Event description
According to the 2015 annual report of Qianjing Garden release Company, during the reporting period, the operating income was 608 million yuan, up 0.71% from the same period last year, and the gross profit margin was 28.33%, up 2.15% from the same period last year. The net profit attributed to the owner of the parent company was 93 million yuan, up 14.80% from the same period last year.
In the fourth quarter, the operating income was 292 million yuan, up 21.62% from the same period last year, the gross profit margin was 32.10%, down 5.91% from the same period last year, and the net profit attributed to the owner of the parent company was 59 million yuan, up 2.76% from the same period last year. EPS0.74 yuan in the fourth quarter and EPS0.08 yuan in the third quarter.
Event comment
The profit contributed by the rise in gross profit and the decline in financial expenses: the company actively optimized the product structure and opened up the market in the downward trend of the industry, and its revenue increased slightly by 0.71% compared with the same period last year. In terms of profitability, the market competition in the garden industry intensified, and the gross profit margin of municipal greening business was basically the same as that of last year, but the development of landscaping business in high-end residential areas increased the gross profit margin of real estate landscape business. and the proportion of real estate landscape business has increased, driving the overall gross profit margin up 2.15 percentage points. In terms of expenses, due to the increase in investment income shared by the company's BT business during the buyback period, financial expenses decreased by 31.69% compared with the same period last year. Compared with last year, the asset impairment loss increased, and the superimposed investment income decreased, resulting in a final net profit of 93 million yuan, up 14.80% from the same period last year.
The company's main revenue in the fourth quarter was 292 million, up 21.62% from the same period last year. Management expenses and asset impairment losses increased in the fourth quarter compared with the same period last year. Net profit attributable to the fourth quarter rose 2.76% compared with the same period last year.
Municipal real estate, the two main businesses go hand in hand: the company's municipal greening and real estate landscape balanced development, when the real estate regulation is strict or government investment is reduced, it can form a complementary and effective situation, in the current fierce competition in the garden industry, the company's business is still developing steadily. "Sponge City" gradually pilot, ecological construction is in full swing, the company continues to increase ecological research and development, explore PPP projects to undertake, superimposed this year, the first and second-tier real estate market recovery, the company's business is expected to further expand.
Cultivation and maintenance, integrated development of industrial chain: the garden industry has the characteristics of capital-intensive, the company completed listing at the end of last year, and its capital strength has been significantly enhanced. Invest 20 million yuan to set up a seedling company, carry out high value-added nursery stock cultivation, provide nursery stock resources for the main garden industry, and prepare to set up a greening maintenance management team to open up the industrial chain and integrated development, the company is promising in the future.
It is estimated that the company's EPS in 2016 and 2017 will be 1.43 yuan and 1.83 yuan respectively, corresponding to PE39X and 31x.