The company's consolidated report for the first half of 2010 showed an operating income of 1,223 million yuan, an increase of 167.9% over the previous year; net profit attributable to shareholders of the parent company was 40.46 million yuan, an increase of 80.87% over the previous year. Basic earnings per share were $0.02.
Settlement of real estate projects began, and revenue increased dramatically. During the reporting period, the company achieved real estate sales revenue of 678 million yuan, a six-fold increase over the previous year, with a gross margin of about 35%. Among them, Margaux Manor achieved operating income of 303 million yuan, an increase of 12 times over the same period last year, with a gross margin of 44.97%; Tsuhama Gezuo achieved operating income of 86.513,400 yuan, an increase of 2.12 times over the same period last year, with a gross margin of 32.64%. Yadu Tianrun Xinyuan achieved revenue of 235 million yuan and gross margin of 21.74%. In the second half of the year, the Tsuhama Binhai International Project and Binhai Investment Service Center Building (transfer amount of 579 million yuan) will be settled, with advance book accounts of 964 million yuan. Real estate settlement revenue is expected to reach 1.8 billion yuan in 2010.
The steel sales business was in a state of loss: the steel business revenue during the reporting period was 481 million yuan, but the gross margin was only 0.3%, which did not contribute to profit. If the business is divested, it will help improve the company's profitability and asset utilization efficiency.
Real estate leasing business: The first half of the year achieved operating income of 34 million yuan, gross profit of 26.15 million yuan, and gross margin of 77%. Looking at the whole year, the business can generate a gross profit of 50 million yuan.
Profitability is weak: on the one hand, because the steel sales business has a great impact on the company's overall profitability; on the other hand, because period expenses are not well controlled, financial expenses and management expenses are high, and these two expenses reached 115 million yuan during the reporting period.
Results for the first three quarters are expected to increase: the company expects cumulative net profit of 51,435 to 57.15 million yuan for the first three quarters, an increase of 350%-400% over the previous year; basic earnings per share 0.032 yuan - 0.035 yuan.
The target for the full year of 2010 is to achieve consolidated main business revenue of 2,877 million yuan, and the total planned operating, management, and financial expenses are 425 million. Judging from the current business situation, this performance target can basically be achieved.
The actual controller of Jinbin Development is the Tianjin Municipal People's Government, and the majority shareholder is Teda Construction Group. The company's project reserves a construction area of about 2.5 million square meters and investment real estate of about 300,000 square meters. It is mainly distributed in the Binhai New Area. It is a regional real estate enterprise in the Binhai New Area of Tianjin. It obtained land in Jinxi Ring (hanging) 2010/03 during the reporting period. It is expected that the project will achieve sales revenue of 1,307 billion yuan and net profit of about 210 million yuan. The majority shareholder, Teda Construction Group, is also quite rich in real estate resources. If it can be injected into listed companies, the scale of the company's real estate resources will rise to the next level.
There is some financial pressure. The balance ratio is 75%. The real balance ratio after excluding accounts receivable in advance was 64%, and the quick ratio was 0.84 times. Book money capital was 1,558 million yuan, short-term loans were 1,975 billion yuan, and non-current liabilities maturing within one year were 1,057 million yuan.
Maintaining a “neutral” investment rating: The company's EPS from 2010 to 2012 is expected to be 0.07 yuan, 0.16 yuan, and 0.23 yuan respectively. According to the recent closing price of 4.93 yuan, the corresponding dynamic price-earnings ratios are 67 times, 31 times, and 21 times, respectively. Maintain a “neutral” investment rating.
Risk warning: Performance fluctuates greatly and sustainability is weak.
