The net profit of RMB 488 million increased by 142.73% year-on-year. Under the downward environment of the real estate market, the annual performance of Tianjin Jinbin Development Co.Ltd(000897) ( Tianjin Jinbin Development Co.Ltd(000897) . SZ) in 2021 looks very good. On March 30, Tianjin Jinbin Development Co.Ltd(000897) released the annual performance report of 2021. In 2021, Tianjin Jinbin Development Co.Ltd(000897) achieved an operating revenue of 2.254 billion yuan, a year-on-year increase of 22.39%; The net profit attributable to the parent company was 488 million yuan, a year-on-year increase of 142.73%.
After the release of the performance report, the share price of Tianjin Jinbin Development Co.Ltd(000897) also rose by more than 10% for a time. At the close of March 30, Tianjin Jinbin Development Co.Ltd(000897) closed up 10.06% to 3.61 yuan. It fell back on March 31, with the closing price of 3.49 yuan, down 3.32%.
From the performance data alone, Tianjin Jinbin Development Co.Ltd(000897) 2021 is indeed actively addressing the new challenges of the real estate market. However, through the financial report, the project can be described as a "double-edged sword" for Tianjin Jinbin Development Co.Ltd(000897) for , which is gradually becoming one of the hidden risks while promoting its performance growth.
net profit increased by 142.73%
For the reasons for the performance growth in 2021, Tianjin Jinbin Development Co.Ltd(000897) in the financial report, it is classified as the completion and delivery of Meijiang H3 project, which is caused by the part of the carried forward income that meets the conditions for revenue recognition. The reason for the year-on-year increase in net profit is the same as that of Meijiang H3 project. It is said that Meijiang H3 project with carried forward revenue is a wholly-owned subsidiary of Jinbin times development, and the gross profit margin of the project is high.
In terms of revenue structure, Tianjin Jinbin Development Co.Ltd(000897) 2021 revenue mainly comes from real estate sales, with revenue of about 2 billion yuan, of which Meijiang project accounts for the majority. Meijiang H3 project has a revenue of 1.675 billion yuan, accounting for 74.28% of the revenue, and H4 project has a revenue of 301 million yuan, accounting for 13.38% of the revenue.
It is reported that Jingjie Meijiang project is located in the west of Meijiang Convention and Exhibition Center, Youyi Road, Xiqing District, Tianjin. The building surface is 570000 square meters, with a total number of 544 households. The main house types are 100140 square meters high-rise, 120165 square meters small high-rise and 83-85 square meters small house types.
In terms of cash flow, the operating cash flow of Tianjin Jinbin Development Co.Ltd(000897) 2021 also increased significantly. In 2021, the annual operating cost was 1.03 billion, a year-on-year decrease of 31.3% and the gross profit margin increased by 35.6%. During the period, the cost rate was 4.9%, with little change compared with last year. The net cash flow from operating activities increased by 63.77% year-on-year, which was due to the increase in the collection of house sales and the decrease in the payment for trade.
From the basic performance data, the fundamentals of Tianjin Jinbin Development Co.Ltd(000897) 2021 annual performance are good.
Tianjin's revenue contribution exceeds 99% p align = "center" style = "text align: Center;" More than 99% of the revenue comes from Tianjin. From the performance report of Tianjin Jinbin Development Co.Ltd(000897) 2021
According to the information on the official website, Tianjin Jinbin Development Co.Ltd(000897) founded on December 28, 1998, is an enterprise with civil housing development as the leading industry, following the overall strategic deployment of "based in Tianjin, rooted in the seaside and moving towards the whole country".
Tianjin Jinbin Development Co.Ltd(000897) is indeed based in Tianjin as mentioned in the strategic deployment. From the regional distribution of revenue in 2021, Tianjin Jinbin Development Co.Ltd(000897) the revenue from Tianjin is about 2.25 billion yuan, accounting for 99.79% of the operating revenue, an increase of about 62% year-on-year in 2020. In the same period, the revenue from Fujian accounted for only 0.21% of the total revenue.
This is not the first time that there is a large amount gap in the proportion of income between Tianjin and Fujian. In 2019, the revenue in Tianjin accounted for 99.27% and that in Fujian was 0.73%; In 2017, the revenue of Tianjin accounted for 12.44%, while that of Fujian was 87.56%.
