During the period, the company realized operating income of 907 million yuan, an increase of 492.25% over the same period last year; operating profit of 92.24 million yuan, down 87.53% from the same period last year; net profit belonging to the owner of the parent company was 30.49 million yuan, down 94.78% from the same period last year; and basic earnings per share was 0.03 yuan.
Increasing income does not increase profit. The increase in operating income is mainly due to the recognition of real estate sales income by Suzhou Difu and Shanghai Jindui Company. The reasons for increasing income without increasing profits are as follows: 1. The comprehensive gross profit margin has declined. During the reporting period, the company's comprehensive gross profit margin was 32.31%, down 6.96 percentage points from the same period last year. 2. The investment income has been greatly reduced by 96%. In the same period last year, a huge investment income was obtained from the disposal of the 31.5239% stake in Shanghai Hongsheng Real Estate.
Face great financial pressure in the short term. The asset-liability ratio at the end of the period is 45.08%. Excluding accounts received in advance, the real asset-liability ratio is 40.28%, down 0.28% from the same period last year, and the long-term capital pressure is reduced; the book currency fund at the end of the period is 222 million yuan, down 39.42% from the same period last year. (short-term loans + non-current liabilities due within one year) is 1.319 billion yuan, facing huge financial pressure in the short term.
The performance lock is weak. During the period, the cash inflow received by the company for selling goods and providing services was 533 million yuan, down 46.83% from the same period last year. The return of operating cash was worse than that of the same period last year, and the project pre-sale was not good. The amount of accounts received in advance at the end of the period was 216 million yuan, down 68.44% from the beginning of the period, mainly due to the carry-over income of the current project of Suzhou Difu and Shanghai Jindui Company, which accounted for 19.04% of the settlement income in 2011, and the performance lock was weak in 2012.
The project reserve is rich. The ending inventory is 3.508 billion yuan, down 19.51% from the same period last year, accounting for 77.86% of the total assets, and the project reserve is relatively rich. The book value of investment real estate at the end of the period was 56 million yuan, an increase of 12.28% over the same period last year, accounting for 1.25% of the total assets.
Earnings forecast and investment rating: the company is expected to achieve diluted earnings per share of 0.23 yuan and 0.32 yuan from 2012 to 2013. according to the latest closing price of 4.9 yuan, the corresponding dynamic price-to-earnings ratio is 21 times and 15 times respectively, maintaining the "overweight" investment rating.
Risk tips: short-term financial pressure is great; performance release is slow.