Overview of events
Nandu property released the mid-2022 report, the company achieved revenue of 897 million yuan, year-on-year + 17.36%, to achieve a net profit of 90 million yuan, + 6.73%.
The performance is steady and the profit level is stable
In 2022, H1, the company achieved revenue of 897 million yuan, year-on-year + 17.36%, return to the mother net profit of 90 million yuan, year-on-year + 6.73%, the performance continued to increase steadily. During the reporting period, the company's sales gross profit margin and net profit margin were 23.06% and 10.6% respectively, compared with the same period last year + 0.3pct and-0.04pct respectively. Under the impact of the epidemic, the company's profitability remained stable. In addition, the expense rate during the period was only + 0.42pct compared with the same period last year, and the overall cost control ability was strong.
Based on "integration", the scale is gradually increased.
2022H1, the company signed 61 new projects, newly signed area of 7.813 million square meters, external expansion efforts to maintain high intensity. By the end of the first half of 2022, the company had signed a total of 696 projects with a total signed area of 83.069 million square meters, of which the Yangtze River Delta region accounted for 85%, year-on-year + 3pct, the density of urban projects increased, and the regional advantage was highlighted. In addition, in the first half of 2022, the company successively signed strategic cooperation agreements with Tiejian Chengfa and Chunze Huahan, won the bid for Zhejiang Wuzhen strategic cooperation project, strengthened its core competitiveness and achieved new breakthroughs in the field of urban services.
"two wings fly together", diversified business for the better
During the reporting period, the company launched new community retail through the online platform "Yuejiajia". The community retail sector sold more than 100000 products, including Dragon Boat Festival sales year-on-year + 60pct, home service plate and community space operation plate to achieve profit growth; Meiju service plate successfully undertook 2 outbound projects; intermediary rental and sale gradually covered residential and commercial projects. On the whole, multiple value-added services continue to make efforts, and future performance growth can be expected.
Investment suggestion
Nandu property performance is growing steadily, the full-format layout continues to advance, regional advantages are highlighted, and the financial situation is good. We keep the company's profit forecast unchanged, with estimated revenue of 2.864 million yuan for 22-24 and 1.04 yuan for EPS in 22-24, corresponding to the closing price of 12.63 yuan per share on August 26, 2022. PE is 11.0 times 15.5, 13.0, and maintains the company's "buy" rating.
Risk hint
The focus of the business area is too high risk, the profit of the new project is low, and the labor cost is rising too fast.