\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 383 Gemdale Corporation(600383) )
Core view:
In 2021 Gemdale Corporation(600383) timely adjusted the sales strategy according to the changes of the industry situation to promote the enterprise’s sales scale to rise against the trend. At the same time, the enterprise adhered to the investment pattern of “strong east Mississippi”, strengthened the deep cultivation in high-level cities such as Shanghai, Beijing and Shenzhen, and better avoided the downward risk of the market. With the carry over of a large number of low gross profit projects, it is expected that the profitability of Gemdale Corporation(600383) will pick up in 2022.
I. sales increased by 15.25% against the trend, and the five cities accounted for the first
In 2021, Gemdale Corporation(600383) realized the contrarian growth of sales scale and the increasing market share of core cities thanks to the timely adjustment of sales strategy and flexible supply according to the changes of industry situation. At the same time, Gemdale Corporation(600383) adhere to the investment pattern of “strong east Mississippi”, focus on high-energy cities, and strengthen the deep cultivation of Shanghai, Beijing and Shenzhen. Under the background of unstable industry situation, the continuous investment in high-energy level can ensure the de industrialization of the project, the return of existing funds and better avoid the investment risk of downward market.
II. The profit margin remained at a high level in the industry, and the investment income increased significantly
Like other real estate enterprises in the industry, Gemdale Corporation(600383) also faces the problem of declining profitability. We think it is mainly due to the narrowing of project profit space and the centralized delivery of low gross profit projects. However, the profitability of Gemdale Corporation(600383) remains high in the industry. We believe that with the completion of the carry over of low gross profit projects, the profitability of Gemdale Corporation(600383) is expected to rise in 2022.
III. adhere to steady development, and the three red lines have remained green for 6 consecutive years
In 2021, Gemdale Corporation(600383) adhered to the strategy of balanced development and steady operation, and the debt index remained low. The medium and long-term interest bearing liabilities accounted for 68.3% in more than one year. The debt maturity structure was reasonable, and the three red line indicators remained green for six consecutive years. The sound financial fundamentals make Gemdale Corporation(600383) ‘s financing ability improve day by day. In 2021, the weighted average financing cost of Gemdale Corporation(600383) ‘s interest bearing debt further decreased to 4.56%. The low financing cost protects the cash flow of the enterprise and shows the trust of financial institutions and investors in the enterprise,
In 2021 Gemdale Corporation(600383) timely adjusted the sales strategy according to the changes of the industry situation to promote the enterprise’s sales scale to rise against the trend. At the same time, the enterprise adhered to the investment pattern of “strong east Mississippi”, strengthened the deep cultivation in high-level cities such as Shanghai, Beijing and Shenzhen, and better avoided the downward risk of the market. With the carry over of a large number of low gross profit projects, it is expected that the profitability of Gemdale Corporation(600383) will pick up in 2022.
