在央行房地产“两维护”最新定调之下，房地产市场或有望迎来放松机会。天风证券预计Q4地产销售端/融资端或出现边际放松，主要体现在按揭额度的正常需求下的边际放松，对房企的销售回款将形成一定支撑。
从长期来看，随着房地产行业集中度的提升，优胜劣汰的市场竞争格局下，龙头房企的优势将进一步凸显。更重要的是，除了借助自身的资金成本和规模优势，抢占市场份额，龙头房企还能在开发业务之外，进行收并购，获得更多的增长机会。
9月29日，龙湖集团（00960）发布公告，拟以21.6亿元的价格，收购公司大股东孵化的智能科技及医疗服务资产，涉及智能硬件企业百佑科技，以及重庆佑佑妇儿医院两类资产。这笔交易，无疑让外界看到了房企转型的新思路。
截至9月30日收盘,龙湖集团股价收报35.9元/股，上涨1.99%。
一、两类资产均具“专精特新”业务属性
诚然，龙湖集团本次收购的资产体量不算大，金额也并不高，合计21.6亿元的价格，与地产企业更为熟悉的一二线城市一个项目基本相符，但其此次收购的两类资产均符合国家对于“专精特新”企业的定位。
天眼查显示，百佑科技持有北京千丁智能技术有限公司100%股权（以下简称“千丁智能”），后者为国内最早一批涉足智慧城市智能硬件的企业，多年来与绿城等国内知名房企有着深度合作。截至2020年8月，仅智能门禁通行总量便超过6亿次，累计出货量28万台/套，在细分赛道中处于领先地位。
而重庆佑佑宝贝妇儿医院开业运营3年，业务量持续保持稳定增长。尤其是在2020年疫情导致全国医院门诊量下降11%的情况下，佑佑妇儿医院仍实现了门诊量60%、业务收入70%的快速双增长，而今年1-8月门诊量则同期增长102%。
如今“专精特新”中小企业培育已上升到前所未有的高度，在今年7月底召开的中央政治局会议上，就释放出“发展专精特新中小企业”的重磅信号。而沿着这条“专精特新”的草蛇灰线，此次收购的意义也有了一些轮廓。
随着5G的普及，居民对于科技的感知更为直观，从居住环境到服务的精细化和标准化，空间智慧化释放巨大潜力，对于旨在发力空间运营商的房地产企业，是一个新的机遇与挑战。
而正如业界所共识，今天的房地产企业不缺线下空间的开发能力，但数字化的空间运营能力以及服务延展的能力则需要进一步补强，龙湖集团亦不例外。
二、加速数字化搭建，业务协同推进稳步扩张
以收购成熟企业的方式补足短板，龙湖集团无疑选择了一条捷径。
收购百佑科技，将有利于龙湖集团引入智能硬件及SaaS服务综合解决方案，加速数字化能力的搭建，助力降本提效，还将有助于集团孵化出“专精特新”的业务板块，实现人工智能技术与智能硬件在各航道业务场景中融合，从而更大程度地激发各航道、各业务场景之间的协同效应，形成发展新合力。
医疗资产或亦是如此。据龙湖集团相关人士透露，在国家鼓励社会办医、优化生育等大的宏观政策背景下，妇儿专科医院的布局，不仅能够强化业主的服务生活赋能，也能加速实现多种空间维度的客户引流。
根据智通财经APP观察，“协同”一直是龙湖集团变化的重要逻辑，无论集团去地产化更名，还是开辟航道、敏捷赋能的组织架构升级。在今年7月最新一轮的组织架构升级中，龙湖集团地产开发、商业运营、租赁住房、智慧服务、房屋租售、房屋装修，正式成为并行的六大航道。在不断的变革中，龙湖似乎也已经尝到了开发+服务双引擎驱动的甜头，以及多航道协同的裨益。
随着两大全新板块的纳入，无论是整合进入主航道，还是拓展现有业务的纵深，甚至是独立孵化进一步外扩业务的维度，都有巨大的想象空间。据龙湖相关人士透露，预计到2021年底，龙湖集团各类空间下的多种智能终端数量将达到2020年的近300%，未来几年也将呈现出几何级的增长需求。
综上所述，作为龙头标杆房企，龙湖集团有着突出的并购能力，运营能力和产品能力，综合实力强劲，而优异的业绩表现，进一步验证了公司的成长能力和业绩释放动能。此次并购背后，是龙湖集团对行业释放出加速数字技术转型的信号，也是其新旧业务协同打造更高增长空间的重要一步，长期发展趋势值得期待。
翻译：
In the central bank real estate “two maintenance” under the latest tone, the real estate market or is expected to usher in relaxation opportunities. Tianfeng securities is expected to Q4 real estate sales/financing end or marginal relaxation, mainly reflected in the normal demand of mortgage line marginal relaxation, the sales of housing enterprises will form a certain support.
