Summary of performance: in the first half of 2013, the company achieved operating income of 293 million yuan, an increase of 57.12% over the same period last year; operating profit of 56.1436 million yuan, an increase of 171.44% over the same period last year; net profit of 55.9363 million yuan belonging to the owner of the parent company, an increase of 29.94% over the same period last year; and basic earnings per share of 0.07 yuan.
During the period, the expense rate is still relatively high. During the reporting period, the company's comprehensive gross profit margin was 32.31%, down 22.64 percentage points from the same period last year. During the period, the company's expense rate was 27.26%, down 21.77% from the same period last year, but nearly 30% of the period expense rate was at a high level in the industry as a whole. Among them, the sales expense rate was 5.01%, down 9.85% from the same period last year; the management expense rate was 10%, down 8.45% from the same period last year; and the financial expense rate was 12.25%, down 3.46% from the same period last year.
The financial pressure is relatively small. The asset-liability ratio at the end of the period is 56.34%. Excluding accounts received in advance, the real asset-liability ratio is 37.95%, down 4.17% from the same period last year, and the pressure on long-term funds is reduced; the book monetary funds at the end of the period are 891 million yuan, an increase of 10.67% over the same period last year. "monetary funds / (short-term loans + non-current liabilities due within one year)" is 2.14 times, short-term funds are guaranteed.
The company's performance growth in 2013 is guaranteed. During the reporting period, the company's Shangcheng era project, Shinkansen Building project sales continued to maintain a growth trend, business performance maintained steady growth. By the end of the reporting period, the company received 1.296 billion yuan in advance, which is twice the operating income in 2012. In 2013, it is not difficult for the company to achieve the 1 billion yuan operating income set at the beginning of the year. Considering the low base of 2012 performance, it is clear that the company's high performance growth this year.
The reserve of the project is rich, and the scale of the main business is expected to expand year by year. From the previously disclosed 2012 annual report, the company has a total reserve of 3 pieces of land, with a total construction area of 517000 square meters, and the price of land is slightly lower than that of other surrounding plots, which has a certain cost advantage. In addition, the company's land reserve and development scale have expanded year by year, which has laid a good foundation for the stable and healthy development of the company's production and operation.
Profit forecast and investment rating: with the completion of the company's real estate development projects and the increase in carry-over income, the performance growth in the next two years is relatively clear. It is estimated that the company's earnings per share in 2013-2014 will be 0.21,0.34 yuan respectively. Based on the latest closing price of 3.34 yuan, the dynamic PE is 22 times and 13 times respectively, maintaining the company's "overweight" investment rating.