Both revenue and return net profit increased. In 2021, the company achieved an operating income of 3.586 billion yuan, an increase of 15.76% over the same period last year, and a net profit of 1.024 billion yuan, an increase of 24.03% over the same period last year. In 2021, the company plans to pay a cash dividend of 6 yuan (including tax) to all shareholders for every 10 shares.
Both property rental and management income and hotel operating income increased. In 2021, the company's operating income is divided into property leasing and management and hotel operation. Among them, in 2021, the company's property rental and management income was 3.117 billion yuan, an increase of 12.85% over the same period last year, and the gross profit margin was 65.04%, an increase of 0.92% over 2020; the company's hotel operating income was 469 million yuan, an increase of 39.7% over the same period last year, and the gross profit margin was-6.28%. An increase of 27.34 percentage points over 2020.
The average rent and occupancy rate of the mall increased. According to the project, in 2021, the rental income of the company's office, mall, apartment, hotel and other buildings was 1.496 billion yuan, 1.176 billion yuan, 87.79 million yuan, 469 million yuan and 357 million yuan respectively, accounting for 41.7%, 32.8%, 2.45%, 13.1% and 9.95%, respectively. Among them, the income of the mall increased over the previous year, mainly because the average rent and occupancy rate were higher than the previous year. In 2021, the average rent of the company's office space is 619 yuan / square meter / month, the average occupancy rate is 94.5%; the average rent of the mall is 1175 yuan / square meter / month, the average occupancy rate is 98.8%.
Profit margins have increased and monetary funds have increased significantly. In 2021, the company's gross profit margin was 55.71%, up 2.19 percentage points from the same period last year; and net profit margin was 28.55%, up 1.90 percentage points from the same period last year. In terms of liability structure, at the end of 2021, the company's asset-liability ratio was 32.13%, down 1.57 percentage points from the same period last year. The monetary fund was 2.962 billion yuan, a sharp increase of 59.6% over the same period last year. At the end of 2021, the company's three-item expense rate was 8.28%, down 0.8 percentage points from the same period last year.
Investment advice: maintain a "better than the market" rating. In the next three years, the company will seize the strategic opportunities such as the cultivation and construction of an international consumer center city in Beijing, focus on the layout of Beijing's traditional business district, promote the transformation and upgrading of the international trade area, strengthen scientific and technological empowerment, and further enhance the company's core competitiveness. We estimate that the company's EPS in 2022-2023 will be 1.13 yuan and 1.23 yuan respectively, giving the company 15-18XPE in 2022, with a reasonable value range of 16.95-20.34 yuan, maintaining the company's "better than the market" rating.
Risk tips: 1) the economic downturn leads to insufficient demand for office buildings and shopping malls; 2) dividends are lower than expected.