In the long run, with the improvement of the concentration of the real estate industry, the advantages of leading housing enterprises will be further highlighted under the market competition pattern of survival of the fittest. More importantly, in addition to seizing market share by virtue of their own capital cost and scale advantages, leading real estate enterprises can also carry out mergers and acquisitions in addition to development business, and obtain more growth opportunities.
Zhitong Financial APP learned that on September 29, Longfor Group (00960) announced that it planned to purchase the intelligent technology and medical service assets incubated by the company’s major shareholders at the price of 2.16 billion yuan. It involves the intelligent hardware enterprise Baiyou Technology and Chongqing Youyou Women’s and Children’s Hospital. This transaction, no doubt let the outside world to see the transformation of housing enterprises new ideas.
By the end of September 30, Longfor Group shares closed at 35.9 yuan per share, up 1.99%.
Both types of assets have the business attributes of “specialization and innovation”
Admittedly, the volume of assets acquired by Longfor Group is not large and the amount is not high. The total price of 2.16 billion yuan is basically consistent with a project in the first and second-tier cities that real estate companies are more familiar with. However, the two types of assets acquired by Longfor Group are in line with the country’s positioning of “specialized and innovative” enterprises.
Tianyan research shows that Baiyou Technology holds 100% equity of Beijing Qianding Intelligent Technology Co., LTD. (hereinafter referred to as “Qianding Intelligent”), which is one of the earliest enterprises involved in smart city intelligent hardware in China and has deep cooperation with Greentown and other well-known housing enterprises in China over the years. By August 2020, the total number of intelligent access control passes has exceeded 600 million. And the accumulated shipment volume is 280,000 units/set, taking the lead in the subdivision circuit.
Chongqing Youyou Baby Women’s and Children’s Hospital has been in operation for 3 years. And its business volume has maintained stable growth. Especially in 2020, the epidemic caused an 11% decline in the outpatient volume of hospitals across the country. Youyou Women’s and Children’s Hospital still achieved a rapid double growth of 60% outpatient volume and 70% business income. And the outpatient volume increased by 102% in the same period from January to August this year.
Specialized, specialized and innovative
Today, the cultivation of “specialized, specialized and innovative” smes has risen to an unprecedented height. At the meeting of the Political Bureau of the CPC Central Committee held at the end of July this year, the “development of specialized, specialized and innovative smes” was released. Along the line of “special and new” grass snake grey, the significance of the acquisition is also outlined.
With the popularization of 5G, residents have a more intuitive perception of science and technology. From the living environment to the refinement and standardization of services, the intelligent space releases huge potential. It is a new opportunity and challenge for real estate enterprises aiming at developing space operators.
As the industry consensus, today’s real estate enterprises do not lack the ability to develop offline space. But the digital space operation ability and service extension ability need to be further strengthened, Longfor Group is no exception.
Accelerated digital construction, business coordination to promote steady expansion
Longfor Group has no doubt chosen a shortcut to complement its weaknesses by acquiring mature enterprises.
The acquisition of Baiyou Technology will help Longfor Group to introduce intelligent hardware and SaaS service integrated solutions, accelerate the construction of digital capabilities, help reduce costs and improve efficiency, and will also help the group to incubate a “specialized and innovative” business segment, realizing the integration of artificial intelligence technology and intelligent hardware in the business scenarios of various waterways. In this way, the synergistic effect between different channels and different business scenarios can be stimulated to a greater extent. And new synergy can be formed for development.
The same may be true of healthcare assets. According to the relevant person of Longfor Group, under the macro policy background of encouraging social medical management and optimizing fertility, the layout of women’s and children’s specialized hospitals can not only strengthen the service life of the owners, but also accelerate the realization of a variety of spatial dimensions of customer drainage.
Synergy
According to the observation of Zhitong Finance APP, “synergy” has been an important logic of the change of Longfor Group. No matter the group’s de-real estate and name change, or the group’s opening up of channels, agile and empowering organizational structure upgrade. In the latest round of organizational structure upgrading in July this year, Longfor Group’s real estate development, commercial operation, rental housing, intelligent services, housing rental and sale, and housing decoration have officially become six parallel channels. In the constant changes, Longfor seems to have tasted the sweetness driven by the twin engines of development + service. As well as the benefits of multi-channel collaboration.
With the inclusion of the two new plates, there is a huge space for imagination, whether integrating into the main channel, expanding the depth of the existing business, or even independently incubating the dimension of further expanding the business. According to the relevant person of Longfor, it is expected that by the end of 2021, the number of multiple intelligent terminals in all kinds of space of Longfor Group will reach nearly 300% of that in 2020. And geometric growth demand will also be shown in the next few years.
To sum up, as a leading benchmark real estate enterprise, Longfor Group has outstanding merger and acquisition capabilities, operational capabilities and product capabilities, strong comprehensive strength, and excellent performance, which further verifies the company’s growth ability and performance to release momentum. Behind this merger and acquisition, Longfor Group has released a signal to the industry to accelerate the transformation of digital technology, and is also an important step for its new and old businesses to collaborate to create higher growth space. The long-term development trend is worth looking forward to.
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