The company released three quarterly reports for 21 years, with revenue of 8.759 billion yuan in the first three quarters, + 26.1% year-on-year, and net profit of 255 million yuan, + 3.7% compared with the same period last year. The weighted average ROE3.02%, was flat compared with the same period last year.
In the third quarter, the revenue was 3.451 billion yuan, + 12.6% from the same period last year, + 2.1% from the previous year, and the net profit from the mother was 155 million yuan, + 25.4% from the same period last year, and + 412.1% from the same period last year. The weighted average ROE1.83%, was + 0.32pct over the same period last year.
Comments:
Gross profit margin in a single quarter has been significantly repaired. The revenue of 21Q1-3 was 1.929 billion yuan, 3.379 billion yuan and 3.451 billion yuan respectively, which was + 30.6%, + 40.6% and + 12.6% respectively compared with the same period last year. The gross profit margin is 14.4%, 12.4% and 16.5% respectively, and the net profit rate is 3.6%, 1.1% and 4.8% respectively. The profitability of the third quarter has been restored to a historically high level, considering that 1) the assembly decoration has a higher gross profit margin, and 2) the pressure of impairment is alleviated. There is still much room for improvement in the future net profit rate.
The quality of assets has improved and contractual liabilities have increased significantly. The impairment loss in the first three quarters totaled 123 million yuan, affecting the return net profit of 103 million yuan. The high proportion of accounts receivable to total assets is the characteristic of the industry. the large amount of impairment loss in 20-21 years is mainly due to the deterioration of the operation of some downstream customers affected by the epidemic. The prefabricated decoration adopts the prepaid mode to improve the cash flow and alleviate the pressure of accounts receivable. The company's contract debt in the reporting period is 381 million yuan, which is + 199% higher than that at the beginning of the period.
Orders are generally stable. The newly signed orders in the first three quarters totaled 12.43 billion yuan, + 7.1% year-on-year, including 7.72 billion yuan for public building decoration, + 6.2% year-on-year, and 4.11 billion yuan for residential decoration, + 6.5% year-on-year.
The newly signed order in the third quarter is 3.16 billion yuan,-17.1% compared with the same period last year, or it may be affected by the lack of confidence in real estate and the cautious signing of the company.
Equity incentives show confidence. The company launched an employee stock ownership plan, with participants including 8 Dong Jiangao and 13 other personnel, involving 16.92 million shares, accounting for 1.26% of the total share capital, with a subscription price of 3.63 yuan per share. The assessment targets for deducting non-return net profit in 2021-23 are 520 million yuan, 728 million yuan and 1.02 billion yuan respectively, which is + 116%, + 40% and + 40% respectively compared with the same period last year.
Be optimistic about the development opportunities brought by prefabricated decoration and intelligent manufacturing. Industrialization is the development trend of the decoration industry, the company took the lead in starting assembly decoration and became the maker of industry standards, implementing 22 industrial decoration projects in the first half of the year, constantly increasing the development of BIM technology, and increasing the design efficiency by 30%.
The factory mode of production and standardized assembly operations remove the obstacles that have restricted the concentration of the industry for a long time, making it possible for the decoration industry to expand homogenized. The company takes the lead in locking high-quality enterprises and government customers, and is expected to continue to take the lead in expanding scale and reducing costs, becoming the leader in the era of decoration industrialization.
Profit forecast and investment rating: we expect the company's return net profit in 21-23 years to be 525 million yuan, 736 million yuan and 1.043 billion yuan respectively, which is + 65.3%, + 40.1% and + 41.9% respectively compared with the same period last year.
There is a trillion blue ocean market for assembly decoration, and the company has taken the lead in entering the stage of commercial operation, and is expected to continue to take the lead in expanding scale and reducing costs, becoming the leader in the era of decoration industrialization, with a "buy" rating.
Risk factors: the promotion of assembly decoration is not as expected, production capacity expansion is not as expected, and accounts receivable are poorly managed.
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