Events:
The company released its 2017 semi-annual report on August 23. During the reporting period, the company realized operating income of 757 million yuan, down 44.84% from the same period last year, and the net profit belonging to the owner of the parent company was 10.9996 million yuan, an increase of 130,000 yuan over the same period last year. 03%. By the end of the reporting period, the total assets of the company were 22.64 billion yuan, the net assets belonging to the shareholders of listed companies were 4.466 billion yuan, the total liabilities were 17.737 billion yuan, and the asset-liability ratio was 78.34%.
Viewpoint:
Operating income fell sharply but net profit increased sharply. The company's operating income in the first half of the year was 757 million yuan, down 44.84% from the same period last year; the net profit belonging to the owner of the parent company was 10.9996 million yuan, an increase of 130.03% over the same period last year. The decrease in operating income in the current period compared with the same period last year is due to the decrease in the number of carry-over items in the current period compared with the same period last year, and the decrease in operating income while the sharp increase in net profit attributable to the current period is mainly due to the 100% higher proportion of equity in profit-carrying items in the current period than in the same period last year.
The company's operating income mainly comes from property sales, accounting for 81.9%. Benefiting from the market situation in the past two years, sales income has increased significantly; property rental and management income has been on the rise since 2013. property rental and management income has grown rapidly, with an average annual growth rate of 39.81%, but the gross profit levels of the two types of business are in the downward channel.
Actively introduce strategic partners and enhance the ability to integrate resources. Over the past two years, the company has been actively introducing strategic partners to enhance the ability to integrate resources. After reaching strategic cooperation with Sino-Indian Culture, Wuhan Housing Finance, Hubei Electric Power Construction, Shanghai Treasure House Culture and Guokai Hanfu, on January 9, 2017, Nanguo Real Estate and Nanshan Holdings signed a Strategic Cooperation Agreement in Beijing. The two sides announced the formation of a strategic partnership, the establishment of information and resource sharing mechanisms, and in-depth and comprehensive cooperation in their main business areas. The scope of cooperation includes, but is not limited to, residential, public construction, industrial real estate, pension real estate and logistics real estate, with priority given to Shenzhen, Wuhan, Chengdu and other regions. This strategic cooperation is conducive to the future business development of both sides and the improvement of the core competitiveness of the main business, and is expected to improve the speed of project expansion and achieve the rapid development of the company through cooperation.
A new era of business in Pan Yue has officially opened. In recent years, through continuous research and innovation, the company has initially formed four product lines of "Southern people install, Pan Yue Mall, Pan Yuehui, Pan Yuefang". The household building materials product line "South people install" has formed a certain brand influence in Wuhan and has strong competitiveness. Pan Yuehui mall is a regional city square, Pan Yuehui is a neighborhood Lifestyle business, and Pan Yuefang is a community city square. The company's city square products are located in the important nodes of the city central business district and municipal commercial sub-central district, subway transfer hub and subway coverage locations and urban core areas.
Bid farewell to the era of regionalization, establish the development strategy of "one body and two wings", and make an important strategic layout around the "5-5" and "three major". Since the company changed its name in 2016, Nanguo Real Estate has officially moved from a Wuhan regional company to the national market and become a national company operating across regions. At present, Nanguo Real Estate has established a "one body and two wings" development strategy with commercial real estate development and operation as the main body, real estate financial business and industrial real estate as its two wings, and the regional layout of "2", that is, actively expanding the two first-tier cities of Beijing and Shanghai, and "3", that is, three key second-tier cities, namely, Wuhan, Chengdu and Nanjing. "N" represents other key areas that the company intends to enter according to the market and other comprehensive factors. In addition, the company revolves around the "55th" (5 important cities: Beijing, Shanghai, Wuhan, Chengdu, Nanjing; 5 major business sectors: project development, commercial operation, financial business, industrial park, pension industry) and "three major" (important cities, major traffic nodes, major complex projects), carry out important strategic layout.
Risk tips: lower-than-expected property sales, further macroeconomic decline, and financial deleveraging policies.