Events. The company publishes its semi-annual report for 2021. During the reporting period, the company achieved operating income of 11.901 billion yuan, an increase of 29.98% over the same period last year; the net profit belonging to shareholders of listed companies was 1.143 billion yuan, an increase of 10.03% over the same period last year.
In the first half of 2021, the company achieved operating income of 11.901 billion yuan, an increase of 30% over the same period last year, of which real estate sales income was 11.003 billion yuan, an increase of 28.25% over the same period last year, and real estate rental income (rent + property management fee) was 653 million yuan, an increase of 29% over the same
At the end of the reporting period, after excluding the accounts received in advance, the asset-liability ratio was 63.26%, the interest-bearing debt ratio was 18.83%, the cash short-debt ratio was 2.10 times, and all the three red line indicators reached the green line standard.
According to the company's semi-annual report of 2021: during the reporting period, the company totaled 16.6 billion yuan in sales contracts in the first half of the year, an increase of 77 percent over the same period last year, and 44 percent of the annual sales signing target, an increase of 9 percentage points over the same period last year. The contracted area of sales was 780000 square meters, an increase of 95% over the same period last year. The average sales price remained at a high level of about 213,000 yuan per square meter, and the sales rebate reached 16.5 billion yuan, a record high.
In terms of business operation and management: in the first half of the year, the sales passenger flow of the company's commercial projects increased significantly compared with the same period last year, of which cumulative sales increased by 61% year-on-year, and cumulative passenger flow increased by 86% over the same period last year. Office operation and management: as of 2021 and a half, 4 of the 8 office buildings under the management of the company have entered a stable operating state, and the occupancy rate has always been maintained at more than 90%. Operation and management of the theme park: Shanghai Shimao Elf City theme park has continued its market popularity since its opening, receiving 350000 tourists in the first half of the year and achieving sales revenue of 40 million yuan.
According to the company's semi-annual report of 2021, the company will try its best to achieve the annual sales target of 38 billion yuan in the second half of 2021, while the annual leasing operating income will be 1.49 billion yuan.
Investment advice: layout of first-and second-tier cities, to create a commercial real estate leader, "better than the big city" rating. The company is a comprehensive real estate listed company under Shimao Group, which integrates comprehensive commercial real estate development and sales, commercial operation and management, and diversified investment. By the end of the reporting period, it had a total land reserve of about 18.92 million square meters, of which second-tier and above cities accounted for 75 per cent of the total. We keep the company's EPS forecast value from 2021 to 2023 unchanged. The dynamic PEG valuation of the comparable company is 0.51 times. The company's dynamic PEG valuation range of 2021 is 0.45-0.5 times. The compound growth rate of the company's homing net profit in the next three years is 23.95%. As a result, the company's reasonable value range is 5.07-5.63 yuan, maintaining the company's "better than the market" rating.
Risk hint: the company's rental and sale business faces the risk of raising interest rates and policy regulation, as well as the risk of economic downturn.