\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 153 Xiamen C&D Inc(600153) )
Event: the company issued the 2021 annual report. In 2021, the company achieved an operating revenue of about 707.8 billion yuan, a year-on-year increase of 63%; The net profit attributable to the parent company was 6.1 billion yuan, a year-on-year increase of 35.4%; The net profit deducted from non parent company was 4.27 billion yuan, a year-on-year increase of 12.8%. The company plans to pay a cash dividend (before tax) of 0.60 yuan / share.
Adhere to professional operation, and the scale efficiency of supply chain business has reached a record high. In 2021, the operating revenue of the company’s supply chain business reached 611.5 billion yuan, an increase of 74.5% year-on-year, mainly due to the significant increase in the business scale of the company’s metallurgical raw materials and agricultural and forestry products (the volume of bulk commodities such as black, non-ferrous metals, mineral products, Shenzhen Agricultural Products Group Co.Ltd(000061) , pulp and paper, energy and chemical products exceeded 170 million tons, with a year-on-year growth rate of more than 36%); In addition, based on the mature “lift” supply chain service system, the company expanded the service field to the field of consumer goods and the new energy industry chain. In 21 years, the company’s supply chain business in the consumer goods industry achieved an operating revenue of more than 32 billion yuan, with a year-on-year growth rate of more than 20%; In addition, based on the “double cycle” pattern, the company accelerated the “international” layout. In 21 years, the total import and export and international trade amounted to US $37.1 billion, with a year-on-year growth rate of about 80.1%. In 2021, the gross profit margin of the company’s supply chain business was about 1.49%, a year-on-year decrease of 0.31pct; The net interest rate was about 0.54%, with a year-on-year increase of 0.04pct; The net profit attributable to the parent company was about 3.22 billion yuan, an increase of about 80.8% year-on-year.
Sufficient high-quality land reserves, and the real estate business maintained growth. In 2021, the subsidiaries Jianfa real estate and Lianfa group achieved a total sales amount of 217.6 billion yuan, a year-on-year increase of 51.5%, and the sales amount of equity was 164.5 billion, a year-on-year increase of 64.9%. In 2021, the company’s real estate business realized an operating revenue of 96.3 billion yuan, a year-on-year increase of 16.9%. In 2021, the gross profit margin of the company’s real estate business decreased by 4.13 PCT to 16.8%, the gross profit of real estate business decreased by 6.3% to 16.1 billion yuan year-on-year, and the net profit attributable to the parent company was 2.88 billion yuan, an increase of 5.7% year-on-year. By the end of the 21st century, the unsold land reserve area (equity dimension) of Jianfa real estate and MediaTek group had reached 21.87 million square meters, a year-on-year increase of 19.0%. The estimated equity value of the company’s land reserve in the first and second tier cities accounted for more than 70%. The high-quality and abundant land reserve provided a solid guarantee for the sustainable development of the company’s real estate business. In addition, by the end of the 21st century, the project area under the management of CCD real estate and the property management company under MediaTek group had reached 48.91 million square meters, an increase of 10.1 million square meters compared with the end of the previous year. In addition to the basic property management income, the non owner value-added income and community value-added service income of CCD property increased rapidly, and the gross profits contributed by the two value-added services to CCD property reached 24% and 30% respectively.
Investment suggestion: the company adheres to the positioning of supply chain operator, continues to deepen the “professional” business strategy, and the business scale and efficiency are expected to maintain high-quality growth; The sales scale of the real estate business of the company’s holding subsidiary has reached a new high, the investment and storage expansion have been steadily strengthened, and the boundary of property value-added services has been widened, which is expected to contribute to the profit increment in the future; The new equity incentive plan implemented by the company this year is expected to mobilize the enthusiasm of employees and promote the long-term development of the company. Based on the above, we raised the company’s 22-23 year net profit forecast by 14% / 16% to 6.31 billion yuan and 7.17 billion yuan respectively, and increased the 24-year net profit forecast by 8.08 billion yuan; Maintain the company’s “overweight” rating.
Risk warning: the risk of commodity price fluctuation, such as the short-term sharp decline of commodity price, leading to customer default; Business risks, such as partner’s breach of contract, loss of goods, etc; Capital risk, such as the rise of capital cost caused by the decline of rating; The real estate boom declined, and the real estate business income and profit margin declined.
