The growth rate of net profit is higher than that of revenue, due to the increase in gross profit margin
On the evening of April 24, the company disclosed its quarterly report for 2013: operating income was about 902 million yuan, up 2.83% from the same period last year; net profit attributed to shareholders of listed companies was about 130 million yuan, up 17.83% from the same period last year; and basic earnings per share (EPS) was 0.09 yuan. The main reason why the net profit growth rate of the company belonging to the shareholders of the listed company during the reporting period was higher than the operating income growth rate was that the company's comprehensive sales gross profit margin increased by 13.44 percentage points year-on-year to 45.55%. The reason is that the gross profit margin of commercial housing projects is higher.
Increase the amount of commercial housing sales in 13 years to 4 billion yuan
Since 2013, Ningbo commercial housing regional market transaction situation is relatively good. As of last weekend, the turnover of commercial housing in Ningbo was about 1.32 million square meters, up 81.7 percent from the same period last year. In this context, Vera Town 2, one of the company's 13-year key projects, opened on April 19 and ordered 150 sets on the 3rd, involving more than 500 million yuan. In addition, the company's sales revenue from the Qinglin Bay project in the first quarter also exceeded 400 million yuan. We raised the company's expectation of commercial housing sales in 2013 to 4 billion yuan.
The period fee is 9.66%, which is relatively low in the industry.
During the reporting period, the company's expense rate was about 9.66%, less than 10%, which was relatively low in the industry. Among them, the rate of sales expenses and management expenses decreased steadily compared with the same period last year, to 2.11% and 3.80% respectively, with a decrease of 0.29 percentage points and 0.18 percentage points respectively. Over the same period, due to rising financing costs, the financial expense rate rose 1.2 percentage points year-on-year to 3.75%.
3.21 billion in advance at the end of the period, the guarantee rate of real estate performance is high.
At the end of the reporting period, the balance of the company's accounts received in advance was about 3.21 billion yuan. Combined with the real estate business income of about 450 million yuan in the first quarter, the guarantee income of the real estate business reached about 3.66 billion yuan by the end of the first quarter. It is 104.6% of the 13-year real estate business plan settlement income (about) 3.5 billion yuan, indicating a high guarantee rate of real estate business income.
Maintain a "buy" rating
We estimate that the EPS of the company from 2013 to 2015 is 0.50,0.62 and 0.78 yuan respectively, and the corresponding PE of the current stock price is 11.1,9.0 and 7.1 times, respectively. With the development of regional economy and the promotion of new urbanization in Ningbo, we are relatively optimistic about the real estate market in Ningbo, and the company will benefit from it as a real estate company with land potential advantages. We maintain the company's "buy" investment rating.
