新大正(002968):疫情下收入業績高增 外拓取得優良成果
7 月25 日晚,公司發佈2022 年半年報,上半年實現營業收入12.5 億,同比+39.5%,實現歸母淨利潤9315 萬,同比+25.2%;若剔除股份支付1295 萬影響,歸母淨利潤同比+38.6%。 收入業績高速增長,短期毛利率略有承壓 受益於2021 年新拓項目的翹尾收入、2022 年市場拓展新增項目以及在管項目延伸增值服務帶來的收入增長等主要因素,報吿期內公司實現主營業務收入12.5 億,較上年同期增長39.5%;實現歸母淨利潤約9315 萬,同比增長約25.2%;剔除股份支付影響後,綜合上半年實現增長38.6%。 報吿期內,公司快速擴張帶來重慶之外的新進項目快速提升,同時,新進項目及重慶外項目毛利率會低於成熟項目及重慶區域項目,短時間內公司業務的快速發展帶來階段性毛利率壓力,環比下降約1.47 個百分點。 市場化拓展迅速,重慶外收入佔比過半 上半年公司實現新拓展項目中標總金額約11.8 億,新簽約合同年金額約5.4 億,同比增長約41%,其中重慶以外區域市場拓展量佔比約76%。 報吿期內,公司重慶區域營業收入較上年同期增加約12.37%;重慶以外區域收入佔比首次超過重慶區域,同時較上年同期增加約69.08%;從收入佔比上看,重慶以外區域佔公司營業收入總量已達57.81%,較上年同期有較大增長。 業務結構優化,中標多個標杆項目 2022 上半年,公司5 大業務板塊(辦公、航空、公共、學校、商住)均實現收入增長。 其中辦公和公共類業態收入分別同比增長53.7%、51.6%,佔總收入比分別提升3.5 和1.8 個百分點;學校和商住業態收入分別同比增長24.8%、7.8%,佔總收入比分別下降1.8 和3.9 個百分點。通常情況下辦公業態的毛利率會高於學校業態,同時住宅業態隨着樓盤進入老齡化週期,毛利率也會有較大的持續下行壓力,公司收入結構的優化加強了核心業務毛利率的韌性。 報吿期內,公司新中標中國銀保監會、中移在線、南京新媒體大廈,珠海金灣國際機場、貴陽龍洞堡國際機場、黑龍江牡丹江海浪機場,國家開放大學、九江學院紫薇園校區、海軍航空大學(青島校區)等多個重要項目,有助於公司品牌形象提升與宣揚。 投資建議:新大正是第三方機構物業標杆,上半年在疫情衝擊下,公司外拓增長依舊強勁,重慶之外的區域貢獻佔大部分,公司全國化擴張戰略快速推進,體現公司服務力與品牌力在全國範圍內均有較強的競爭力。我們看好公司持續憑藉強大的外拓能力獲得長期業績增長。預計公司2022-2024 年淨利潤分別為2.37 億、3.33 億 、4.28 億,維持公司“買入”評級。 風險提示:項目外拓不及預期;成本上升壓力持續增大。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.