\u3000\u3000 Gemdale Corporation(600383) (600383)
Event: the company issued the announcement of 2021 performance express. The company achieved a total operating revenue of 99.232 billion yuan in 2021, an increase of 18.16% year-on-year; The net profit attributable to the listed company was RMB 9.4 billion, a year-on-year decrease of 89.9%. The basic earnings per share was 2.1 yuan / share, a year-on-year decrease of 8.7%.
The annual income increased by double digits, and the net profit attributable to the parent decreased slightly
The company achieved a revenue of 99.232 billion yuan in 2021, with a year-on-year increase of 18.16%; The operating profit reached 16.06 billion yuan, a year-on-year decrease of 21.07%; The net profit attributable to the parent company was 9.463 billion yuan, a year-on-year decrease of 8.99%. The main reason for the large decline in operating profit is that the project settlement scale and gross profit margin of the company in 2021 are lower than expected due to the downturn of the industry and the epidemic situation in the year. Therefore, with the year-on-year growth of revenue, the profit decreased year-on-year.
The annual sales increased rapidly against the trend, and the average sales price increased slightly
According to the sales announcement in December 2021, the company achieved a sales area of 13.77 million m3 in the whole year, up 15.25% from that in 2020; The annual sales amount of the company was 286.71 billion yuan, up 18.15% from 242.62 billion yuan in 2020; The corresponding annual average sales price is 20821.35 yuan / m2, an increase of 2.54% over the annual average sales price of 20306.33 yuan / m2 in 2020. According to Kerui's sales list, according to the ranking of equity amount, the company ranked 12th in 2021, up three places from 15th in 2020. Although the industry began to turn cold in the second half of 2021, the company flexibly adjusted the supply arrangement and investment rhythm according to the market conditions, and adhered to the prudent financial policy, so the company realized the contrarian growth of sales.
During the year, important shareholders reduced nearly 15% of their shares and subsequently reduced their shares or limited shares
From September 16 to December 24, 2021, everyone Life Insurance Co., Ltd. reduced its holdings of Gemdale Corporation(600383) shares nine times. As of December 24, 2021, everyone Life Insurance Co., Ltd. reduced its holdings of Gemdale Corporation(600383) 677 million shares. At present, everyone life insurance holds Gemdale Corporation(600383) 5.43% shares, a decrease of 14 PCT compared with 19.43% after the first reduction on September 16, 2021. We believe that with the reduction of shareholding ratio, everyone life insurance continues to reduce its holdings of Limited shares, and the subsequent impact on the transaction is gradually reduced.
Investment suggestion: the company's revenue increased in double digits in 2021, but the company's settlement gross profit margin was lower than expected due to the downturn of the industry and the epidemic in the year, and the profit decreased slightly compared with the same period. Last year, sales grew rapidly against the trend, and the average sales price increased slightly. In the first month of 2022, sales decreased significantly, but the average price increased significantly. Based on this, according to the performance express of 2021, we predict that the net profit attributable to the parent company in 2021-2022 will be reduced from RMB 11.217 and 12.323 billion to RMB 9.463 and 9.94 billion, and the corresponding EPS will be reduced from RMB 2.48 and 2.73 to RMB 2.10 and 2.20 per share, maintaining the "buy" rating
Risk warning: house prices plummeted, sales fell short of expectations, macroeconomic fluctuations and 2021 data are preliminary accounting. The specific data shall be subject to the official annual report. The sales data may be different from the data disclosed in the periodic report, and the relevant data shall be subject to the company's periodic report
