\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 153 Xiamen C&D Inc(600153) )
The net profit attributable to the parent company in 21 years was RMB 6.098 billion, and the non performance was stable and high after reducing the impact of impairment
On the revenue side, benefiting from the active development of the supply chain business, the large-scale increase in the operation of metallurgical raw materials, agricultural and forestry products and the increase in the settlement scale of real estate business, the company’s operating revenue in 2021 was 707844 billion yuan, a year-on-year increase of 63.5%. In terms of spin off business, the annual supply chain business revenue was 611539 billion yuan, a year-on-year increase of 74.5%; The income from real estate development business was 96.305 billion yuan, a year-on-year increase of 16.9%.
On the full caliber profit side, the company realized a net profit attributable to the parent company of RMB 6.098 billion in 2021, with a year-on-year increase of 35.4%; Among them, the net profit attributable to the parent company in the single quarter of 21q4 was 2.714 billion yuan, a year-on-year increase of 66.0%. In terms of business, the net profit attributable to the parent company of supply chain operation business in the whole year was 3.22 billion yuan, a year-on-year increase of 80.8%; The real estate business segment realized a net profit attributable to the parent company of 2.878 billion yuan, a year-on-year increase of 5.7%.
On the core profit side, excluding the non recurring profits and losses such as the transfer of Deloitte medical equity and the disposal of Hongfa Technology Co.Ltd(600885) shares of RMB 1.646 billion, as well as the government subsidy of RMB 440 million, the company realized a net profit of RMB 4.265 billion, an increase of 12.8% year-on-year in 2021. If we further exclude the impact of asset impairment on the net profit of RMB 1.078 billion, the net profit deducted from non attributable parent company in 2021 increased by 41.3% year-on-year, and the core profit increased steadily and high.
Steady growth of supply chain business and diversified expansion of goods and services
On the volume side, the company’s operating volume of bulk commodities exceeded 170 million tons in 2021, with a year-on-year growth rate of more than 36%. Many core categories continue to maintain the leading position in the industry. By focusing on core categories and upstream and downstream major customers, the company optimizes approval authorization, improves operation efficiency, continuously excavates service depth upstream and downstream, creates differentiated competitive advantages, and realizes the steady expansion of supply chain business scale.
On the service side, the core competence of the company’s lift system is extended, relying on services to improve profitability and hedge the risk of price fluctuation. As the leader of bulk supply chain operation, the company constructs a “lift” system and combines it into differentiated and diversified supply chain service products to create value-added by relying on services. At present, the “lift” supply chain service model of bulk commodities has been copied to the field of consumer goods and the new energy industry chain, broadening the company’s service field and promoting the green and low-carbon transformation.
The real estate business broke through against the trend and is expected to benefit from the headedness trend promoted by strict industry norms
On the revenue side, the company’s real estate development business revenue in 2021 was 96.305 billion yuan, a year-on-year increase of 16.9%; Among them, the income from residential real estate business was 75.880 billion yuan, a year-on-year increase of 11.5%.
On the sales side, the contract sales amount of the company’s Jianfa real estate in 2021 was 175385 billion yuan, a year-on-year increase of 68.8%; The contract sales amount of MediaTek group was 42.180 billion yuan, a year-on-year increase of 23.9%. According to Kerui data, 22q1 Jianfa real estate sales reached 30.23 billion yuan, ranking 14th among real estate enterprises; MediaTek group has a sales volume of 9.48 billion yuan, ranking 49th among real estate enterprises. The company’s revenue carry forward still has sufficient momentum.
At the land acquisition end, the full caliber land reserve area of the company’s Jianfa real estate at the end of 2021 was 208761 million m3, a year-on-year increase of 36.5%; The full caliber land reserve area of MediaTek group was 7.9228 million m3, a year-on-year decrease of 7.2%. According to Kerui data, the new land value of 22q1 Jianfa real estate is 16.37 billion yuan, ranking third among real estate enterprises; MediaTek group has 780 million yuan, ranking 73rd among real estate enterprises.
All the core debt indicators controlled by the two real estate business operators of the company meet the requirements of the three red lines and green files of the real estate policy. At the same time, it ranks in the forefront and leads the scale among the real estate enterprises, and is expected to continue to benefit from the headedness trend promoted by the strict norms of the industry.
Profit forecast and valuation
We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 6.510 billion yuan, 7.461 billion yuan and 8.271 billion yuan respectively, corresponding to 6.1 times, 5.4 times and 4.8 times of PE respectively. The “synergy + growth” of real estate companies highlights the “synergy + growth” of real estate companies, and highlights the “double growth” of real estate companies.
Risk warning: commodity prices fluctuate sharply; The promotion of supply chain model is not as expected; Real estate industry policy impact.
