\u3000\u3 China Vanke Co.Ltd(000002) 968 New Dazheng Property Group Co.Ltd(002968) )
22q1 revenue was 611 million yuan, an increase of 43.5%, and the net profit attributable to the parent was 43 million yuan, an increase of 19.9%. The company’s 22q1 operating revenue was 611 million yuan, a year-on-year increase of 43.5%, which was mainly due to the expansion of the company’s business scale and the increase of projects under management. The net profit attributable to the parent company in 22q1 was 429839 million yuan, a year-on-year increase of 19.9%.
Actively expand the business territory and advance some expenses
The company’s 22q1 gross profit margin was 17.88%, a year-on-year decrease of 1.76pct; The net interest rate attributable to the parent company was 7.04%, a year-on-year decrease of 1.38pct.
The company’s 22q1 sales expense ratio was 1.96%, with a year-on-year increase of 0.9pct; The rate of administrative expenses was 9.14%, with a year-on-year increase of 1.36 PCT; The financial expense rate was -0.31%, with a year-on-year increase of 0.07pct. The increase in sales expenses is mainly due to the increase in employee compensation caused by the company’s business development and the increase in the number of sales personnel, and the increase in project bidding expenses caused by continuous business development; The increase in management expenses was mainly due to the expansion of the company’s business scale and the increase in the number of management personnel, resulting in an increase in employee compensation.
The year-on-year expansion increased by 70%, and the organizational structure and talent incentive were improved
The total bid winning amount of 2022q1 company’s new expansion projects is about 373 million yuan, and the annual amount of newly signed contracts is about 223 million yuan, with a year-on-year increase of about 70%, of which the market expansion outside Chongqing accounts for about 80%. It has won new bids for major projects such as China Banking and Insurance Regulatory Commission, Guiyang Longdongbao International Airport, Baoshen railway transportation service branch and many military business projects. Q1 market expansion made a good start, laying a good foundation for the realization of the annual performance target.
Increase investment and cost in the improvement and adjustment of organizational structure, talent introduction and training, improvement of medium and long-term incentive system, promotion of digital construction, epidemic prevention and control, so as to lay a solid foundation for long-term development. Adjust the assessment methods of the restricted stock incentive plan in 2021, highlight the directionality, and make the assessment more reasonable and effective; Formulate the restricted stock incentive plan for 2022, anchor the strategic objectives of the fifth five year plan, and realize the phased and continuous incentive; Launch the city partner plan to form a multi-level overall long-term incentive system.
Maintain profit forecast and buy rating. The company continues to deepen the research on customer needs, operation scenarios and service standards to create value and high-quality service experience for customers. 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 estimate that the net profit attributable to the parent company in 22-24 years is 250 million yuan, 340 million yuan and 440 million yuan respectively, the corresponding EPS is 155, 208 and 2.69 yuan / share respectively, and the PE is 22.8, 17.0 and 13.1x respectively.
Risk tip: business expansion is less than expected, core executives are lost, labor costs are increasing, etc.
