Main points of investment
In the first half of 2021, the company realized total operating income of 1.277 billion yuan, an increase of 5.57% over the same period last year, of which Q2 realized operating income of 753 million yuan, a decrease of 5.43% over the same period The company achieved operating income of 524 million yuan and 753 million yuan in Q1 and Q2 respectively, with a year-on-year change of 26.76% and-5.43% respectively. The faster growth of Q1 was due to a lower base last year, and the decline in Q2 revenue was mainly due to the rush and high base of Q2 last year. It is worth noting that the company signed a new contract of 1.164 billion yuan in the first half of the year, 24.61% of the same period last year.
In the first half of 2021, the company achieved a comprehensive gross profit margin of 31.28%, an increase of 1.02pct over last year, and a net profit margin of 21.86%, an increase of 0.92pct over last year. The company's gross profit margin in Q1 and Q2 is 27.91% and 33.62% respectively, with year-on-year changes-0.27pct, 2.28pctMagneQ2 gross profit margin increased by a large margin.
In the first half of 2021, the company's expense rate was 5.36%, an increase in 0.37ct over the same period last year, mainly due to the increase in management fees. The rate of management expenses was 3.09%, an increase of 0.29pct compared with the same period last year, mainly due to the promotion of online office and contact business in the same period last year, the reduction of office expenses and travel expenses, and the reduction of social insurance fees in stages of the epidemic; the rate of R & D expenses was 2.41%, an increase of 0.07pct over the same period last year; the increase in R & D investment was mainly due to the increase in R & D investment during the reporting period; and the financial expense rate was-0.14%, an increase of 0.01pct over the same period last year.
The proportion of asset impairment loss + credit loss of the company in the first half of 2021 was 0.48%, which was lower than that of last year, which was mainly due to the decrease in the impairment loss of bad debts. The loss of bad debts in the current period was 5 million yuan, compared with 12 million yuan in the same period last year. The net operating cash flow per share of the company was-0.61 yuan, an increase of 0.03 yuan per share over last year, mainly due to the recovery of project funds by various measures taken during the reporting period.
Profit forecast and rating: we maintain the company's profit forecast and expect the company's parent net profit to be 482 million yuan, 599 million yuan and 733 million yuan from 2021 to 2023, with a "prudent overweight" rating corresponding to the closing price of 9.5,7.6,6.2 times PE on August 19.
Risk tips: macroeconomic downside risks, lower-than-expected landing of on-hand orders, slow progress of construction projects, deterioration of cash flow, and higher-than-expected losses on bad debts.
