Overview of events
Nandu property released the 2021 annual report, the company achieved revenue of 1.59 billion yuan, year-on-year + 12.7%, to achieve a net profit of 163 million yuan, + 18.1%.
Steady growth of profits and improvement of profit level
In 2021, the company achieved revenue of 1.59 billion yuan, + 12.7% compared with the same period last year, and achieved a net profit of 163 million yuan, + 18.1% over the same period last year. During the reporting period, the company's gross profit margin and net profit margin were 22.76% and 10.64% respectively, compared with + 1pct and + 0.36pct in the same period last year, respectively. During the period, the expense rate was higher than-1.3pct in the same period last year, and profitability was further improved.
The scale reaches a new high, and the extension scale accelerates.
By the end of 2021, the company has signed a total of 651 projects, with a total signed area of 75.916 million square meters, and the management scale has reached a record high. In 2021, the company signed 107newly signed projects with an area of 9.81 million square meters, of which, nearly 4 million square meters of management area has been signed in Jiaxing, Jingdezhen, Nantong and other urban areas, including residential, office, cultural, tourism, park and other formats, further consolidating the strategic layout of the company's urban space operation.
Diversified layout to enhance Competitiveness
The company carries out new retail in the community through the online platform "Yuejiajia", connects online and offline, and actively arranges multiple scene services with the "property +" innovation mode. During the reporting period, the company's nine major modular products SKU exceeded 1000, of which total sales during the Mid-Autumn Festival exceeded 8 million, an increase of 60% over the same period last year. Yuejia Mini Program Mall sales exceeded 2 million, an increase of 100% over the previous year, and set a single-day sales record of more than 1 million.
Investment suggestion
Nandu property performance is growing steadily, the national diversified layout is positive, and the financial situation is good. Taking into account the recurrent epidemic and the large adjustment in the real estate industry, we lowered the company's forecast of revenue of 1.94 billion yuan for 22-23 years to 1.864 billion yuan for 22-23 years, and revenue of 2.527 billion yuan for 24 years, and added the 24-year profit forecast to 1.25 yuan for 22-23 years EPS1.14/1.38 and 1.47 yuan for 24 years EPS. Corresponding to the closing price of 16.15 yuan per share on April 15, 2022, the PE is 11.0 times 15.5, 13.0, maintaining the company's "buy" rating.
Risk hint
The concentration of the business area is too high-risk, the speed of business development is not as fast as expected, the profit of the new project is low, and the labor cost is rising too fast.