Core ideas:
High-quality projects have entered the settlement period, and the income level has increased significantly.
Beijing Investment Yintai reported annual operating income of 8.436 billion yuan in 15 years, up 142% from the same period last year. Net profit attributed to shareholders of listed companies was 115 million yuan, up 359% from the same period last year, earning 0.16 yuan per share, and paying cash dividends of 1.30 yuan per 10 shares. In the first quarter of 16, the main business income was 1.002 billion, and the net profit of the parent company was 36 million, an increase of 154.4% over the same period last year. Due to the influence of the provision for impairment of assets, the interest expenses of shareholders' borrowing capitalization and the rights and interests of minority shareholders, the contribution rate of settlement income to performance is low. The growth rate of performance will further increase with the increase of gross profit margin in the past 16 years.
Excellent sales performance, stable value of main items
In 15 years, the company achieved sales revenue of 9.8 billion yuan, an increase of 38% over the same period last year, and sales of three subway projects accounted for 80%. At the end of the first quarter of 16, the company achieved a contracted sales amount of 1.664 billion yuan, with an inventory size of 8.2 billion by 15 years, and the annual saleable value is expected to exceed 15 billion yuan. The company's annual target is 6.2 billion yuan. We think that the actual completion will most likely exceed the plan at the beginning of the year.
Renamed Beijing Investment Development, Yintai gradually faded out.
The company announced a renaming plan to change its current name "Jingtou Yintai Co., Ltd." to "Jingtou Development Co., Ltd.". With the reduction of China Yintai's shareholding proportion, senior executives have left one after another, and the dual-shareholder structure has been resolved. Jing Tou Group's control over listed companies will be further strengthened.
The performance in 16-17 is expected to be 0.32 yuan and 0.38 yuan respectively, maintaining the "buy" rating. The existing Beijing project can provide the sales value of the next 2-3 years, and it is also the core resource of the company. for 16 years, we continue to pay attention to the rhythm of the company's acquisition of new projects, and look forward to the improvement of the company's asset and liability structure through effective financing.
Risk hint
The company's sales project is concentrated, which is greatly influenced by the single city policy.
