 8693 42.3%yoy%51.2%34.0%30.8%35.8%36.7%AIoT BPaaS 806 1034 1850 51.5%yoy%28.2%79.0%5.8%5.7%7.8%13927 18145 23705 30.5%yoy%30.3%30.6%43.3%36.8%9.0%5.1%4.3%1.6%37.1%35.9%46.2%28.7%30.5%6.8%7.5%4.3%4.7%17.6%8.1%5.8%3.3%1.2%3.4%0.8%1.3%3.6%10.0%0.0%50.0%40.0%30.0%20.0%2019 2020 2021/03 3.2 21 2019 2020 2021 16.1%18.7%15.8%-9.5%15.0%11.1%-33.0%31.7%30.3%-63.3%59.0%80.8%20.5%17.2%15.9%-15.5%14.3%13.7%-28.1%22.4%19.5%-9.2%14.0%17.4%AIoT BPaaS 21.2%24.6%29.9%-AIoT 26.7%27.8%24.7%-BPaaS-12.7%14.6%39.8%17.7%18.5%17.0%1 2021 40.20 17.14+19.5%+12.9%2021 17%7.2%2 2021 15.8%2020 2021 15.9%2021 29.9%3,365 4,020 2,468 1040 1519 1714 36.3%19.5%46.0%12.9%0%10%0 1,000 2,000 20%3,000 30%4,000 40%2020 2019 yoy%2021 yoy%17.7%18.5%17.0%7.5%8.4%7.2%0%5%10%15%5,000 50%20%2020 2019%2021%03 22 1 2021 45.1+49.4%2019 2020 2021 94.4%93.7%94.7%2019 48 2020 52 2021 58 AIoT BPaaS 2 2021 32.4+24.5%2021 54 3.3*2128 3021 4514 1694 2605 48 52 58 47 53 54 3243 0 20 40 60 0 1000 2000 3000 4000 5000 80 2019 2020 2021 2019 2020 2021 2096.8 2970.3 4237.6 98.5%98.3%93.9%20.3 40.7 236.4 1.0%1.3%5.2%10.7 9.7 40.3 0.5%0.3%0.9%20.5 36.9 134.9*1.0%1.2%2.9%2019-2021%94.8%94.7%94.6%94.4%94.4%94.2%94.0%93.8%93.7%93.6%93.4%93.2%2019 2020 2021 03 23 1 2021 28.3 2019-2021 51.9 54.0 64.3 4.1%19.1%2 2021 0.16 14%3.4 2091 2557 2834 2.0 1.7 1.7 2.5 2.0 1.5 1.0 0.5 0.0-0.5-1.0 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 2019 2020 2021 5185 5398 6431 4.1 19.1-40-30-20-10 0 10 20 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 2019 2020 2021%11 14 16 182 226 251 24.5 11.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0-5.0-10.0 0 100 200 300 400 500 2019 2020 2021%2019 2020 2021 9986 12208 13708 6140 6796 15016 9772 11512 16282 684 927 2130 214 696-2574 04 24 04 25 1 2021 7.85 7.66 14.38 10.14 2 2021 237 288 2019-2021 30.5%72.9%4.1 VS 101387 78,498 76,570 143790 0 100000 200000 2018 2019 2020 2021 2018 2019 2020 2021 1.30 1.28 1.27 1.29 2.78 2.48 2.17 1.88 1 2 3 2018 2019 2021 2020 2019 2020 2021 2019 2020 2021 13927 18145 23705 9645 15600 28843%30.3%30.6%106.3%61.7%84.9%2468 3365 4020 3048 5300 8864%36.3%19.5%72.9%73.9%67.3%1040 1519 1714 1,718 2,782 4349%46.0%12.9%83.9%61.9%56.4%17.7%18.5%17.0%31.6%34.0%30.7%7.5%8.4%7.2%17.8%17.8%15.1%04 26 1 2021 70.2%47.8%2021 7.6%11.5%2021 12.9%2021 15.7%1.4%2 17-18%3 4.2 VS 2019 2020 2021 2019 2020 2021+9820 13153 16651 5749 8607 13794%33.9%26.6%66.8%49.7%60.3%70.5%72.5%70.2%59.6%55.2%47.8%11.1%14.8%11.9%30.2%34.6%30.3%1577 1493 1798 865 1731 3328%-5.3%20.5%107.4%100.1%92.2%11.3%8.2%7.6%9.0%11.1%11.5%46.2%41.6%45.5%66.2%65.1%60.5%1693 2363 3065 1422 1370 2675%39.6%29.7%79.8%-3.7%95.3%12.2%13.0%12.9%14.7%8.8%9.3%28.1%22.4%19.5%41.0%45.5%40.9%31 102 340 68 884 4529%233.7%233.0%1192.4%412.3%0.2%0.6%1.4%0.7%5.7%15.7%9.2%14.0%17.4%38.7%32.5%17.6%1990 30 2020 10 1 2021 10.1 7.8 15.9%2 89.3%3 2021 513 3-5%/PE PEG 2022 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 6098.HK 686 46.70 20.35-56%1.28 1.75 2.44 3.34 12.84 9.43 6.75 4.94 0.25 6049.HK 251 61.30 45.30-26%1.53 1.96 2.50 3.18 23.98 18.76 14.66 11.54 0.68 2669.HK 266 8.27 8.08-2%0.30 0.40 0.52 0.69 27.00 20.44 15.46 11.77 0.64 1995.HK 101 12.08 5.78-52%0.37 0.50 0.69 0.91 12.78 9.36 6.82 5.16 0.27 Wind 2022 1 1 2022 7 22 EPS Wind 1=0.81 05 1 2 3 4 T H A N K Y O U