Financial Street (000402): substantial growth in performance and active Cash flow

中郵證券 · Aug 23, 2022 00:00 · Researches

　　事件

　　金融街（000402）公告2022 年中报，主要内容如下：2022 年上半年公司实现营业收入106.04 亿元，同比大幅增长93.75%，归母净利润11.49 亿元，同比大幅增长90.15%；归母净利润率10.83%，同比下降0.2 个百分点，EPS 0.38 元。其中第二季度单季实现营业收入59.04 亿元，同比增长49.12%，归母净利润2.14 亿元，同比增长356.79%；归母净利润率3.63%，同比上升2.44 个百分点，EPS 0.07 元。

　　核心观点

　　业绩大幅增长，主要归功于转让资产带来的投资收益上升。公司上半年归母净利润同比大幅增长90.15%，正向因素包括：1）投资收益7.32 亿元（去年同期为-0.15 亿元），系转让北京金融街丽思卡尔顿酒店所致；2）营业收入同比大幅增长93.75%，系房地产结算规模同比明显增加所致。此外，公司业绩的拖累项主要是毛利率相较去年同期明显下滑。

　　负债率相对平稳，积极通过信用债、ABS 盘活现金流。报告期末，公司现金短债比、净负债率、剔除预收款项的资产负债率分别为86.37%、155.77%、70.01%，相比2022Q1 末保持平稳的状态，在今年二季度行业严峻的销售和融资环境下表现较为坚韧。公司于2022 年第二季度积极发行多笔公司债、ABS，筹措现金约22.38 亿元，对公司现金流形成良好支撑。

　　物业租赁业务保持稳定，疫情下波动幅度较小。报告期内，公司物业租赁业务实现营业收入8.09 亿元，同比下降3.00%，毛利率为88.06%，同比下降2.59 个百分点（受减免租金等因素影响），总体来看经营业绩基本稳定，成为公司业绩保持稳健的有力支撑。

　　受行业影响，销售同比下滑，拿地保持审慎。受行业环境影响，公司2022 年上半年销售同比下滑，公司拿地保持审慎，以股权收购形式新增项目1 个，权益比例34%，收购对价约12.55 亿元，规划建筑面积24.47 万㎡，位于天津市红桥区，搜房数据显示周边新房项目及售价分别为惠灵顿海上花苑二期（均价45000 元/㎡）、朝阳领域（均价32000 元/㎡）、泰达城河与海（均价33000 元/㎡）。

　　投资建议

　　预计2022-2024 年营业收入为251.25 亿元、289.13 亿元、331.54亿元，归母净利润为16.98 亿元、18.44 亿元、20.52 亿元，EPS 为0.57元、0.62 元、0.69 元，对应PE 为9.77 倍、9.00 倍、8.09 倍，我们看好公司未来表现，首次覆盖给予“推荐”评级。

　　风险提示

　　房地产行业政策调整存在不确定性，疫情对物业租赁业务影响存在不确定性。

Event

Financial Street (000402) announcement 2022 mid-year report, the main contents are as follows: in the first half of 2022, the company achieved operating income of 10.604 billion yuan, a substantial increase of 93.75% over the same period last year, and a net profit of 1.149 billion yuan, a substantial increase of 90.15% over the same period last year; the net profit margin of the company was 10.83%, down 0.2% from the same period last year, and EPS 0.38 yuan. Among them, the operating income in the second quarter was 5.904 billion yuan, an increase of 49.12% over the same period last year, the net profit was 214 million yuan, an increase of 356.79% over the same period last year, and the net profit margin was 3.63%, up 2.44% from the same period last year, and EPS 0.07 yuan.

Core viewpoints

The substantial increase in performance was mainly due to the increase in investment income from the transfer of assets. The company's home net profit in the first half of the year increased by 90.15% compared with the same period last year. Positive factors include: 1) investment income of 732 million yuan (- 15 million yuan in the same period last year), due to the transfer of the Ritz-Carlton Hotel in Beijing Financial Street; 2) operating income increased significantly by 93.75% compared with the same period last year, due to a significant increase in the scale of real estate settlement. In addition, the main drag on the company's performance is the significant decline in gross profit margin compared with the same period last year.

The debt ratio is relatively stable, actively invigorating cash flow through credit debt and ABS. At the end of the reporting period, the company's cash-to-short-debt ratio, net debt ratio and asset-liability ratio excluding advance payments were 86.37%, 155.77% and 70.01%, respectively, compared with the stable state at the end of 2022Q1, which was more tenacious in the grim sales and financing environment of the industry in the second quarter of this year. The company actively issued a number of corporate bonds and ABS in the second quarter of 2022, raising about 2.238 billion yuan in cash, which formed a good support for the company's cash flow.

The property leasing business remained stable, and the fluctuation under the epidemic was relatively small. During the reporting period, the company's property leasing business achieved operating income of 809 million yuan, down 3.00% from the same period last year, and the gross profit margin was 88.06%, down 2.59% from the same period last year (affected by rent reduction and other factors). It has become a strong support for the company's performance to remain sound.

Affected by the industry, sales declined compared with the same period last year, and land acquisition remained prudent. Affected by the industry environment, the company's sales declined in the first half of 2022 compared with the same period last year, and the company remained cautious in acquiring land. It added one new project in the form of equity acquisition, with an equity ratio of 34%. The acquisition consideration is about 1.255 billion yuan, and the planned construction area is 2447 thousand square meters. It is located in Hongqiao District, Tianjin. SouFun data show that the surrounding new housing projects and prices are Wellington Marine Garden Phase II (average price 45000 yuan / month), Chaoyang area (average price 32000 yuan / month), Taida City River and Sea (average price 33000 yuan / month).

Investment suggestion

It is estimated that the operating income in 2022-2024 will be 25.125 billion yuan, 28.913 billion yuan and 33.154 billion yuan, the net profit will be 1.698 billion yuan, 1.844 billion yuan and 2.052 billion yuan, and the EPS will be 0.57 yuan, 0.62 yuan and 0.69 yuan, corresponding to PE 9.77 times, 9.00 times and 8.09 times. We are optimistic about the company's future performance and give it a "recommended" rating for the first time.

Risk hint

There is uncertainty in the policy adjustment of the real estate industry, and there is uncertainty about the impact of the epidemic on property leasing business.

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金融街(000402)：业绩大幅增长 积极盘活现金流

Financial Street (000402): substantial growth in performance and active Cash flow

Risk Disclaimer

Statement

金融街(000402)：业绩大幅增长积极盘活现金流