Core idea:

Shimao Co., Ltd. adheres to the “real estate development and sales+commercial operation and management” two-wheel drive development model. In the first half of 2021, real estate sales and commercial operations went hand in hand, and both achieved impressive results. Among them, sales increased 77% year on year; commercial rental revenue (including rental income and property management fees) reached 653 million yuan, a new high for the same period in 4 years. The two rounds of growth in real estate and commercial operations have also enabled the company to achieve both growth in operating income and net profit. The good mid-term performance of Shimao Co., Ltd. has won recognition from brokerage institutions. Haitong Securities, Shenwan Hongyuan, and CITIC Securities have successively published research reports to maintain Shimao's “superior to the market” and “buy” ratings.