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陆家嘴(600663):受上海疫情影响 营收和归母净利下降

Lujiazui (600663): Revenue and net profit declined due to the Shanghai epidemic

海通證券 ·  Aug 4, 2022 00:00  · Researches

incident. The company published its 2022 semi-annual report. During the reporting period, the company achieved operating income of 5.102 billion yuan, a year-on-year decrease of 11.68%; net profit attributable to shareholders of listed companies was 1,138 million yuan, a year-on-year decrease of 44.66%.

By project, in the first half of 2022, the company's real estate sales revenue was 1,256 million yuan, down 21.64 percent year on year; real estate rental revenue was 1,726 million yuan, up 4.12% year on year; property management revenue was 755 million yuan, down 9.85% year on year; hotel revenue was 102 million yuan, up 98.0% year on year; and financial industry revenue was 1,061 million yuan, down 27.94% year on year.

According to the company's 2022 semi-annual report, (1) in the first half of 2022, the total rental cash inflow for long-term properties within the scope of the company's consolidated statement was 1,720 million yuan; the total cash inflow from various types of real estate sales was 776 million yuan; property management revenue of 755 million yuan was achieved within the scope of the consolidated statement; and the financial business achieved revenue of 1,061 million yuan. (2) At the end of the first half of 2022, the company renewed 11 projects, with a total construction area of 1,797,600 square meters. (3) The company's profit source for the first half of 2022 mainly consists of real estate sales, leasing and financial services. Among them: the gross margin of long-term property rental was 77.28%; the gross margin of real estate sales was 64.99%, and the gross margin of financial business was 78.95%.

Furthermore, in the first half of 2022, the company's cumulative residential property contract sales area was 15,400 square meters, a decrease of 57% over the previous year; the contract sales amount was 599 million yuan, a decrease of 79% over the previous year; and the overall removal rate of projects sold was 51%.

Investment advice. “Commercial real estate+commercial retail+financial services” integrated development, “superior to the big market” rating.

The company insists on commercial real estate as the core, commercial retail as an extension, and financial services as a link to build a “commercial real estate+commercial retail+financial service” development pattern. The company focuses on Pudong's “Five Multiplication Actions” and promotes the development and construction of Qiantan International Business District, Zhangjiang Science City, and Chuansha New Town projects around the “Golden Central”. As of the first half of 2022, the company's operating property area was 2.89 million square meters. We believe that as the construction of the Shanghai International Financial Center progresses, the value of the property owned by the company, the rental rate and rent are expected to continue to rise. We expect the company's 2022-2023 EPS to be 1.04 yuan and 1.15 yuan respectively, giving the company 10-12 times the dynamic PE of 2022. The corresponding reasonable value range is 10.4-12.48 yuan, giving the company an “superior market” rating.

Risk warning: The company faces the risk of interest rate hikes and policy regulation, as well as financial market risks.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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