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Vanke’s AH share price has been on a roller coaster ride. At the opening of the market today, Vanke A fell by more than 3%. After that, it rose by more than 6%. The increase narrowed in the afternoon, and finally closed up 0.9% at a price of 19.15 yuan; Vanke’s H-share opened down 5%, and once rose more than 3%, it is still in a state of yin decline, and the quotation is HK$17.78.
During the reporting period, Vanke achieved operating income of 452.8 billion yuan, a year-on-year increase of 8.0%; net profit attributable to shareholders of the listed company was 22.524 billion yuan,A year-on-year decrease of 45.7%,almost cut in half; The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 22.381 billion yuan,A year-on-year decrease of 44.38%,almost cut in half。
In this regard, Yu Liang, chairman of Vanke’s board of directors, reviewed and reflected on the reasons for the decline in performance such as the large dispersion of the management level and the high cost of multi-track exploration at the performance meeting on March 31. At the end of the reflection, Yu Liang expressed his apology, “The poor performance in 2021 has disappointed shareholders. Here, I would like to express my sincere apologies to the majority of investors and stakeholders.”
He revealed that Vanke has eliminated the group partner level, that is, executives in the usual sense. All have to sink to the front. Yu Liang currently serves as the chief customer officer of Vanke, researching and solving key problems reflected at the customer level. President Zhu Jiusheng also serves as the chief partner of the long-term rental apartment BU, and is responsible for the operation and management of the long-term rental apartment business.
In response to the question of “performance bathing”, Zhu Jiusheng said: “Such an expensive bathing fee is neither necessary nor possible. Vanke is located in Shenzhen. We must say that it has something to do with bathing. We prefer to choose the method of ‘showering’. , Douse your head with cold water, curb your impulsive body, and make your body healthier and your mind clearer.”
CITIC SecuritiesSaid that the company’s performance fell sharply, lower than the market and our expectations, the decline in the gross profit margin of the development business, and the decrease in investment income were the main reasons for the decline in profitability. Although the company’s operating business has accumulated a lot of funds, on the one hand, due to the application of accounting standards (accounting for depreciation), and on the other hand, due to the reason of operating efficiency, it has not made a positive contribution to profitability.
CITIC Securities believes that although the company has encountered profitability problems, it has subjective determination and objective conditions in 2022, and is fully capable of stabilizing the fundamentals and striving to achieve a recovery in performance.We give the company an EPS forecast of 2.10/2.26/2.54 yuan/share in 2022/23/24 (the original forecast for 22-23 is 2.97/2.95 yuan/share), and give Vanke A andVanke Enterprise(H shares) 12 times PE in 2022, that is, Vanke A corresponds to a target price of 25.2 yuan per share (with a 32.77% increase), and Vanke Enterprises corresponds to a target price of 31.1 Hong Kong dollars / share (with a 73.55% increase), maintaining “buy” In” investment rating.
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Responsible editor: Zhang Haiying