物业管理行业2021年度策略：行业空间大，公司成长高.docxVIP

Property Management Analyst Song Jian songjian@ SFC：BMV912 SAC：S0190518010002 Contact Sun Zhonglian sunzhonglian@ SAC：S0190119100068 Song Jingru songjingru@ SAC：S0190118010135 Yan Ningxin yanningxin@ SAC：S0190118100175 Industry with Large Scale Companies with High Growth Overweight Overweight （Maintained） IPO boom for property management: 2020 is the window period for property management companies’ listing. 11 property management companies related to Top 100 real estate enterprises have filed for IPO. The Hong Kong-listed property management companies will be more than 30 in 2020 and their totally managed GFAs will be over 3.3 billion sqm. Among them, there are five leading property management companies, which will bring impact to property management sector. Meanwhile, commercial management companies begin to launch the secondary market. The diversity of property management sector is enhanced. Accelerating integration: 26 MA of property management companies were announced in 2020, involving 1.936 billion RMB. Most MA targets are small property management companies, supplementing a lot of managed GFAs for listed companies. For listed companies with relatively small scale, MA is an easy approach to achieve large scale. MA and integration will still be a major trend in the industry in the next few years. Listed companies have sufficient cash and motivation to expand scale and enhance scale effect. Policy improvement: 1) The adjustment mechanism of residential property management fee is more flexible. 2) The resources of urban public services are gradually marketized, attracting the participation of leading property management companies and motivating property management companies to expand business boundaries. 3) Reconstruction of old community brings incremental market space for the property management companies with elevator service ability