Events. The company publishes its semi-annual report for 2021. During the reporting period, the company achieved revenue of 410 million yuan, up 9.71% from the same period last year; the net profit belonging to shareholders of listed companies was 67 million yuan, down 16.08% from the same period last year.
The main reasons for the increase in revenue in the first half of 2021 are as follows: the overall occupancy rate has increased compared with the severe epidemic in 2020, and three mergers and acquisitions have been completed in the first half of the year. The main reasons for the decline in the company's homing net profit in the first half of 2021: mainly affected by the new lease criteria; at the same time, some new projects are in the climbing period.
Excluding the impact of the new leasing criteria, the company achieved operating income of 412 million yuan, up 10.27% from the same period last year, and net profit belonging to shareholders of listed companies was 93.4507 million yuan, up 17.64% from the same period last year.
According to the 2021 annual report, the company's business model mainly includes leasing operation, shareholding operation and entrusted operation. By the end of the reporting period, the company had 43 projects leased and operated, with a property area of about 720000 square meters available for rental operation; three projects operated by the company and a property area of about 110000 square meters available for rental operation; the company has 22 entrusted projects with a property area of about 210000 square meters available for rental operation.
In the first half of 2021, the company successively acquired 60% equity in Shanghai Tengjin, 100% equity in Shanghai Yuyi and Shanghai Haoyi, and 60% equity in Tongchang Shengye (Beijing).
In the first half of 2021, as a limited partner, the company, together with the general partner Shanghai Zhongyuan Enterprise Management Co., Ltd., and the limited partner Shanghai Zhongyuan Phase II Private Equity Fund (limited partnership), jointly established the private equity fund Shanghai Jinhe Zhongyuan private equity fund partnership (limited partnership), with a fund size of 1 billion yuan and subscribed contribution of 890 million yuan, accounting for 89%.
Investment suggestion: to create China's leading commercial property value chain integrated service provider in the field of urban renewal, with a rating of "better than the big market". The company is a service-oriented company with light asset operation, mainly engaged in positioning design, transformation, investment promotion, operation and service of urban old property and inefficient stock commercial property. By the end of this report, the company was in charge of 68 projects with a management area of more than 1 million square meters, and the overall number and area of projects were in the leading position in the industry. It is estimated that the EPS of the company from 2021 to 2022 is about 0.33,0.39 yuan. With reference to the valuation of the comparable company, the company is given a dynamic price-to-earnings ratio of 18-23 times in 2021, and the corresponding reasonable value range is 5.94-7.59 yuan, maintaining the "better than the big market" investment rating.
Risk hint: the risk of decreasing rental rate and rent difference; the risk of over-concentration in the region.
