Performance year-on-year + 2%, deduction non-performance year-on-year + 13%, in line with market expectations. In the past 20 years, the company's revenue was 456.06 billion yuan, + 6.5% compared with the same period last year; net profit was 15 billion yuan, + 1.7% from the same period last year; net profit from non-return was 14.36 billion yuan, + 13.1% from the same period last year; basic earnings per share was 1.23 yuan per share, + 1.7% from the same period last year; gross profit margin and net profit rate were 14.4% and 3.3% respectively, compared with the previous year-1.1pct and-0.2pct The total expense rate of the three items is 5.6%, year-on-year-0.5pct, and the rate of return on diluted net assets is 17.7%, year-on-year-1.0pct. In the context of the epidemic, the company revolves around the major industrial sectors, strives to promote innovation transformation, strives to improve the energy level and core competitiveness of industrial development, and the carry-over scale is generally stable. At the end of 20 years, the company's accounts received in advance reached 421.5 billion yuan, + 10.6% at the end of last year, which can cover 216% of 20-year real estate revenue. High pre-income coverage is expected to contribute to the release of performance.
During the reporting period, a cash dividend of 2.50 yuan was distributed for every 10 shares, with a dividend rate of 20.3% and a corresponding dividend rate of 4.3%. In addition, the company announced 21Q1 revenue of 132.7 billion yuan, year-on-year + 66.6%; return to the mother net profit of 3.93 billion yuan, year-on-year + 7.4% 20-year-on-year sales of 358.4 billion yuan, year-on-year-8%, land / sales area ratio of 101%, 20 years, the company sales amount of 358.4 billion yuan, year-on-year-7.6%; sales area of 2909 million square meters, year-on-year-10.7%; average sales price 12320 yuan / flat, an increase of 3.4% over the same period last year Sales rebate of 308.9 billion yuan, payback rate of 86%; new construction of 3178 million square meters, year-on-year-24.3 percent; completed area of 2356 million square meters,-5.8 percent of the same period last year. Over the past 20 years, the company has acquired 2932 million square meters of land, with a total cost of 92.9 billion yuan, a new value of 333 billion yuan, a corresponding floor price of 3175 yuan per square meter, a land acquisition / sales area of 100.8%, and an average land / sales price of 28.9%. The company has a relatively high proportion of land storage in the Yangtze River Delta region, and is expected to deeply benefit from the integration of the Yangtze River Delta; and the company's deep layout in Suzhou, Shanghai, Hangzhou and other cities, including Suzhou Fenhu Science and Technology City, Green long Island, Hangzhou Bay and other projects are expected to bring a large number of potential high-quality soil storage for the company, promoting the thickening of soil storage in the Yangtze River Delta. By the end of 20 years, the proportion of goods value in the first-and second-tier cities of the company had risen to about 70%.
The last three red lines of 21Q1 have been improved to Orange, and infrastructure business has entered a stage of accelerated development. By the end of 2000, the company's asset-liability ratio was 88.9% (year-on-year + 0.4pct), pre-asset-liability ratio was 84.1% (year-on-year + 1.3pct), net debt ratio was 140.6% (year-on-year-15.3pct), cash short debt ratio was 0.97 times (year-on-year increase of 0.21 times), the company's debt situation improved, but the three red line indicators are still in red. The average financing cost of the company over the past 20 years is 5.64%, which is + 0.04pct compared with the same period last year, keeping the industry at a low level. By the end of 21Q1, the company's cash-to-short debt ratio rose to 1.30 times, 0.33 times higher than at the end of the 20th year, and the three red line indicators improved to orange range. In addition, in 2020, the company's infrastructure industry developed rapidly, with newly signed contracts worth 610.3 billion yuan in the whole year, an increase of 62% over the same period last year. In the same period, total operating income reached 233.4 billion yuan, an increase of 24% over the same period last year. It is expected that infrastructure business will be a new growth point for the company in the next few years.
Investment advice: stable performance, temporary weak sales, rapid development of infrastructure business, downgraded to "overweight" rating. In recent years, Greenland Holdings has achieved remarkable results in reclaiming funds and effectively promoting the improvement of debt ratio; the company actively solves the disadvantages of low profit margins, strictly controls land acquisition costs, and further enhances non-market land acquisition capacity by relying on characteristic towns, PPP project expansion and other ways; the company will reduce costs and improve turnover to a strategic level; in addition, infrastructure business has also entered a stage of accelerated development. In view of the fact that the company's settlement progress is lower than expected, we downgrade the company's earnings per share forecast for 2021-22 to 1.35,1.45 yuan (originally 1.77,2.13 yuan), and introduce 23-year earnings of 1.54 yuan, corresponding to 21PE 4.3X, downgraded to "overweight" rating.
Risk tips: real estate regulation tightened more than expected, sales removal rate is not as expected.