Decai Decoration CO.(SH:605287)2023-11-09 01:41Group 1: Company Overview - De Cai Decoration Co., Ltd. was established in 1999 and successfully listed on the Shanghai Stock Exchange in July 2021, becoming the first construction industry company in Shandong Province to be listed on the A-share market [1]. - The company has developed a differentiated competitive advantage in the construction decoration industry, focusing on a full construction industry chain layout and the EPC (Engineering, Procurement, and Construction) model [1][2]. Group 2: Business Performance - In the first three quarters of 2023, the company achieved operating revenue of CNY 3.926 billion, a year-on-year increase of 16.22%, with Q3 revenue reaching CNY 1.377 billion, up 34.34% year-on-year [2][3]. - The total amount of new signed projects in the first three quarters of 2023 was CNY 6.078 billion, with the "three driving forces" projects (old community renovation, historical building protection, and municipal infrastructure construction) accounting for approximately 55.08% of new signed projects, an increase of 17.07 percentage points year-on-year [2][3]. Group 3: Profitability and Risk Management - The net profit attributable to the parent company for the first three quarters of 2023 was CNY 147 million, a year-on-year increase of 6.12%, while the net profit after deducting non-recurring gains and losses was CNY 147 million, up 36.59% [3]. - The proportion of accounts receivable and notes receivable to operating revenue decreased by 7.71 percentage points compared to the same period last year, indicating effective risk control [3]. Group 4: Market Expansion and Strategic Focus - The company has made progress in expanding its market outside Qingdao, with projects established in cities such as Shanghai, Shenzhen, and Chongqing in the first three quarters of 2023 [3]. - The company is strategically reducing its real estate business while focusing on new urban construction and new infrastructure sectors, which have been increasing in proportion to the overall business structure [5]. Group 5: Specific Projects and Future Plans - In 2023, Qingdao plans to renovate 473 old communities with an investment of CNY 6.48 billion, covering an area of approximately 11.09 million square meters, benefiting 137,700 households [3]. - The company signed new contracts for old community renovation projects amounting to approximately CNY 1.138 billion, a 96.27% increase year-on-year [4].