The shadow of the epidemic gradually disappeared, and the performance in the first quarter picked up obviously for the whole of 2020. Affected by the epidemic, the company realized operating income of 9.57 billion yuan, down 14.6% from the same period last year. The net profit returned to its mother was 310 million yuan, down 62.3% from the same period last year, which was basically consistent with the performance of KuaiBao.
The total cash dividend to be distributed by the company accounts for 9.7% of the annual return net profit.
In the first quarter of 2021, the company achieved operating income of 2.93 billion yuan, an increase of 129.8% over the same period last year, and a net profit of 170 million yuan, an increase of 205.3% over the same period last year. The company predicted that the net profit for the first half of 2021 will be 3.4-380 million yuan, an increase of 741.3%, 840.2% over the same period last year, which is basically the same as that of 380 million yuan in the same period in 2019, and the performance has recovered well.
The brokerage business ensures the revenue, and the new house business increases the profit.
Brokerage is the company's core business, accounting for 54.5% of total revenue in 2020, an increase of 3.7 percentage points over the previous year. The new house business is developing well, with the gross profit margin rising to 22.9% in 2020, an increase of 3.1 percentage points over the same period last year, contributing to the company's profit level.
Offline stores continue to expand, and online traffic increases significantly
The company implements the scale expansion strategy, and the number of offline stores continues to increase. By the end of the first quarter of 2021, the company had nearly 4000 stores, covering 28 cities. At the same time, the company continues to increase the construction of its official website and APP. By the end of the first quarter of 2021, the average number of monthly active users on the company's official website reached 16.38 million, an increase of 53.5% over 2020.
Performance continued to repair, online and offline efforts, to maintain the "buy" rating companies deep ploughing the intermediary industry for 20 years, with mature and stable customer resources and channel resources, after the epidemic performance continued to repair. At the same time, attach importance to the expansion of store scale, adhere to the transformation of digital strategy, online and offline, we are optimistic about its future development space. It is estimated that the return net profit of the company in 2021 and 2022 is 8.8 yuan and 1.03 billion yuan respectively, corresponding to EPS 0.37 yuan and 0.44 yuan, and the PE corresponding to the latest stock price is 10.3,8.9 times, maintaining the "buy" rating.
Risk
The stock housing market will continue to be pursued by many enterprises, and the market competition is expected to remain hot in the future; at the same time, there are still many uncertain factors in the policy environment, such as the school district housing speculation and rectification, the increase in the number of years of VAT exemption and other regulatory policies to reduce the volume of second-hand housing transactions, as well as the continuous structural adjustment of the new housing sales market, which may affect the company's access to second-hand housing and new market commission income.