occurrences
The company released its 2022 semi-annual report: 22H1's revenue was 600 million yuan/ -9.3%, net profit of 185 million yuan/ -12.5%, net profit of non-return mother was 114 million yuan/ -4.5%, net cash flow from operating activities was 20 million yuan/ -96.7%, EPS (basic) was 0.14 yuan/ -12.5%, and ROE (weighting) was 2.28% /-0.42PCT.
22Q2 revenue was 250 million yuan/ -31.4%, net profit of 41 million yuan/ -63.7%, net profit of the non-return mother was 34 million yuan/ -31.2%, net cash flow from operating activities was 127 million yuan/ -65.3%, and EPS (basic) was 0.03 yuan/ -66.7%.
Brief review
By business, 22H1 product sales, medical services, hotel business, and financial leasing business achieved rapid growth. The property leasing business saw a slight decline in rent reduction revenue due to the pandemic.
1) The 22H1 property leasing and management business had revenue of 400 million yuan/ -9.6%. The slight decline in revenue was mainly due to the company's rent reduction under repeated epidemics in the first half of the year. The gross margin of the property leasing and management business was 48.9% /+4.5PCT. 2) The retail and supporting property sales business 22H1 had revenue of 41.67 million yuan/ -75.2%. The decline in business revenue was mainly affected by the overall poor sales environment in the real estate market in the first half of the year. At the same time, due to the influence of the property development cycle, it is expected that some 22H2 properties will contribute to increased revenue after delivery and sale. The gross margin of the retail and supporting property sales business was 43.4% /-0.36PCT. 3) Commodity distribution and financial leasing 22H1 achieved revenue of RMB 33.62 million/ +100% and RMB 27.86 million/ +100% respectively. Among them, the commodity distribution and financial leasing business were all 21H2 added/newly consolidated businesses, 22H1 actual
The volume is now being released quickly. 4) The health care service and hotel business 22H1 achieved revenue of 17.25 million yuan/ +71.5% and 11.59 million yuan/ +74.1% respectively. The performance of the two major businesses was impressive, and both achieved high growth against the trend.
The profitability of 22H1 continues to improve, and net interest rates have improved markedly, driven by an increase in gross margin combined with a decrease in expense ratios. 22H1 company gross profit margin 44.4% /+2.6PCT.
22H1 sales, management and R&D expenses rates are 3.4% /-0.8PCT, 7.7% /+0.6PCT, 0.9% /+0.2PCT. 22H1 net profit margin is 35.9% /+4.0PCT, and profitability continues to increase.
Profit forecast: The company's revenue for 2022-2024 is estimated to be 15.8, 1.74 and 1.90 billion yuan respectively, up 10.0%, 10.3% and 9.2%, respectively; Guimu's net profit is 3.64, 404, and 447 million yuan respectively, up 11.1%, 10.9% and 10.5% respectively: corresponding PE is 15.8, 14.3 and 12.9 times. Maintain an “increase in holdings” rating.
Risk warning: repeated epidemics, declining prosperity in the leather industry, declining traffic in Leather City, etc.