\u3000\u3 China Vanke Co.Ltd(000002) 968 New Dazheng Property Group Co.Ltd(002968) )
The 2021 annual report and 2022 equity incentive plan are released, and it is proposed to transfer 10 to 4 and distribute 5 yuan
On March 29, the company announced its 2021 annual report that the revenue in 2021 was 2.088 billion yuan, with a year-on-year increase of 58.40%, of which the revenue and growth rate of q1-4 were 426 million (+ 54.96%), 471 million (+ 60.86%), 547 million (+ 68.04%) and 645 million yuan (+ 51.57%) respectively; By product, the income from basic property is 1.935 billion, accounting for 92.65%; Innovative business income 107 million, accounting for 5.10%; Urban service income was 46 million, accounting for 2.21%. In terms of business division, the office income is 767 million, accounting for 36.72%; Aviation revenue was 239 million, accounting for 11.43%; The public revenue is 423 million, accounting for 20.29%; The school income is 333 million, accounting for 15.93%; The commercial and residential income was 326 million, accounting for 15.63%. In terms of sub regions, the company’s market revenue in Chongqing is 986 million (+ 13.66%), accounting for 47.24%; The revenue of regions outside Chongqing increased rapidly to 1.101 billion (+ 144.74%), accounting for 52.76%.
In 2021, the net profit attributable to the parent company was 166 million yuan, with a year-on-year increase of 26.57%, of which the net profit attributable to the parent company and growth rate of q1-4 were 36 million (+ 44.93%), 39 million (+ 32.77%), 43 million (+ 18.51%) and 49 million yuan (+ 18.27%) respectively. It is proposed to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares to all shareholders and increase 4 shares for every 10 shares to all shareholders with capital reserve. In 2021, the company’s cash dividend was 813405 million yuan, with a dividend rate of 48.89%.
The incentive plan plans to grant 1 million restricted shares to 15 core backbones including Dong Gao, accounting for 0.61% of the total share capital. Among them, 940000 shares were granted for the first time and 60000 shares were reserved. The grant price is 16.78 yuan / share (50% lower than the closing price on March 28, 2022). Equity incentive is conducive to further establish and improve the company’s long-term incentive mechanism, attract and retain excellent talents, and fully mobilize the enthusiasm of the company’s senior managers, middle managers and core backbone.
In 2021, the newly expanded saturated annualized contract revenue was 820 million, an increase of about 74% at the same time
The total bid winning amount of 2021 new expansion project is 1.69 billion yuan, and the saturated annualized contract revenue is 820 million yuan, with a year-on-year increase of about 74.22%; 16 newly signed projects with an annual contract amount of more than 10 million (including); It won the state organ Affairs Bureau, economic daily, winter sports center, Shenzhen Venture Capital Plaza, Zhejiang Expressway and other landmark projects. The number of project management departments of the company reached 477, with a year-on-year increase of 29.27%. The area of projects under management exceeded 100 million square meters for the first time. The projects covered 25 provinces and 82 cities across the country, and the national layout was promoted smoothly.
The company has anchored its future strategy and implemented the fifth five year plan. Maintain the leading position of public buildings; Make breakthroughs in digital transformation and urban service transformation; Build three major areas with property management as the main body and coordinated development of urban service and innovative business; The four-wheel drive of market, capital, technology and talents promotes the rapid implementation of the company’s nationalization strategy; And from the five aspects of organization, R & D, operation, mechanism and mode innovation, accelerate the construction of organizational capacity and realize the high-quality development of the company.
Maintain profit forecast and give buy rating
With the rapid expansion of the company, the promotion of joint ventures and cooperation and the full flowering of value-added services, the company has driven into the fast lane of development with system as the basis and efficiency as the wing. We expect the company’s EPS from 2022 to 2024 to be 1.55 yuan, 2.08 yuan and 2.69 yuan respectively; PE is 22x, 17x and 13X respectively.
Risk tip: the external expansion is less than expected, the loss of core executives, the increase of labor cost, etc.
