Core ideas:

In 2021, the holding sales scale of Datang Group exceeded 50 billion, and during the year, the three cities of Guangzhou, Nanjing and Nanchang were newly extended to deepen the strategic layout of "3X", but the total land reserve of the enterprise is still concentrated in Nanning, and the market downside risk is relatively large. it may have an impact on the future sales performance of the enterprise.

First, the sales amount exceeded 50 billion, deepening the "3 million X" regional layout Datang Group Holdings reached a new high in scale in the downward trend of the industry, with the sales amount exceeding 50 billion, following the regional layout of "3 million X". During the year, the new development of Guangzhou, Nanjing and Nanchang increased the total construction area by 6.08 million square meters. The land reserve distribution of Datang Group is more concentrated, and Nanning is the main one. Judging from the series of actions taken by the management to move its headquarters to cities such as Shanghai and Xintuo Nanjing, the subsequent layout may be adjusted, and the proportion of goods in a single city may be more balanced.

Second, the performance of joint ventures has risen rapidly, and the double rise in revenue and net profit of the company has benefited from the continuous increase in the scale of sales. Datang Group Holdings achieved an operating income of 11.25 billion yuan in 2021, an increase of 6.3% over the same period last year, and the net profit margin increased by 0.1 percentage point to 9.1% over 2020. In the environment of the general decline in the level of profit margin in the industry, Datang Group has maintained a relatively stable profit margin, relying on the rapid increase in joint venture performance, which should account for the joint venture company's performance increased from a loss of 50 million yuan in 2020 to a profit of 140 million yuan.

III. Debt structure continues to be optimized, and financing capacity still needs to be strengthened.

In 2021, the non-controlling interest of Datang Group Holdings rose 51.6% to 4.58 billion yuan compared with the same period last year. Thanks to the rapid increase in net assets, the debt structure of Datang Group Holdings has also been significantly optimized. The asset-liability ratio of the three red lines, which nearly excludes advance receipts, is 76.1%, down 1.6 percentage points from 2020.

In terms of financing, due to the size of the enterprise and the severe financing environment of the industry, the average financing cost is 9.3%.