After the financial report was exposed, the deep gross profit margin fell to the low level of the industry, and China Merchants faced uncertainty in the future.

2020 is the first year after the great integration of China Merchants. On March 23rd, this A-share listed company, the largest property management company, handed over its report card for this crucial year.

According to the 2020 annual report of China Merchants Scratch Music, the company's operating income in 2020 was 8.635 billion yuan, a year-on-year increase of 42.07%; The total profit was 626 million yuan, a year-on-year increase of 53.30%; The net profit attributable to shareholders of listed companies was 435 million yuan, a year-on-year increase of 52.03%; There are 1438 projects under management, and the management area is 1.9 1 100 million square meters. The newly signed contract amount was 2.455 billion yuan, up by 20%, 25.66% and1.19 respectively.

Overall, the performance growth of China Merchants Scratch is good, but compared with the fast-growing industry, this performance report is still not excellent for China Merchants Scratch.

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Industry reciprocal of gross profit margin

From the perspective of profitability, the accumulated investment is far below the industry average, and it is still in a downward trend.

In 2020, the gross profit and net profit of the company were165438+75 million yuan and 409 million yuan, respectively, and the gross profit margin and net interest rate were 13.6% and 4.7%, respectively, which were 4.7 percentage points and 0.3 percentage points lower than that of 20 19, a record low, and the profit rate was lower than the industry average.

Analysis shows that a large part of the reason for the low gross profit margin is the business structure. China Merchants' 2020 financial report shows that the exclusive ratio is very low. The relatively low professional service income is exactly the hot value-added service income in the industry at present, accounting for about 18%, and most of the income comes from the low "basic services" in Mao Lijiao.

In terms of value-added services with high overall profit margin, China Merchants also performed poorly. The data shows that the gross profit margin of China Merchants' scratch music professional service is only 65,438+04%, which is 7.265,438+0% lower than that of 2065,438+09, and the gross profit margin has declined. From the data point of view, the main reason is the sharp increase in operating costs.

After a detailed study of its professional services, the top three businesses are: case marketing and real estate brokerage, facilities management services and construction technical services. These three categories belong to non-owner value-added services, and the proportion of owner value-added services is still very low. As far as the current environment is concerned, the excavation of the owner's value-added service value will largely determine the future development space of material enterprises.

Regarding how to improve the company's profitability in the future, the management of China Merchants said at the performance meeting that in the future, the company will improve its operating performance and overall profitability from six aspects: improving the existing regional density, strengthening the integration of urban regional companies, reducing costs and increasing efficiency, expanding the scale of professional services, improving operational efficiency and exerting brand effect. At the same time, the management revealed, "In the next step, the company will focus on developing professional services around three business segments: developer services, facility services and resource services.

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Poor performance in mergers and acquisitions?

In the past year, various property companies are eager to move in the wave of mergers and acquisitions, but there seems to be no big breakthrough in attracting investment. It is the strategy of most head material enterprises to achieve rapid scale expansion and actively explore the market through mergers and acquisitions.

The way to expand the investment scale by barely making do mainly depends on the coordinated development of the internal business of major shareholders and market-oriented bidding. It is reported that of the contracted amount of 2.455 billion yuan in 2020, 65.438+0.85 billion yuan was obtained through market bidding, and the remaining 600 million yuan was the annual amount of cooperative signing by shareholders.

At present, in the property industry, capital pursues enterprises with differentiated competitiveness, or leading enterprises, or enterprises with strong expansion competitiveness. Judging from the performance of China Merchants, the competitiveness in the above two aspects is not outstanding, and the company's future sustainable operation ability may be uncertain.

In the increasingly fierce competition in the industry, it is an unavoidable status quo. China Merchants want to reach the revenue target of 654.38+003 billion yuan in 202 1. Accelerating M&A in the future is an unavoidable topic for China Merchants to strengthen its comprehensive competitiveness.

Regarding mergers and acquisitions, Nie Liming, Chairman of China Merchants Group, said in the Q&A session of the performance meeting, "It is one of the important measures for the company's development and a long-term strategy to achieve rapid scale expansion through investment mergers and acquisitions. In 20021year, the company will increase incentives for M&A investment, make full use of internal and external resources, and take various measures to actively promote related work, hoping to realize high-quality projects as soon as possible and help the company develop. "