2023 年上半年，公司实现营业收入4.3 亿元，同比微降0.3%；实现净利润5146.2万元，同比增长4.0%，但归母净利润为4530.4 万元，同比减少6.4%。整体结算毛利率30.0%，同比减小3.7 个百分点，归母净利率10.5%，同比降低0.7 个百分点。我们认为公司盈利水平下降主要原因源于：（1）2022 年施工进度减缓，导致2023 上半年结转项目减少；（2）结转项目中公司权益比例减小；（3）公司规模扩张使得营业成本投入增加；（4）利润总额增加导致所得税费用有所增长。There are plenty of unfinished orders signed, and the issuance of convertible bonds will help long-term development and maintain the "buy" rating.
Jinpu Gardens released the 2023 mid-term report. Revenue reached 430 million yuan, down 0.3% from the same period last year. Gross profit margin is 30.0%, lower 3.7pct than the same period last year, and profitability has declined. The company has successfully issued convertible bonds, which will help the company's business to develop for a long time. There are plenty of signed unfinished orders, and we are optimistic that the company's future performance will pick up. We maintain our profit forecast. We expect the company's 2023-2025 net profit to be 0.9,1.0 and 130 million yuan, with diluted EPS of 0.55,0.65 and 0.80 yuan, and the current share price corresponding to PE 24.1,20.4,16.5 times, maintaining a "buy" rating.
The scale of revenue decreased slightly compared with the same period last year, and the profit level was basically flat.
In the first half of 2023, the company achieved operating income of 430 million yuan, down 0.3% from the same period last year; net profit was 51.462 million yuan, up 4.0% from the same period last year, but the net profit returned to its mother was 45.304 million yuan, down 6.4% from the same period last year. The overall settlement gross profit margin was 30.0%, down 3.7 percentage points from the same period last year, and the home net profit rate was 10.5%, 0.7 percentage points lower than the same period last year. We believe that the decline in the company's profitability is mainly due to: (1) the slowdown in construction progress in 2022, resulting in a decrease in carry-over projects in the first half of 2023; (2) a decrease in the proportion of company equity in carry-over projects; (3) an increase in operating costs due to the expansion of the company's scale; and (4) an increase in income tax expenses as a result of an increase in total profits.
The newly signed order is not as expected, and the alpine project may lead to a profit boost. The company signed 480 million yuan in new orders from January to June, down 40.9 percent from the same period last year (820 million yuan in the same period in 2022). Of these, 410 million yuan was newly signed in the first quarter and 70 million yuan in the second quarter. By the end of June 2023, the total amount of unfinished orders signed by the company totaled 2.04 billion yuan, and the total amount of unsigned contracts that had won the bid in the second quarter was 56.909 million yuan. With sufficient orders on hand, the improvement of future performance is more guaranteed. In the company's engineering construction business, the proportion of income from projects in Shangri-La, Weixi and other alpine altitude areas increases, which is difficult to construct and has a high profit margin, which may lead to a further improvement in the level of business gross profit margin.
The cost side is well controlled, and the issuance of convertible bonds helps the business development.
The company's expenses were properly controlled in the first half of the year, with a total expenditure of 640.24 billion yuan, a decrease of 5.0% over the same period last year, helping the total profit to achieve positive growth. The company successfully issued convertible bonds on June 8, 2023, raising 520 million yuan, of which 364 million yuan is intended to be used for landscaping and a number of EPC projects, and the remaining funds are used to repay bank loans and supplement current funds, which is conducive to the good development of the company's business.
Risk tips: market recovery is not as expected, capital pressure and the risk of bad debt losses.
