Main points of the report
Event description
In 2015, the company achieved an operating income of 4.212 billion yuan, a decrease of 22.71% over the same period last year, and a net profit of 390 million yuan, an increase of 7.54% over the same period last year. The EPS is 0.33 yuan. Among them, the operating income in the fourth quarter was 1.861 billion yuan, the net profit was 186 million yuan, and the net profit margin was 9.98%. EPS 0.12 yuan.
Event comment
The consolidation of the reorganized statements led to an increase in performance. In 2015, the company achieved operating income of 4.212 billion yuan, a decrease of 22.71% over the same period last year, mainly due to a decrease in the carry-over area of real estate sales this year; net profit of 390 million yuan, an increase of 7.54% over the same period last year, mainly due to the consolidation of statements after major asset restructuring this year; the net profit after deducting 243 million yuan was 8.60% lower than the same period last year. The company's gross profit margin for this year was 42.76%, an increase of 4.96% over the same period last year, benefiting from a substantial reduction in costs brought about by a reduction in sales expenses. At the end of the reporting period, the company's asset-liability ratio is 72%, monetary funds / (short-term loans + long-term liabilities due within one year) is 2.6, and the funds are abundant.
Steady progress has been made in the elimination of real estate. During the reporting period, the company realized the contracted sales area of 329400 square meters and the contracted sales amount of 3.133 billion yuan, an increase of 6.26% and 16.04% respectively over the same period last year. By the end of this period, the company holds a total construction area of about 5.48 million square meters, of which the completed unsold construction area is about 950000 square meters, and the construction area of the project under construction is about 1.59 million square meters. In the future, the company will combine the strategy of "regional focus and urban ploughing" to actively build a regional trade and logistics base combined with e-commerce in the core first-tier cities.
Transform the home business platform and open a new chapter. This year, the company purchased 100% of Xiangjiang Commercial and other companies by issuing shares and paying cash, and the company's major shareholder, Xiangjiang Group, injected its high-quality assets engaged in household business into Xiangjiang Holdings in batches. Through asset injection, the company has dredged the upstream and downstream links of the home trade industry chain and realized the transformation from a real estate developer to a home business business. the company's action to build a business industry chain platform is about to officially start. Strategic projects such as Changsha Gaoling Project, South Financial Center and Jadeite Oasis will become important touchstones.
Join hands with Baidu, Inc. Future Store to explore a new model of home business. The company signed a framework cooperation contract with Baidu, Inc. this year. Baidu, Inc. Future Store has become the leading platform in the field of domestic household commerce, while Xiangjiang Holdings has become the only A-share listed company in the domestic household commerce industry after the transformation this year. The joint efforts of the two sides will help to give full play to their respective platform advantages and carry out in-depth cooperation.
Investment rating: the company completed the equity incentive plan this year, with a scale of 25 million shares, which will fully stimulate the enthusiasm of the management. The two rounds of asset injection by major shareholders also demonstrated their confidence in the development of listed companies. We estimate that the company's EPS in 2016 and 2017 will be 0.30 and 0.34 yuan per share respectively, with a "buy" rating of 23 times and 21 times the PE of the previous share price, respectively.
