Summary of performance: in 2012, the company achieved operating income of 5.187 billion yuan, up 33.12% from the same period last year; operating profit was 830 million yuan, down 11.47% from the same period last year; net profit belonging to the owner of the parent company was 348 million yuan, down 45.44% from the same period last year; and basic earnings per share was 0.2409 yuan per share. A cash dividend of 1.00 yuan (including tax) shall be distributed to all shareholders for every 10 shares.
The net profit contribution rate of commercial real estate is higher than that of housing. In 2012, the income of commercial real estate was 794 million yuan, accounting for 15.31% of the total income; the net profit was 171 million yuan, up 4.27% from the same period last year, accounting for 49.13% of the total net profit; the residential sales income was 3.194 billion yuan, accounting for 61.58% of the total income; and the net profit was 291 million yuan, down 12.08% from the same period last year, accounting for 42.24% of the company's net profit. The income of cement building materials was 1.159 billion yuan, the net profit was 129 million yuan, an increase of 50.6% over the same period last year, and the contribution rate of net profit was 19.28%.
Asset impairment affects profits. During the period, the company made provision for inventory impairment of 375 million yuan, affecting the net profit attributed to the parent company of 367 million yuan. If this effect is excluded, the company's net profit increases by about 10%.
The comprehensive gross profit margin has improved. During the reporting period, the company's comprehensive gross profit margin was 43.55%, an increase of 3.85 percentage points over the same period last year. During this period, the cost is well controlled. During the period, the company's expense rate was 7.51%, down 1.87 percentage points from the same period last year. Among them, the sales expense rate was 2.35%, down 0.65% from the same period last year; the management expense rate was 2.91%, down 1.66% from the same period last year; and the financial expense rate was 2.25%, an increase of 0.44% over the same period last year.
The long-term financial pressure increases, while the short-term financial pressure decreases. The asset-liability ratio at the end of the period is 79.16%. After excluding the accounts received in advance, the real asset-liability ratio is 65.3%, an increase of 2.55% over the same period last year, and the long-term capital pressure is increased; the book currency fund at the end of the period is 2.794 billion yuan, an increase of 46.7% over the same period last year. "currency funds / (short-term loans + non-current liabilities due within one year)" is 0.59 times, which is 0.06% higher than the same period last year.
The project pre-sale condition is good, the performance lock is strong. During the period, the cash inflow received by the company for selling goods and providing services was 4.707 billion yuan, an increase of 36.4% over the same period last year. The return of operating cash was significantly better than that of the same period last year, and the project pre-sale was good. The amount of accounts received in advance at the end of the period was 2.969 billion yuan, down 9.63% from the beginning of the period, and 57.24% of the settlement income in 2012. The performance in 2013 is highly locked.
We forecast that the company's earnings per share from 2013 to 2014 will be 0.60 yuan and 0.77 yuan respectively, and the corresponding dynamic price-to-earnings ratio will be 10 times and 8 times respectively according to the latest closing price.
Risk hint: real estate regulation risk.
