1. Event
The company reported in 2009 that its operating income was 294 million yuan, down 2.40% from the same period last year, and the net profit attributed to the parent company was 560000 yuan, down 35.86% from the same period last year, and earnings per share was 0.003 yuan.
two。 Our analysis and judgment
1. The operation has not improved yet (1) the company owns Hanyang Mall and 21 Shopping Center in Hanyang District and New Wuzhan Shopping Center in Hankou District. In the first half of 2009, commodity sales revenue reached 242 million yuan, down 4.45% from the same period last year, but the operating profit margin increased by 1.01% compared with the same period last year. Among them, the sales revenue of Hanyang Shopping Mall was 74.38 million yuan, down 8.89% from the same period last year. The sales revenue of Jiajie Shopping Center was 112.62 million yuan, an increase of 1.52% over the same period last year. The sales revenue of Xinwuzhan Shopping Center was 36.46 million yuan, up 3.58% from the same period last year. Although Hanyang Shopping Mall continues to maintain the dominant position of Zhongjiawan business district, the proportion of the company's operating income continues to decline under the dual influence of the construction of Ginza and the intensification of commercial competition. The revenue growth of 21 Shopping Mall and New Wuzhan Shopping Mall has also slowed down sharply from 15-25% in the same period in 2008. This is not only affected by the macroeconomic environment, but also an important reason for the increasingly fierce business competition in Wuhan.
(2) Tourism revenue increased by 30.04% compared with the same period last year, but the scale of the business was relatively small. The revenue of the exhibition industry increased by 6.62% over the same period last year, which is a stable source of income for the company. Wuhan has positioned itself as a convention and exhibition service center and a famous exhibition city in the central and western regions, and the exhibition industry will have more room for development.
(3) the expense rate during the company's reporting period was 30.19%, up 0.46% from the same period last year, which is much higher than the industry average, which is an important reason why the company has been losing operating profit in recent years. Although the company has taken flexible measures to reduce interest expenses, how to effectively reduce the overall cost level will still be a key factor for the company to get rid of losses or small profits.
2. Make every effort to promote commercial real estate as the only state-controlled retail listed company in Hanyang District. Han Shang Group takes real estate as a breakthrough in its business and makes use of its own land resources and the support policy of the Hanyang District government. we will strive to create a pattern of interactive development of the three main industries: retail, real estate and convention and exhibition. The company is actively expanding two new shopping centers on the basis of Hanyang Mall and 21 Shopping Mall, with a total floor area of 400000 square meters, in order to strengthen the company's business position in Zhongjiacun and Wangjiawan, the two main Hanyang business circles. The shopping mall of Han Shang Ginza is expected to be completed this year, and the work of attracting investment is progressing smoothly. The 21 shopping center expansion project plans to complete the construction of three underground floors and strive for the commercial completion of five floors above ground within this year.
In July, the company plans to issue shares from Wuhan Hanyang District State-owned assets Supervision and Administration Office, the largest shareholder, to purchase five cases of state-owned land use rights and their land attachments. The estimated value of the underlying assets is about 150 million yuan and the issue price is 6.32 yuan per share. Hanyang District SASAC promised to obtain the ownership of the proposed land use right and ground attachments before January 16, 2010, and to make corresponding changes to the type and use of the land use right to make it meet the conditions for the development and utilization of listed companies.
3. Investment suggestion
We expect that the company's net profit in 2009-2011 will continue to be in a state of small profit, maintaining the company's "neutral" investment rating. Compared with other commercial listed companies in Wuhan, the operating scale of the company is relatively small, and the format is relatively simple, so it is more difficult to rely on the existing business portfolio to become bigger and stronger in the current business competition environment in Wuhan. Driven by the construction of Wuhan New area, there is more room for commercial development in Hanyang. If the company can make full use of location advantages and vigorously develop commercial real estate, it is expected to achieve a breakthrough in business performance.
