\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 383 Gemdale Corporation(600383) )
Event: the company released the report for the first quarter of 2022, and the company achieved an operating revenue of 13.354 billion yuan, an increase of 82.18% year-on-year; The net profit attributable to the parent company was 626 million yuan, a year-on-year increase of 10.82%; Earnings per share is 0.14 yuan / share.
The revenue increased rapidly and the performance improved steadily
In the first quarter of 2022, the company realized an operating revenue of 13.354 billion yuan, a year-on-year increase of 82.18%; The net profit attributable to the parent company was 626 million yuan, a year-on-year increase of 10.82%. The growth rate of net profit attributable to the parent company is much different from that of revenue, mainly for the following reasons: 1) the company’s gross profit margin is 19.72%, a decrease of 12.09pct compared with the first quarter of 2020; 2) Taxes and surcharges increased by 43.49% year-on-year to 657 million yuan; 3) The net investment income decreased by 36.32% year-on-year to 468 million yuan. The sales expense rate and management expense rate decreased significantly, by 3.32 and 6.51 PCT to 3.12% and 6.70% respectively. The effect of improving efficiency and reducing expenses was obvious.
The sales volume is reduced and the price is increased, and the land acquisition methods are diversified
In the first quarter of 2022, the company achieved a total sales amount of 45.5 billion yuan, a year-on-year decrease of 34%; The sales area was 1.83 million m3, a year-on-year decrease of 38%; The corresponding average sales price was 24842 yuan / m2, a year-on-year increase of 7.76%. The company added 6 projects in the first quarter of 2022, of which 4 projects were obtained through non-public means. 540000 m3 of new land storage and 220000 m3 of equity land storage, with an equity ratio of 40.74%; The total land acquisition price is about 7.8 billion yuan, corresponding to the floor price of 14444 yuan / m2; In the first quarter, the land acquisition intensity was 17.14%, and the land sales ratio was 0.58; Land acquisition methods are diversified, and investment is cautious.
Abundant cash on hand and healthy debt structure
The company has abundant cash. By the end of the first quarter of 2022, the company’s monetary cash was 61.412 billion yuan, and the cash short debt ratio was 1.47. The debt structure is healthy. By the end of the first quarter of 2022, the company’s long-term debt accounted for 66.71% of interest bearing liabilities, and the non current liabilities due within one year accounted for 31.08%. In February 2022, the company completed the first issue of medium-term notes in 2022, with an issue scale of 1.7 billion, an issue period of 3 years, an issue interest rate of 3.58%, and low financing cost.
The operation of rental business is stable, and the layout focuses on core cities
The rental income of real estate rental business is 557 million yuan, and the rental income of real estate opened for more than half a year is 539 million yuan, accounting for 96.79% of the rental income; The total rentable area is 2228900 m3. The average rental rate of the real estate industry is more than 76% by the end of the first half of 2022; The average rental rate of commercial real estate within half a year of opening is 45%, and that of industrial real estate is 38%. The real estate rental of the company is mainly in high-energy cities, and the rental area of first and second tier cities accounts for 97.33%.
Investment suggestion: the company’s revenue increased rapidly and its performance improved steadily in the first quarter of 2022; Sales volume decreases and prices rise, and investment is cautious; Sound finance and abundant cash; Stable operation of rental business. We expect the net profit of the company from 2022 to 2024 to be RMB 9.940, 11.807 and 13.272 billion, EPS to be RMB 2.20, 2.62 and 2.94 per share, corresponding PE to 6.49x, 5.46x and 4.86x, maintaining the “buy” rating.
Risk tips: house prices fell sharply, rental operation was less than expected, and macro-economy was less than expected
