\u3000\u3000 Gemdale Corporation(600383) (600383)
Event: the company released the 2021 performance express. For the whole year of 2021, the company is expected to realize an operating revenue of 99.232 billion yuan (Unaudited, the same below), with a year-on-year increase of 18.16%; The net profit attributable to the parent company was 9.463 billion yuan, a year-on-year decrease of 8.99%; The basic earnings per share was 2.10 yuan / share, a year-on-year decrease of 8.70%.
Flexibly grasp the supply rhythm and increase sales against the trend. In 2021, the company achieved a contract amount of 286.71 billion yuan, with a year-on-year increase of 18.15%. The contract area was 13.77 million square meters, with a year-on-year increase of 15.25%. The annual average sales price was 20821.35 yuan / square meter, with a year-on-year increase of 2.51%. The growth of sales scale was at the leading level in the industry. The company's annual sales volume ranked 11th in the list of Kerry, up 2 places from the previous year. Since the second half of 2021, residents' willingness to buy houses has declined and the market has been cold. The company has flexibly grasped the supply rhythm and benefited from good brand strength, Gemdale Corporation(600383) has become one of the few real estate enterprises to achieve the sales target at the beginning of the year.
The market downturn led to an increase in revenue without increasing profits, and the operating profit margin has rebounded in the fourth quarter. For the whole year of 2021, the company is expected to realize an operating revenue of 99.232 billion yuan, with a year-on-year increase of 18.16%; The operating profit was 16.06 billion yuan, a year-on-year decrease of 21.07%; The operating profit margin was 16.18%, a year-on-year decrease of 8.04pct, and the annual performance of the company was slightly lower than the market expectation. This year's income increase without profit increase is mainly due to the tight policy, the downward market, the pressure of inventory impairment of all real estate enterprises, the decline of the overall project carry forward scale, and the centralized delivery of some projects with high price and low gross profit of the company, which makes the settlement gross profit margin less than expected. In the Q4 single quarter of 2021, the operating revenue reached 45.348 billion yuan, a year-on-year increase of 4.15%; The operating profit was 9.543 billion yuan, a year-on-year increase of 11.37%; The operating profit margin was 21.04%, an increase of 1.36pct over Q4 last year. On the whole, the annual operating profit margin showed a V-shape, which gradually rebounded after hitting the bottom in the second quarter.
Land acquisition tends to be cautious and attaches importance to land quality. In the context of "two centralized" land supply, the land market changed from hot to cold in 2021. The company appropriately adjusted the pace of land acquisition according to the market conditions. In the first half of the year, 81 cases of land were obtained by using diversified investment methods. Since the second half of the year, land investment has slowed down, with a total of 22 cases of land obtained. On the whole, Gemdale Corporation(600383) land acquisition tends to be cautious this year. The construction area of new soil storage in the whole year is 15.21 million square meters, a year-on-year decrease of 8.21%; The total land price was 115.1 billion yuan, a year-on-year decrease of 14.74%; The average price of land acquisition was 7567.39 yuan / m2, a year-on-year decrease of 7.12%. Under the guidance of the strategy of deep ploughing and extensive expansion, 86 cities have been arranged in China. Among them, the company has carried out deep ploughing in the first and second tier core cities, properly sunk the high-quality third and fourth tier cities, and significantly improved the quality of land acquisition, so as to provide guarantee for subsequent expansion.
Financial stability, prominent financing advantages, and actively supplement funds for long-term development. The company seized the financing window period, actively supplemented funds, and successively issued three phases of medium-term notes in November, December and February of 22, with the issuance scale of 1.5 billion, 1.5 billion and 1.7 billion respectively, and the issuance interest rates of 4.17%, 4.04% and 3.58% respectively. The financing cost gradually decreased. The company's financial situation is stable. By the end of the third quarter of 2021, Gemdale Corporation(600383) is a stable green enterprise. Its good financing advantages enable it to actively supplement funds during the policy relaxation period, seize opportunities in the regulation cycle and seek long-term development.
Investment suggestions: the company's sales grew against the trend, its profitability was gradually restored, its financing advantages were prominent, its financial situation was stable and stable, its business blossomed in many aspects, and the property management sector brought new growth points. We expect the company's earnings per share from 2021 to 2023 to be 2.10 yuan / share, 2.26 yuan / share and 2.49 yuan / share respectively. Calculated by the closing price of 12.98 yuan on February 23, the corresponding P / E ratios are 6.2 times, 5.7 times and 5.2 times respectively. We are optimistic about the long-term performance of the company and maintain the "recommended" rating.
Risk warning: the sales deregulation is less than expected and the financing environment fluctuates.
