Event one. The company publishes its 2019 annual report. During the reporting period, the company's operating income was 13.611 billion yuan, down 33.59% from the same period last year; the net profit belonging to shareholders of listed companies was 570 million yuan, down 59.77% from the same period last year. The company plans to pay a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders in 2019.
Event two. The company publishes its quarterly report for 2020. During the reporting period, the company achieved operating income of 591 million yuan, down 81.38% from the same period last year; the net profit belonging to shareholders of listed companies was-200 million yuan, down 154.26% from the same period last year.
In 2019, affected by the decrease in the sales area and unit price of the carry-over income of the main property business compared with the same period last year, the company's operating income decreased by 33.59% compared with the same period last year, and its net profit decreased by 59.77% compared with the same period last year. In the first quarter of 2020, affected by the COVID-19 epidemic, the company's operating income decreased by 81.38% compared with the same period last year, and its net profit decreased by 154.26% compared with the same period last year. In 2019, the company's operating income was 13.611 billion yuan. Of this total, real estate development and supporting income was 12.492 billion yuan, down 36.18% from the same period last year; property and rental income was 374 million yuan, up 6.74% from the same period last year; and other income was 598 million yuan, up 12.26% from the same period last year. According to the company's 2019 annual report:
(1) the amount of contract signed by the company was 26.638 billion yuan, an increase of 8.91% over the same period last year, and the signed area was 2.0715 million square meters, an increase of 0.45% over the same period last year. (2) the new construction area for the whole year was 5.1328 million square meters, an increase of 8.54 percent over the same period last year; and the completed area was 1.7432 million square meters, an increase of 22.38 percent over the same period last year. (3) the total rental real estate area of the company is 449800 square meters, an increase of 53.20%. The annual rental income was 172 million yuan, an increase of 34.38%. In 2001, the land reserve area increased by 1.9209 million square meters, an increase of 32.92% over the same period last year.
We will further optimize the three-point pattern in which Shanghai accounts for 50%, the Yangtze River Delta accounts for 25%, and other provincial capital cities account for 25%. (4) to realize the first "Shanghai Bank Guangming Real Estate property purchase tail Asset support Special Plan" and the national first "Open Source-Guangming Cold chain warehousing Logistics Asset support Special Plan" for Shanghai state-owned enterprises, and issue a total of 1.7 billion sustainable winning votes in three issues. to achieve the recycling of commercial factoring financing loans.
According to the company's 2019 annual report, the company plans to have an operating income of 18 billion yuan, a planned new construction area of 3.5 million square meters and a planned completion area of 1.7 million square meters.
Investment advice. Real estate and cold chain logistics two-wheel drive, "better than the market" rating. The company's main business is comprehensive real estate development and operation, cold chain logistics industry chain, is a collection of real estate development, commercial operation, cold chain logistics, property services, construction and supply chain industry chain as one of the large-scale state-owned comprehensive group company. In the real estate development and management, the company adheres to the guiding principle of "intensive ploughing of Shanghai, deep ploughing of the Yangtze River Delta, selection of provincial capital cities". We estimate that the company's EPS in 2020-2021 will be 0.31 yuan and 0.37 yuan respectively, giving the company 8-10 times dynamic PE in 2020, with a corresponding reasonable value range of 2.48-3.10 yuan, maintaining the company's "better than the market" rating.
Risk hint: the company's development project faces the risk of policy regulation and control, and the logistics business is vulnerable to the risk of economic downturn.