In the first three quarters of 16 years, the company achieved revenue of 371.76 billion yuan, an increase of 5.3% over the same period last year, and the net profit belonging to shareholders of listed companies was 52.119 million yuan, down 21.4% and 0.076 yuan compared with the same period last year.
The decline in investment income led to a decline in performance: the decline in the company's net profit in the first three quarters was mainly due to income from the sale of financial assets and a decrease in the dividend of Greenland Holdings in the first half of the year, resulting in a 14.6% drop in investment income compared with the same period last year. In the first half of the year, the company further optimized the investment project structure through the sale of Shanghai Junwei (a 15-year net loss of 4.496 million yuan and a profit of 1264 yuan), laying the foundation for future development.
The financial situation is good, and the demand for transformation is clear: although the company was restructured twice in September last year and July this year, it also fully reflects the firm determination and urgent demand of the company's transformation. At the end of the reporting period, the company had a monetary capital of 285 million yuan, with an asset-liability ratio of 1.6% lower than that at the end of 15 years, and zero interest-bearing liabilities, with good transformation potential. We still look forward to the follow-up transformation and expansion of the company.
The continued increase in risk capital reflects the recognition of the value of the company: Guohua Life Insurance increased its shareholding by 15% from July to August last year, making it the second largest shareholder of the company, and then increased its stake by 5% from September to early October this year. and plans to continue to increase the holding of not less than 10 million shares (1.46% of the total share capital) in the next 12 months, considering the stock offering this year. According to our estimates, Guohua Life's shareholding cost is between 11.06 and 11.42 yuan. The company has been continuously increasing its holding of dangerous capital since last year, on the one hand, it shows the recognition of the company's resource endowment, and the total equity of the logistics park and green space in Minhang District is about 7.8 billion yuan; on the other hand, it also reflects the recognition and expectation of the company's future transformation potential.
Profit forecast and investment rating: we expect the company's EPS for 16-17 years to be 0.12 yuan and 0.15 yuan respectively, maintaining the "overweight" rating.