\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 383 Gemdale Corporation(600383) )
Revenue continued to grow and profitability declined: in 2021, the company achieved an operating revenue of 99.2 billion yuan, a year-on-year increase of 18.2%; The net profit attributable to the parent company was 9.41 billion yuan, a year-on-year decrease of 9.5%; The net profit margin attributable to the parent company was 9.5%, a decrease of 2.9 percentage points compared with the previous year, mainly due to the decrease of 13.9 percentage points to 19.7% compared with the previous year in the gross profit margin of real estate development business settlement, which accounted for 89% of revenue, resulting in the decrease of 11.7 percentage points to 21.2% compared with the previous year. However, the net profit attributable to the parent company increased by 4.4 percentage points to 73% compared with the previous year, providing some support for stable performance. By the end of 2021, the company’s advance receipts and contract liabilities totaled 112.8 billion yuan, laying the foundation for future revenue.
The sales price has increased against the trend, and the soil reserve is rich and ready to go: in 2021, the company achieved a sales amount of 286.7 billion yuan, with a year-on-year increase of 18%, which is far ahead of the industry. The industry ranking has increased by 2 places to No. 11, while Q1 has continued to increase by 3 places to No. 8 in 2022; Among them, the sales area was 13.77 million m2, with a year-on-year increase of 15%; The average sales price was 20821 yuan / m2, with a year-on-year increase of 2.5%. The performance of volume and price was improved, and the price for volume was not used. In 2021, the company added 16.36 million square meters of soil storage, and the coverage rate of new soil storage was 119%; The amount of land acquisition is 130.9 billion yuan, and the investment intensity is 46%, both higher than the industry level. The company focused on high-energy cities and controlled the sinking of investment in the third and fourth tier cities. In 2021, the proportion of the first and second tier cities accounted for 65%, while the proportion of the first tier cities significantly increased to 34%. By the end of 2021, the company has a total soil storage area of 63.98 million m2.
Diversified businesses have developed well and the ability to resist risks has been improved: in terms of property management services, in 2021, the company added more than 70 million square meters of contract area through single project expansion and acquisition and acquisition. By the end of 2021, the contract management area had exceeded 330 million square meters, of which the proportion of external expansion was as high as 71% and the proportion of non residential business was as high as 15%; In terms of commercial properties, by the end of 2021, the average rental rate of the company’s shopping centers has remained above 90%, and the average rental rate of office buildings entering the mature stage has reached more than 95%; In terms of agent construction business, by the end of 2021, the company has deployed more than 30 cities and nearly 90 management service projects in China, with a cumulative development and management area of more than 15 million square meters.
Continue to optimize finance and maintain the “green gear”: by the end of 2021, the company’s net debt ratio was 55.2%, down 7.3 percentage points from the previous year; The asset liability ratio excluding advance receipts is 67.6%; The cash short debt ratio excluding restricted funds is 1.4. The company’s financing cost continued to decline. By the end of 2021, the average financing cost of the company’s overall debt was 4.56%, down 0.18 percentage points from the previous year.
Investment suggestion: the company operates steadily, optimizes its finance, reversely increases its sales and accumulates its investment. It is estimated that the net profit attributable to the parent company from 2022 to 2023 will be 10.04/10.56 billion yuan respectively, the EPS corresponding to the latest share capital will be 2.22/2.34 yuan respectively, and the PE corresponding to the latest share price will be 6.2/5.9 times respectively, maintaining the “buy” rating.
Risk tip: the sales and settlement of the company’s development properties are less than expected, the decline of industry fundamentals is more than expected, and the policy support is less than expected.
