\u3000\u3 China Vanke Co.Ltd(000002) 352 S.F.Holding Co.Ltd(002352) )
Event: the company released the announcement of the first quarter report of 2022 on April 28. In the first quarter of 2022, the company realized an operating revenue of 62.984 billion yuan, a year-on-year increase of 47.78%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 912 million yuan, turning losses into profits.
Comments:
The company’s performance increased significantly in 2022q1. In the first quarter of 2022, the company achieved a total operating revenue of 62.984 billion yuan, a year-on-year increase of 47.78%; The net profit attributable to the parent company was 1.022 billion yuan, a year-on-year increase of 203.35%; The net profit deducted from non parent company was 912 million yuan, with a year-on-year increase of 180.42%. Since late February 2022, the epidemic in China has resulted in the closure and control of some cities. The company’s operating revenue and business volume in March were 12.463 billion yuan and 803 million tickets respectively, with a year-on-year decrease of 5.87% and 7.91% respectively. However, the performance in the first quarter still increased significantly year-on-year. The main reason may be the consolidation of Kerry Logistics and the company’s initiative to optimize the product structure to reduce the proportion of low gross profit products.
Equity incentive shows confidence. The company plans to use the repurchased A-share common stock of the company and / or S.F.Holding Co.Ltd(002352) a-share common stock issued to the incentive object to carry out equity incentive, and the number of stock options to be granted to the incentive object shall not exceed 1.23% of the total share capital of the company. Among them, 49859100 stock options were granted for the first time, accounting for 83.10% of the total number of stock options to be granted in the plan and 1.02% of the total share capital of the company at the time of announcement of the draft incentive plan. The performance assessment in 2022 is that the annual operating revenue value is not less than 270 billion yuan or the net profit margin attributable to the parent company in 2022 is not less than 2.1%, and the assessment target in 2023 is 315 billion yuan or the net profit margin attributable to the parent company in 2023 is not less than 2.6%. The higher target shows the confidence of the management.
Maintain recommended ratings. In the first quarter of 2022, the company achieved a substantial increase in performance under the impact of the epidemic, and the results of product structure adjustment showed that the input capacity was gradually profitable in 2021. The four networks financing continued to promote the collaborative integration of resources and further optimize the management. It is estimated that the company’s earnings per share in 2022 / 2023 will be 1.52 yuan and 1.78 yuan respectively, and the corresponding PE valuation will be 31.35 times and 26.66 times respectively, maintaining the “recommended” rating of the company.
Risk warning. Intensified industrial competition, tightening industrial policies, macroeconomic impact, etc.
