In 2011, the company achieved operating income of 2.343 billion yuan, an increase of 14.28% over the same period last year; operating profit of 339 million yuan, an increase of 42.86% over the same period last year; net profit belonging to the owner of the parent company was 228 million yuan, up 20.21% over the same period last year; and basic earnings per share was 0.32 yuan, with net assets per share of 2.69 yuan.
The main reasons for increasing income and profits are as follows: the comprehensive gross profit margin has increased significantly and the expense rate has decreased. During the reporting period, the company's comprehensive gross profit margin increased by 16.27 percentage points to 39.91%, while the expense rate decreased by 0.82 percentage points to 7.63%.
Focus on cultural real estate: first, to promote the research work on the combination of cultural real estate and product lines, and formulate documents on architectural expression principles, forms of expression and main points of norms of cultural real estate, so that "culture" can really infiltrate into specific product forms; second, according to the idea of cultural real estate, the case name system and naming scheme of the new Chinese product line have been preliminarily formulated. The third is to promote the integration of culture, enterprise brand and project brand, so as to make the enterprise brand and project brand more rich in cultural connotation and taste; the fourth is to integrate culture and marketing strategy. fully reflect the characteristics of cultural marketing through a series of cultural activities.
The performance of sales funds is OK, and the accounts received in advance can guarantee the future performance. During the reporting period, the company received 2.217 billion yuan in cash for selling goods and providing labor services, down 15.9% from 2.635 billion yuan last year. Taking into account the diffusion and in-depth effects of policies such as purchase restrictions and loan restrictions, the company's sales funds are still falling within expectations. At the end of the reporting period, the advance receipt of the company was 2.545 billion yuan, covering 108.62% of the 2011 operating income of 2.343 billion yuan, and the performance guarantee in 2012 was very high.
There is basically no debt repayment pressure in the short term and a sound financial structure in the long term. At the end of the reporting period, the company's short-term loans and non-current liabilities due within one year totaled 981 million yuan, monetary funds were 932 million yuan, and there was basically no debt repayment pressure in the short term; excluding prepaid payments, the asset-liability ratio was 44.03%, which is still a reasonable and controllable range, and the long-term financial structure is sound.
In 2012, the company expects to achieve sales revenue of 2.245 billion yuan, newly signed contracts of 1.635 billion yuan, sales rebate of 1.736 billion yuan, start-up area of 159000 square meters and completed area of 239300 square meters.
Profit forecast and investment rating. We estimate that the company's EPS from 2012 to 2013 will be 0.40 yuan and 0.40 yuan respectively, corresponding to the previous trading day's closing price of 3.84 yuan, and the dynamic price-to-earnings ratio of 10 times and 10 times respectively, maintaining the "overweight" investment rating.
Risk Tip: the risk that the company's settlement progress is lower than expected.