Every editor: Chen Mengyu
China Merchants Jiyu (001914.SZ) released the 2021 interim results announcement on the evening of August 16. During the period, the area under management was about 200 million square meters, which increased by 4.58 year-on-year due to the large base. %, which is lower than the industry average growth rate (45.6%) of the area under management in 2020 by nearly 41 percentage points, of which the third-party area accounted for 62%, which was basically the same as the third-party share in the same period last year.
From the perspective of business format, China Merchants Fund is actively deploying urban services such as offices, parks, public and government and other large properties. Therefore, the non-residential area under management reaches 100 million square meters, ranking top in the industry, and its scale of under management accounts for up to 51%.
The revenue achieved during the period was about 4.78 billion yuan, a year-on-year increase of about 23.56%, which was about 13.6 percentage points lower than the industry average revenue growth rate (37.2%) in 2020; the overall gross profit margin was only 10.6%, which was lower than the industry in 2020 The average gross profit margin (30.3%) was nearly 20 percentage points; the net profit attributable to shareholders of listed companies was 248 million yuan, an increase of 38.85% over the same period last year.
From the perspective of performance composition, basic property management income revenue was 3.587 billion yuan, an increase of 22% over the same period last year, and its proportion of revenue was 75%, which was basically the same as the same period last year. The basic property management income can be further divided into non-residential and residential business types. The non-residential business income was 2.474 billion yuan, an increase of 17.64% over the same period last year, and its proportion of revenue was 51.8%, which was a decrease of 2.5 from the same period last year. Percentage points; the income of residential business was 1.112 billion yuan, an increase of 33% over the same period last year, and its share of revenue was 23.3%, an increase of 1.7 percentage points over the same period last year. The asset management business achieved operating income of 270 million yuan, accounting for 5.66% of the company's operating income, a year-on-year increase of 46.18%
Shell Research Institute believes that the performance of China Merchants Surplus in mid-2021 has the following characteristics: First, it continues to deepen its efforts in public construction properties. In the industry, its revenue and scale of management lead the industry; secondly, the profitability level needs to be improved. The reason is that in addition to the poor profitability of large properties such as public construction properties, the profitability of residential properties is also significantly lower than that of other properties. For enterprises, how to reduce costs and increase efficiency through measures such as technological empowerment and organizational optimization, so as to catch up with other material enterprises is an important topic for investment surplus.
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