The performance is repaired well, and the operation returns to normal.
In the first half of 2021, the company achieved operating income of 6.13 billion yuan, an increase of 56% over the same period last year; the net profit returned to its mother was 380 million yuan, an increase of 840% over the same period last year, exceeding the full-year profit of 2020 and equalizing the first half of 2019, which was in line with the performance forecast and in line with expectations. In the first half of 2021, the company's gross profit margin was 30.2%, an increase of 6.4 percentage points over the same period last year; the net profit rate returned to 6.2%, an increase of 5.2 percentage points over the same period last year.
The profit of the brokerage business is repaired, and the new house business continues to bloom.
In the first half of 2021, the revenue of the brokerage business, the cornerstone of the company's performance, reached 3.58 billion yuan, an increase of 71.2 percent over the same period last year, accounting for 58 percent of the total revenue, an increase of 5.3 percent over the previous year. The gross profit margin of the brokerage business rose to 32.1%, an increase of 12.1 percentage points over the same period last year, basically returning to the pre-epidemic level, making a major contribution to profit repair.
In the first half of 2021, the company's new housing business developed well, with revenue of 1.1 billion yuan, an increase of 70.8 percent over the same period last year, accounting for 18 percent of total revenue, an increase of 1.6 percentage points over the previous year. The gross profit margin of the new housing business rose to 23.3%, up 3.2 percentage points from the same period last year.
Offline stores expand in an orderly manner, and online traffic continues to increase.
In the first half of 2021, the company actively promoted its scale expansion strategy, including an increase of 776 to 1870 stores, an increase of 71% over the beginning of the year. By the end of June 2021, the total number of self-owned and franchised stores had reached 4500, an increase of 22% over the beginning of the year. In addition, the company continues to increase the construction of its official website and APP, and the ability to get customers continues to enhance. In the first half of 2021, the average number of monthly active users (MAU) on the company's official website reached 17.04 million, an increase of 35% over the second half of 2020.
The performance repair is good, the operation returns to normal, the "buy" rating company performance repair is good, and the operation returns to normal. It is estimated that the return net profit of the company in 2021 and 2022 is 7.8 and 900 million yuan respectively, corresponding to EPS 0.33 and 0.38 yuan, and the PE corresponding to the latest stock price is 10.2,8.8 times, maintaining the "buy" rating.
Risk.
There are many uncertain factors in the policy environment, such as the rectification of school district housing, the introduction of the inspection price of second-hand housing, the increase in the number of years of value-added tax exemption, and other regulatory policies to reduce the transaction volume of second-hand housing, as well as the continuous structural adjustment of the new housing sales market. it may affect the company's income from second-hand housing and new market commissions.