\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 048 Poly Developments And Holdings Group Co.Ltd(600048) )
Event: the company released the report for the first quarter of 2022, and the company achieved an operating revenue of 33.537 billion yuan, a year-on-year increase of 33.83%; The net profit attributable to the parent company was 2.531 billion yuan, a year-on-year increase of 1.18%; Earnings per share is 0.21 yuan / share.
The revenue increased rapidly and the performance improved slightly
In the first quarter of 2022, the company achieved a total operating revenue of 33.555 billion yuan, a year-on-year increase of 33.74%; The net profit attributable to the parent company was 2.531 billion yuan, a year-on-year increase of 1.18%. The single digit growth of net profit attributable to the parent company is mainly due to: 1) the gross profit margin of the company is 27.93%, a decrease of 7.53pc compared with the first quarter of 2021; 2) The net investment income of the company decreased by 84.64% year-on-year to 107 million yuan; 3) The net income from changes in fair value was – 07 million yuan, a decrease of 10 million yuan compared with the first quarter of 2021. The efficiency of expense management was improved. The company’s sales expense rate and management expense rate were 3.14% and 3.16% respectively, down 0.58 and 0.70 PCT respectively compared with the first quarter of 2021.
The average sales price decreased slightly, and the investment was more active
In the first quarter of 2022, the company achieved a total sales amount of 90.695 billion yuan, a year-on-year decrease of 27.02%; The sales area was 5.5387 million m3, a year-on-year decrease of 22.89%; The corresponding average sales price was 16375 yuan / m2, a year-on-year decrease of 5.37%; Both sales and prices have decreased. 14 new earth storage blocks were added, with a total construction area of 1.94 million m3 and an equity construction area of 1.42 million m3, with an equity ratio of 73.1%; The total land price is 34.1 billion yuan, corresponding to the average floor price of 17591 yuan / m2; Land acquisition intensity was 37.58%, and the land sales ratio was 1.07; The company’s expansion amount in 38 core cities accounted for nearly 90%, and further optimized the resource reserve structure. In the first quarter of 2022, the newly started area was 6.07 million m3 and the completed area was 4.71 million m3, with a year-on-year decrease of 41.29% and 2.28% respectively.
The debt structure is healthy and the cash on hand is abundant
As of the first quarter of 2022, the company’s long-term bonds accounted for 80.72% of interest bearing liabilities, and the debt structure was healthy. The company realized cash withdrawal of 83.2 billion yuan, with a withdrawal rate of 92%, an increase of 8pct compared with the first quarter of 2021; The cash on hand is 137482 billion yuan, the cash short debt ratio is 1.98, and the solvency is strong.
Participate in the establishment of rental housing fund, which is conducive to the development of indemnificatory rental housing business
In April 2022, the company announced that its wholly-owned subsidiary poly Ruichi participated in the establishment and subscription of rental housing fund. The rental housing fund will be jointly initiated and established by poly Ruichi and CCB fund as general partners to mainly acquire poly party or market-oriented rental housing projects. The company’s participation in the establishment and subscription of rental housing fund is conducive to expanding the scale of affordable rental housing business, constructing and optimizing the industrial structure and strategic layout of affordable rental housing, and indirectly enjoying the value-added income of the equity value of the invested project.
Investment suggestion: the average sales price of the company decreased slightly in the first quarter of 2022, and the investment was more active; Rapid growth of income and slight improvement of performance; The debt structure is healthy and the cash on hand is abundant. We estimate that the net profit of the company from 2022 to 2024 will be 29.218 billion yuan, 30.683 billion yuan and 32.792 billion yuan, EPS will be 244, 2.56 and 2.74 yuan / share, and the corresponding PE will be 7.42x, 7.07x and 6.61x, maintaining the “buy” rating. (the historical data in the report financial model are the data before adjusting the statement)
Risk tips: house prices fell sharply, investment was lower than expected, and macro-economy was lower than expected
