Revenue and profit increased compared with the same period last year, leasing business income increased, maintaining "buy" rating Zhang Jiang Hi-Tech released a report for the third quarter of 2023, the company's revenue and profit increased year-on-year, leasing business income increased, leasable property reserves were sufficient, and industrial investment continued to improve. We maintain the profit forecast and expect the company's net profit from 2023 to 2025 to be 8.60,9.46 and 1.098 billion yuan, corresponding to 0.56,0.61,0.71 yuan in 2023-2025, and the current stock price is 38.8,35.2,30.4 times of PE, maintaining the "buy" rating.
The project was completed in the third quarter, and revenue and profit increased over the same period last year.
In the first three quarters, the company achieved a total operating income of 1.746 billion yuan, an increase of 7.11% over the same period last year, a net profit of 764 million yuan, an increase of 3.61% over the same period last year, and a net operating cash flow of-2.798 billion yuan, with basic earnings per share of 0.49 yuan. The company's revenue growth rate has changed from negative to positive since the first half of the year, mainly due to the realization of 237000 square meters of completed real estate in the third quarter and an increase in sales income of 932 million yuan. the growth rate of net profit is narrower than that of half a year, mainly because the increase in the fair value of financial assets held by the company in the third quarter is smaller than that in the same period in 2022.
The reserve of rentable property is sufficient, and the scale of industrial investment is expanded.
The company realized real estate rental income of 770 million yuan in the first three quarters, an increase of 35.5% over the same period last year, of which rental income in the third quarter increased by 48.6% over the same period last year. By the end of the third quarter, the total area of leased real estate was 135.04 million square meters, basically the same as the same period last year, with an average daily rent of 2.09 yuan per square meter. The company has 18 projects under construction in the first half of the year, involving a total construction area of about 3 million square meters, 2 projects planned to be completed in 2023, with a completed area of about 320,000 square meters, and the remaining stock projects under construction are scheduled to be completed in the next 3 years. The company achieved an investment income of 312 million yuan in the first three quarters, an increase of 136.33% over the same period last year, mainly due to the increase in investment income from the transfer of equity held by the company in the current period compared with the same period last year. By the end of June, the company's cumulative industrial investment has reached 8.713 billion yuan.
The issuance of ultra-short-term financing bonds has been completed, and the open market financing is smooth.
On October 25, the company announced the completion of the second issue of ultra-short-term financing bonds in 2023, with an issue amount of 1 billion yuan and an interest rate of 2.59%. Since 2023, the company has issued four corporate bonds totaling 2.29 billion yuan, one medium-term bill of 1 billion yuan and two ultra-short-term financing bonds totaling 2 billion yuan. The open market financing has reached 5.29 billion yuan, with a coupon rate of no more than 3.08%, and the financing channels are smooth.
Risk hint: real estate industry sales downside risk, policy adjustment leads to business risk, enterprise operation risk.