\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 048 Poly Developments And Holdings Group Co.Ltd(600048) )
Events
The company released the report of the first quarter of 2022: the total operating revenue of 2022q1 was 33.5 billion yuan (YoY + 33.8%); The net profit attributable to the parent company is 2.5 billion yuan (YoY + 1.2%); The basic earnings per share is 0.21 yuan (the previous value is 0.21 yuan).
Sales Investment shrinks, and the soil storage structure is more focused
Sales side: in 2022q1, the contracted amount was 90.7 billion yuan (yoy-27.0%), the contracted area was 5.54 million square meters (yoy-22.9%), and the average sales price was 16735 yuan / square meter, a year-on-year decrease of 5.4%, but the unit price increased by 2.0% compared with that in 2021.
Investment side: 2022q1's newly increased volume covers an area of 1.94 million square meters (yoy-76.1%), with a total acquisition cost of 34.1 billion yuan (yoy-24.6%), of which the expansion amount of 38 core cities accounts for nearly 90%. The company's soil storage structure is further optimized. Due to the more focus on the expansion area, the average floor price expanded is 17577 yuan / square meter, an increase of 157.6% compared with the average floor price expanded in 2021. The sales amount of land acquisition was 37.6%, up 2.9% over the whole year of 2021, but still lower than the monitoring index of 40%. During the reporting period, the newly started area was 6.07 million square meters (yoy-41.2%), and the completed area was 4.71 million square meters (yoy-2.3%). By the end of the reporting period, 747 proposed projects were under construction, with an area under construction of 127.86 million square meters and an area to be developed of 69.89 million square meters, with abundant reserves.
Affected by the pressure on profit margin, the scale of net profit attributable to the parent company increased slightly
In 2022q1, the operating revenue was 33.5 billion yuan (YoY + 33.8%), and the net profit attributable to the parent company was 2.5 billion yuan (YoY + 1.2%). The profit growth rate was lower than that of revenue, mainly due to the downward impact of profit margin. During the reporting period, the gross profit margin was 27.9%, a year-on-year decrease of 7.5%, but an increase of 1.1% over the whole year of 2021.
Financial stability and abundant cash in hand
During the reporting period, the company returned 83.2 billion yuan in cash, with a return rate of 92%, an increase of 7.7% over the same period last year. The balance of monetary capital at the end of the period was 137.5 billion yuan, with abundant funds in hand. The asset liability ratio was 78.2%, down 0.5% from the same period last year, and the asset liability structure was stable.
Investment advice
The company adheres to the deep cultivation strategy of "core city + Urban Agglomeration", with abundant soil storage resources and reasonable layout, and the scale can be improved in the future. Financial stability and abundant funds in hand. With the dual effects of the background of central enterprises and industry leaders, it is expected to further improve the market share. It is estimated that the company's EPS from 2022 to 2024 will be 2.43, 2.61 and 2.85 yuan / share, corresponding to the current share price PE of 7.46, 6.95 and 6.36 times respectively, maintaining the "buy" rating.
Risk tips
Sales did not meet expectations, regulatory policies tightened more than expected, financing costs rose, profit margins fell, and the equity ratio of new land reserves decreased.
