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On August 27, 2021, Yuanda housing and workers disclosed the interim report of the company.
According to the interim report, the company achieved an operating revenue of 1.36 billion yuan in 2021h1, a year-on-year increase of 19.57%.
The net profit was 47 million yuan, a year-on-year increase of 316.8%, turning losses into profits year-on-year.
01pc component business resumed growth and turned losses into profits smoothly.
In the first half of 2021, the company realized an operating revenue of 1.36 billion yuan, a year-on-year increase of 19.57%.
The net profit was 47 million yuan, a year-on-year increase of 316.8%.
The company’s net profit is in the middle of the performance forecast, which is in line with expectations as a whole.
The reason why the company turned losses into profits smoothly is mainly due to the following two reasons: with the weakening of the impact of the epidemic, the company’s PC component business resumed growth; The company adjusted the management mode of some joint ventures, and the current profit and loss brought by financial assets rebounded after adjustment.
In terms of business, the company’s business can be divided into PC assembled high-rise buildings, Yuanda meizhai and Yuanda magic cube.
Among them, the operating revenue of PC component manufacturing business, which accounts for 83.7% of the company’s total operating revenue, reached 1.139 billion yuan, a year-on-year increase of 12.38%.
Under the dual pressure of the downward market price and the sharp rise in the price of main raw materials, the profit space of PC components was squeezed, and the gross profit decreased to 271 million yuan, down 8.30% year-on-year.
The overall income increased without increasing profit.
In terms of orders, the company signed 2.373 billion yuan in the first half of the year, an increase of 57% over the same period in 2020, and the orders on hand were 6.301 billion yuan, an increase of 21.3% over the end of 2020.
In terms of joint factories, the company has invested 62 joint factories, including 60 with production capacity; There are 15 profitable joint factories, an increase of 1 over the same period in 2020.
As the joint plant affected by the epidemic was completing the equipment installation and acceptance in 2020, the operating revenue of the company’s PC production equipment manufacturing business increased by 306.6% to 221 million yuan.
The new business developed by the company, the great magic cube (box module construction), was officially released in March 2021 and started pre-sales.
With regard to Yuanda meizhai series, in addition to the original villa products, the company plans to launch 6-storey bolted fully assembled construction products in the second half of 2021, which highly conforms to the development direction and requirements of the national strategy.
This product is a concentrated embodiment of 20 years of technology accumulation, which greatly improves the efficiency of traditional buildings.
It can realize the capping of the main body within 8 days, the delivery of fine decoration within 100 days, and the complete delivery of multi-storey community within half a year.
It is expected to become a new performance contribution point of the company.
02 the gross profit margin continued to be under pressure and achieved remarkable results in cost reduction and efficiency increase.
The gross profit margin of the company was 26.08%, down 3.08 percentage points compared with the same period in 2020, and the gross profit margin decreased significantly.
There are two main reasons for the obvious decline of the company’s gross profit margin: the rise of raw material prices has raised the company’s production costs; The price of PC components fell.
According to our calculation, the price of PC components fell by 10.49% year-on-year, resulting in a decline in the company’s gross profit margin.
In terms of cost, the company introduced Danaher’s lean system and invited lean experts to deeply participate in the operation of the company’s PC factory, so as to reduce cost and increase efficiency.
The company’s period expense rate was 25.50%, down 4.76% from the same period in 2020.
Specifically, the company’s sales expense rate and financial expense rate remained stable, 4.84% and 5.14% respectively; The management fee rate decreased to 11.36%, down 3.76 percentage points year-on-year.
In addition, the R & D expense rate was 5.14%, down 1.18 percentage points year-on-year.
Benefiting from the company’s good cost control, the company’s net profit margin increased to 3.47% from – 2.04% in the same period in 2020, with a year-on-year increase of 5.51 percentage points.
In the first half of the year, the company enhanced the collection of accounts receivable.
For directly operated companies, the company formulates a more incentive and stricter special assessment system for payment collection, supplemented by more stringent measures such as suspension of payment and litigation to promote payment collection; At the headquarters level, a legal settlement team was established to focus on the old, difficult and controversial funds of completed projects, increase the investment in settlement and legal resources, and help the direct operating companies to facilitate or directly realize the payment collection, so as to further optimize the company’s capital turnover and improve the operating cash flow, which has achieved a certain degree of results.
The company’s accounts receivable turnover days in the first half of the year were 326.85 days, a sharp decline of 76.76 days compared with the same period in 2020.
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