It is noteworthy that Fujian mentioned in the regional distribution of revenue in 2021 does not appear in the column of Tianjin Jinbin Development Co.Ltd(000897) the gross profit margin. In 2021, the regional gross profit margin only mentioned Tianjin, which is 120.26%.
Does this mean that Tianjin Jinbin Development Co.Ltd(000897) will withdraw from the Fujian market?
In this regard, Lu Wenxi, chief analyst of Shanghai Zhongyuan Real estate, told the Huaxia times that this situation may be related to the land supply and the strategic layout of real estate enterprises throughout the year.
Yan Yuejin, research director of the think tank center of E-House Research Institute, said in an interview with the reporter of Huaxia times that from the data, it is true that the investment in the region is unbalanced, and it can be considered that the focus is returning to Tianjin. Of course, from the perspective of real estate, enterprises may sometimes have few specific projects, which will cause fluctuations in the regional market. However, there is generally not such a big gap. It can be considered that enterprises have made new moves in investment in regional markets.
However, Lu Wenxi believes that from a strategic perspective, Tianjin Jinbin Development Co.Ltd(000897) withdrawal from Fujian is unlikely. "After all, it's a pity to retreat from the area that we finally attacked." Lu Wenxi told reporters.
project delivery difficult
Indeed, as industry experts said, it is not easy for enterprises to enter a region and generally will not give up easily. But why does Fujian have such a "low sense of existence" in the annual report of Tianjin Jinbin Development Co.Ltd(000897) 2021? This answer may go back to the project itself.
The main achievements of Fujian Quanzhou Honghui development project in 2027 are as follows:.
In terms of soil storage, there was no new land reserve project in Tianjin Jinbin Development Co.Ltd(000897) whole year of 2021. In this regard, Tianjin Jinbin Development Co.Ltd(000897) said that the main business objective of the company in 2022 is to ensure the completion and settlement of the projects in the settlement plan on schedule and the realization of the annual recognized income, including the progress of Meijiang H2 project and the completion and acceptance of Jinhui hongshuwan B1 project as soon as possible.
However, when the reporter of Huaxia times searched the Jinhui Mangrove Bay B1 project located in Quanzhou, Fujian Province, the relevant news was dominated by "delayed delivery" and "repeated breach of contract"p align="center" style="text-align:center;"> Complaints about "delayed delivery" and "repeated breach of contract". From People.Cn Co.Ltd(603000) government message board
Some People.Cn Co.Ltd(603000) leaders left a message on the message board saying that zone B of Jinhui mangrove bay is located at the intersection of Wanxing street and Binjiang North Road, Luojiang District. Phase 6-7 of zone B of the project was originally scheduled to be delivered on November 30, 2020, but it has been more than a year so far, and the developer has not yet determined the delivery time.
What is more noteworthy is that when Quanzhou petition Bureau replied to the corresponding complaint on March 27, it made it clear that the main building body of Jinhui Mangrove Bay project was basically completed, and the outdoor engineering construction will be started in the next step. This is not consistent with the completion of the main project described in the annual report.
So why is there a discrepancy between the statement of the annual report and the official reply, and when is the project in Fujian expected to be delivered? With all these questions, the reporter of Huaxia times called the Tianjin Jinbin Development Co.Ltd(000897) secretary office and sent the relevant interview letter to his mailbox, but as of the deadline, he had not received a reply.
However, in the 2021 annual operation review of the board of directors, Tianjin Jinbin Development Co.Ltd(000897) also said that "in 2022, Meijiang project will continue to take building high-quality products as the company's strategic goal and ensure the implementation of the whole project plan according to the requirements of the plan nodes. Jinhui hongshuwan project has completed the final acceptance and completion settlement of block B project, and successfully delivered to the owner."
But at the same time, Tianjin Jinbin Development Co.Ltd(000897) in this operation review of the board of directors, it is also said frankly that in 2022 and even for a long time in the future, the company will be in a situation of climbing with heavy load, practicing internal skills and overcoming difficulties, with both opportunities and challenges.
