\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 383 Gemdale Corporation(600383) )
Matters:
The company released the first quarterly report of 2022, realizing a total operating revenue of 13.35 billion yuan, a year-on-year increase of 82.2%, and a net profit attributable to the parent company of 630 million yuan, a year-on-year increase of 10.8%, corresponding to EPS of 0.14 yuan.
Ping An View:
Double digit growth in profits and relatively sufficient open resources: the company achieved a total operating revenue of 13.35 billion yuan in 2022q1, a year-on-year increase of 82.2%, and a net profit attributable to the parent company of 630 million yuan, a year-on-year increase of 10.8%. The main reasons why the profit growth rate is lower than the revenue are as follows: 1) the gross profit margin decreased by 12.1 percentage points to 19.7% year-on-year; 2) The net investment income decreased by 270 million yuan year-on-year. The contract liabilities at the end of the period were 117.84 billion yuan, 1.12 times the revenue of the past year, and the outstanding resources were still relatively sufficient.
Sales investment contracted and financing advantages continued: the company’s 2022q1 sales amount was 45.51 billion yuan, a year-on-year decrease of 33.7%, and the sales area was 1.832 million square meters, a year-on-year decrease of 38.5%. The average sales price was 24842 yuan / m2, an increase of 19.3% over the whole year of 2021. During the period, the newly started area was 1.48 million square meters, a year-on-year decrease of 49%, and the completed area was 1.06 million square meters, a year-on-year decrease of 12%, completing 23% and 7% of the plan at the beginning of the year respectively. In 2022q1, 540000 square meters of new construction area will be built, with a total investment of 7.8 billion yuan. The sales area ratio and sales amount ratio of land acquisition are 29.5% and 27.1%, down 89.3 and 28.5 percentage points compared with the whole year of 2021. The average floor price is 14444 yuan / m2, and the ratio of land price to house price is 58.1%, an increase of 19.7 percentage points over the whole year of 2021. During the period, the first phase of medium-term notes in 2022 was issued with an interest rate of 3.58%, and the financing cost was at a low level in the market in the same period. The net debt ratio at the end of the period, the asset liability ratio excluding advance receipts and the cash short debt ratio (excluding restricted cash) were 57.2%, 68.1% and 1.5 times respectively.
Investment suggestion: maintain the original profit forecast. It is estimated that the EPS of the company from 2022 to 2024 will be 2.21 yuan, 2.32 yuan and 2.40 yuan respectively, and the corresponding PE of the current stock price will be 6.5 times, 6.2 times and 6.0 times respectively. The company’s performance is outstanding, and the completion carry forward has support; With sound finance and outstanding comprehensive advantages, it is expected to go through the cycle, promote the steady rise of market share and maintain the “recommended” rating.
Risk tips: 1) the policy care is not as strong as expected, and the adjustment time and range of the real estate market are extended, resulting in the risk of damage to the company’s operation; 3) The continued pressure on the property market to decontaminate has led to further decline in sales prices, impairment at high prices in the early stage and continuous downward risk in profit margins; 3) The proportion of equity in the company’s land reserve is relatively low, and the company faces the risk of diluting the net profit attributable to the parent company due to the increase of the proportion of minority shareholders’ profits and losses in the future
