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上海临港(600848):前三季度营收规模同比增长 园区运营服务表现超预期

Shanghai Lingang (600848): The revenue scale increased year-on-year in the first three quarters, and the park's operation and service performance exceeded expectations

Revenue growth and profit declined. The main force in the construction of the Lingang area maintained a “buy” rating. Shanghai Lingang released a report for the third quarter of 2024. The company's revenue for the first three quarters increased significantly year-on-year, and net profit to mother declined. Real estate sales and operating service revenue increased sharply in the first three quarters, driving overall revenue growth, and profit levels declined due to multiple factors. The company's performance is steady, and operating services have grown beyond expectations, and it is expected to become a long-term performance support point. We maintain our profit forecast. We expect the company's net profit to be 13.4, 15.3, and 1.72 billion yuan for 2024-2026, corresponding EPS of 0.53, 0.61, and 0.68 yuan. The current stock price corresponds to PE of 19.9, 17.4, and 15.5 times. As the main force in the development and construction of the Lingang New Area, the park's business is progressing steadily and efficiently, and production and investment are linked to operate efficiently, and maintain a “buy” rating.

The scale of revenue increased in the first three quarters. Net profit due to the third quarter surged year on year. The company achieved operating income of 4 billion yuan in the first three quarters of 2024, an increase of 20.69% year on year, achieved net profit of 0.618 billion yuan, a year-on-year decrease of 17.51%, and realized net profit without return to mother of 0.574 billion yuan, a year-on-year decrease of 4.04%. The company achieved operating income of 1.053 billion yuan in the third quarter, a year-on-year decrease of 14.65%. The fair value of the company's other illiquid financial assets recovered from the same period last year, and the company achieved net profit of 0.309 billion yuan to mother, an increase of 52.14% over the previous year. By the end of the third quarter of 2024, the company's overall gross margin reached 63.83%, -1.69pct year on year, net profit margin 23.14%, and -8.73pct year on year.

Sales volume increased year-on-year, and the park operation service performance exceeded expectations in the first three quarters of 2024 with a total sales area of 0.148 million square meters, a year-on-year increase of 120.90%. The total contract sales amount was 3.664 billion yuan, up 176.88% year on year, the total rent revenue of the company's industrial park business was 2.236 billion yuan, down 1.95% year on year, and revenue related to the company's industrial park operation services was 0.36 billion yuan, up 72.70% year on year. As of the end of the third quarter of 2024, the total leased area of the company's industrial park was 3.181 million square meters, a slight increase over the previous year, and the overall leasable resources were sufficient.

Risk warning: real estate industry sales downside risk, business risk due to policy adjustments, business operation risk

The translation is provided by third-party software.


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