The company maintained high growth and paid interim dividends for the first time: (1) 2022H1 realized operating income of 3.16 billion yuan, + 54% year on year; realized net profit of 380 million yuan, + 33% year on year; (2) 2022H1 realized gross profit of 25.7%, down 4.2% from the same period last year, mainly due to the impact of the epidemic in the first half of the year on the development of high gross profit community value-added services. (3) the 2022H1 homing net interest rate is 13.1%, which is only 1.8% lower than the same period last year. Mainly through fine operation, the management and sales rate has been reduced by 1.5% compared with the same period last year. (4) the company has always paid attention to the interests of shareholders. Since 2022, the company has continuously bought back and increased its holdings, and paid an interim dividend of 113 million yuan for the first time.
Adhere to the "platform + ecology" strategy, the development trend of each business is healthy: the income of 2022H1's three main businesses, basic property management services, community value-added services and non-owner value-added services is 18.9 shock 5.5 / 540 million yuan respectively, and the income is + 65%, 5% and 38% respectively compared with the same period last year. The revenue of the three main businesses accounted for 60%, 17%, 17% and 22.5% of the total revenue, respectively, and the gross profit margin was 23.5%, 42.6% and 22.5% respectively. The income growth rate of community value-added services is relatively low, and the level of gross profit margin has also declined, mainly due to changes in various types of income structure. The development of high-margin rental and sale business is greatly affected by the epidemic and market heat, while some businesses themselves are designed to enhance the stickiness of owners, and the gross profit margin is low.
Firm four-wheel drive strategy, quality expansion in management scale: (1) by the end of 2022H1, the company's managed area is 210 million square meters, year-on-year + 60%, signed area is 290 million square meters, year-on-year + 33%, sustained high growth; (2) deep ploughing high-energy cities, first-and second-tier cities account for 70% of the contracted area. (3) the core advantage of the extension continues to be consolidated, with the third party accounting for 83% of the managed area and 73% of the income, respectively, and the integration effect of the M & A project is good; (4) the layout of the diversified development track, the proportion of non-residential property in the managed area and income is 38% and 48% respectively, and the balance of the industry is good.
Investment advice: the company's performance to maintain high growth, in the management of scale and quality expansion. Although the parent company is a private enterprise and is affected by industry sentiment in the short term, it has always attached importance to the sound operation of the light asset platform. In the medium to long term, the company's commitment to strategy and high-quality growth expectations will not waver. It is estimated that the return net profit of the company in 2022 and 2023 is 8.4 yuan and 1.1 billion yuan respectively, corresponding to EPS 0.48,0.63 yuan, and the PE corresponding to the latest stock price is 9.9,7.5 times, maintaining the "buy" rating.
Risk tips: the growth of managed area, the expansion of value-added services is not as expected, and the gross profit margin is lower than expected.