newpokervideos| Research report Nuggets 丨 Orient Securities: Yu Xingsheng Commercial "Buy" rating projects have sufficient reserves and improved operating quality

Orient Securities releases research reportnewpokervideos, Yu Xingsheng Commercial (6668newpokervideos.HK)"Buy" ratingnewpokervideos, give a 2024 P/E ratio of 11 times, corresponding to a target price of 2newpokervideos.05 Hong Kong dollars. We are optimistic that the company will obtain more high-quality project opportunities in the future. The parent company Xinghe Holdings has stable finances, sufficient land reserves in the Greater Bay Area, sufficient Xingsheng commercial reserve projects, and high potential for future performance growth.

The research report mentioned that the company achieved revenue of 635 million yuan in 23 years, a year-on-year increase of 13.0%, and net profit attributable to the parent company was 171 million yuan, a year-on-year increase of 10.9%. The growth in performance was due to the opening of six high-quality projects, especially the stable performance of the commissioning, branding and management export businesses. Although the gross profit margin of the whole lease model declined due to the impact of new opening, the overall business structure remained stable. The company's ongoing projects are operating in good condition, with same-store sales and passenger flow increasing by 18% and 39% respectively, and the occupancy rate increasing to 92.8%, demonstrating its strong operating capabilities.

According to the research report, as the leading commercial operation service provider in the Greater Bay Area, the operating performance of in-service projects continues to improve. In 23 years, same-store sales increased by 18%, same-store passenger flow increased by 39%, and the occupancy rate increased by 0.3% year-on-year to 92.8%. Benefiting from the consumption boom of Hong Kong customers, the passenger flow of Futian Xinghe COCO Park increased by 60% year-on-year, and merchant sales increased by 40% year-on-year. At the end of the 23rd, the company had 27/55 opened/contracted projects respectively, with an opened/contracted area of 165/284 million square meters respectively, of which the contract area of the Greater Bay Area was approximately 1.59 million square meters, accounting for 56%, and the contract area of the Yangtze River Delta was 420,000 square meters, accounting for 15%. Provide certainty for future development.