The company announced the mid-2010 report: in the first half of 2010, the company achieved main business income of 357 million yuan, operating profit of 78 million yuan, an increase of 61.61% and 1.26% respectively over the same period last year, and a net profit of 55 million yuan, a decrease of 12.89% over the same period last year.
In addition to the large fluctuation of real estate development income, the company's other income is relatively stable: the company's operating income mainly comes from real estate development and operation, Shihuang tunnel operation fees and exhibition operation income. due to the failure of real estate development projects to form echelon development, the former income fluctuates greatly, while the latter two income is relatively stable. Due to the low gross profit of the BT project in Dadukou Zhuyuan district, the gross profit of real estate development and operation decreased by 10.61% compared with the same period last year when the income increased by 33.7%.
The asset-liability ratio is low and the financial position is good: as of June 30, 2010, the company's asset-liability ratio was 42.16%, and the interest-bearing debt ratio after deducting the amount received in advance was 36.85%, slightly higher than at the beginning of the year, but still at a low level compared with other companies in the industry. The company has cash of about 440 million yuan, no short-term loans, long-term loans of 914 million yuan; the company's current assets are mainly composed of cash and inventory, of which inventory is 1.685 billion yuan, accounting for 76% of current assets, mainly for real estate projects under development or to be developed; the company's asset structure and financial position are good, and there is no pressure for short-term debt repayment.
The company's land reserve is available for development in the next 3 years: the company has 5 real estate projects, all of which are concentrated in Chongqing, with a land reserve area of 130.44 million square meters. According to 95% of the floor space available for sale in the volume ratio, the company has an unsettled floor area of about 124 million square meters.
According to the company's current development capacity, it can be developed in the next three years, in which the Huangzhiya project on the south bank with a construction area of 720000 square meters is the main source of profits for the company after 2012.
Profit forecast and investment advice: the company's EPS from 2010 to 2012 is expected to be 0.21,0.35,0.36 yuan, corresponding to PE is 53.77,32.26,31.13 times. From the point of view of the profitability of the company's existing projects, the current valuation is high, and lack of performance support.
However, Chongqing City Investment, the major shareholder of the company, is a wholly state-owned company under the Chongqing State-owned assets Supervision and Administration Commission, whose main function is to participate in the operation related to urban construction and to renovate the urban construction land reserve on behalf of the municipal government. Chongqing's low urbanization rate and the status of the Yangtze River economic center bring more room for the development of Chongqing's real estate industry. as the only real estate listed company under Chongqing City Investment, the company will benefit from Chongqing City Investment's high-quality resources. asset injection expectation is the company's main focus. Due to the current high valuation of the company, there is no clear timetable for asset injection, and the company is temporarily given a neutral rating.