Performance summary: in 2011, the company achieved operating income of 1.137 billion yuan, an increase of 148.5% over the same period last year; net profit belonging to the parent company was 598 million yuan, an increase of 15.3 yuan over the same period last year; and basic earnings per share was 0.525 yuan. No dividend, no increase.
Significant increase in sales: in 2011, the company completed a total area of about 280000 square meters, basically in line with the plan, sales of 52600 square meters, sales income of 1.137 billion yuan, an average price of 21600 / square meters. Suzhou "gorgeous Family Taishang Lake" completed an area of about 140000 square meters (including above-ground and underground) square meters this year, achieving sales revenue of 182 million yuan.
The Shanghai "Huijing Tiandi" project completed about 135000 square meters of completed area this year, with a sales income of 932 million yuan. At the beginning of the year, the company plans to achieve the sales target of 3 billion yuan, affected by the policy, the actual sales are far lower than expected.
Non-recurrent gains and losses are the main performance: the settlement income of real estate projects during the period is relatively small, and the net profit belonging to the shareholders of the parent company after deducting non-recurrent gains and losses is 13.24 million yuan, down 85.9% from the same period last year. The non-recurrent profit and loss is 585 million yuan, of which the profit and loss on the disposal of non-current assets is 476 million yuan (mainly for the disposal of 31.52% of the shares in Shanghai Hongsheng Real Estate). At present, the company still holds 20% of Hongsheng's equity, which is measured by the equity method after the cost method has been changed. bring fair value changes in profit and loss of 302 million yuan.
Less project reserve: at present, the company mainly has two large-scale projects: "gorgeous Family Taishang Lake" and "Huijing Tiandi" (51% equity), with a planned construction area of 1.09 million square meters and a rights and interests construction area of about 1.02 million square meters. Potential projects: during the period, the company signed a cooperation agreement to develop Suzhou "Tongli Culture and Leisure Expo Park" project, the company controls 70%, the initial development site covers an area of 1200 mu, with a total investment of 3 billion yuan, the company has the opportunity to obtain the target land. In addition, the major shareholder holds a 49% stake in Jindui Real Estate (the main development project) and promises to transfer part or all of it to the listed company when the conditions are ripe.
Actively develop the second main business: in 2010, it acquired a 100% stake in Guangdong Huafu Investment, with a total purchase price of 555 million yuan; indirectly acquired a 40% stake in Huatai Great Wall Futures, with an initial investment cost of 240 million yuan. During the period, the company and major shareholders invested 200 million yuan to acquire 100% equity in Haitai Investment, indirectly held a 61.6% stake in Haitai Pharmaceutical Industry, and entered the biological and pharmaceutical industries. During this period, the results of the first phase Ⅲ clinical trial of hepatitis B vaccine showed that B gram had a good therapeutic effect on patients with hepatitis B. Phase II clinical trials of Ⅲ are expected to be completed by 2014, and new drugs will be declared in 2015 if the efficacy is confirmed.
DuPont analysis: the return on net assets is 30.48%, which is at a high level in the industry, mainly due to the high net profit margin. The asset turnover rate has increased, but it is still low. At the same time, the asset-liability ratio is 57.46%, down 9.08 percentage points from the same period last year. Financial risk is relatively small. From the income statement, the gross profit margin is only 28.02%, far lower than the net profit margin, indicating that the company's income is mainly contributed by non-recurrent profits and losses, and the sustainability of the main business remains to be verified.
The performance target for 2012 is cautious: in 2012, the company plans to achieve 1.5 billion yuan in revenue and 165 million yuan in expenses. The amount of accounts received in advance at the end of the period was 686 million yuan, down sharply from the end of the third quarter. Without non-recurrent gains and losses, the company's 2012 revenue is at risk of decline.
Maintain the investment rating of "overweight". We forecast that the company's earnings per share in 2012 and 2013 are 0.26 yuan and 0.38 yuan respectively, according to the company's recent closing price of 7.97 yuan, the corresponding dynamic price-to-earnings ratio is 31 times and 21 times respectively. In view of the fact that the company's biopharmaceutical business has a lot of room for development, maintain the "overweight" investment rating.
Risk tip: the risk of a sharp decline in performance in 2012.