河源市自考学历教育机构2023已更新(分类/要点)

  Preannounced 4Q22 results miss our expectations
  Gold Mantis Construction Decoration (Gold Mantis) preannounced its 2022 results: The firm estimates that attributable net profit reached Rmb1.05-1.35bn in 2022. The median of the preannounced earnings range was Rmb1.20bn (vs. a net loss in 2021).
  According to the preannouncement, we estimate that 4Q22 attributable net profit was in a range between -Rmb151mn and Rmb149mn, while the firm incurred a net loss of Rmb6.36bn in 4Q21. The firm's earnings in 4Q22 missed our previous expectation, as increased 注意:自考毕业后才会上学信网,毕业前只能在省自学考试管理系统查询考籍信息。本科除了毕业证,符合条件还可以申请学位证,学位证需要在毕业的前提下,满足平均成绩要求,学位英语通过、学位论文答辩良好及以上的条件,可以申请学位。 COVID-19 infections in 4Q22 hindered execution of construction and decoration projects.
  Trends to watch
  Decline in orders narrowed in 4Q22; new orders to regain growth in 2023. In 1-4Q22, the firm's new orders fell 17%, 44%, 52%, and 13% YoY to Rmb7.17bn, Rmb4.42bn, Rmb5.58bn and Rmb5bn respectively. We attribute the narrowed decline in new orders in 4Q22 to improved demand. In 2022, the firm's new orders fell 31% YoY to Rmb22.17bn. Specifically, public decoration orders dropped 24% YoY to Rmb18.07bn, and residential project orders fell 50% YoY to Rmb2.5bn. We think new orders will regain rapid growth in 2023, given the implementation of supportive financing policies for the real estate industry and the recovery of real estate project completions.
  Earnings to recover in 2023 thanks to higher revenue and net margin. Significant impairment and weakening demand weighed 有考公务员、职业资格证书的同学,事先看好对专业的要求,在符合标准的专业中做选择。专业推荐:英语、汉语言文学、管理类专业、金融类专业。#升职加薪、找工作通过自考的学历找工作的,在选择专业的时候,最好以兴趣爱好为根本,以就业为导向。 on the company in 2021 and 2022. We think its fundamentals will likely recover in 2023.
  We think revenue will steadily increase in 2023, as the 广州自考本科热门专业有:计算机科学与技术、土木工程、工程管理、汉语言文学、广告学、日语、英语(英语教育)、教育学、体育教育、物流管理、法学、工商管理(现代企业管理)、公共事业管理、会计学(财务会计与审计)、金融学(金融)、市场营销(销售管理)、法学(本科段)、行政管理、视觉传达设计、环境设计、投资学(投资理财)、国际经济与贸易、工程造价。。 company may accelerate execution of its projects thanks to accelerated completion of real estate projects and increased completion of public building projects amid the implementation of growth stabilization policies.
  We expect net margin to rise in 2023. In 1-3Q22, the firm's net margin was 7%, the lowest level in the past decade. We think attributable net profit will resume stable growth in 2023, as GM may rise and provision for impairment may decline.
  Current valuation at a historically low level; watch investment opportunities amid low valuations and expectations. The firm is trading at 1.1x 2023e P/B. It was traded at 1.3-3.8x P/B over 2018-2020, with a median of 2.0x. We expect the firm's valuation to recover in 2023 as its fundamentals will likely improve, and suggest watching investment opportunities amid low 用英语等级证书免考英语(1)用全国公共英语等级考试(PETS)证书免考???全国公共英语等级考试三级笔试成绩合格者,可以免考英语(二);二级笔试成绩合格者,可以免考英语(一)。(2)全国大学英语考试(CET)四、六级证书免考???2005年全国大学英语考试改革后的成绩不可替代自考公共课的英语。 valuations and expectations.
  Financials and valuation
  We lower our 2022 attributable net profit forecast 33% to Rmb1.20bn, to reflect the impact of the COVID-19 resurgence in 4Q22 on execution of construction and decoration projects. We cut our 2023 attributable net profit forecast 25% to Rmb1.45bn, due to disappointing new orders in 2022. We introduce our 2024 attributable net profit forecast of Rmb1.80bn. The stock is trading at 10x 2023e and 8x 2024e P/E. We believe pessimistic expectations have been priced in, and the firm's current valuation is at a historically low level. We expect the firm's fundamentals to improve in 2023 and in the medium and long term. We maintain an OUTPERFORM rating and our target price of Rmb5.5. Our TP implies 10x 2023e and 8x 2024e P/E, offering 1% upside.
  Risks
  Recovery in new 而函授,当你报名函授,参加成考统一的入学考试,固定的毕业时间就是为2.5~3年!三、含金量目前来说,现在社会上主要以难度出发来判断含金量,因此自考含金量和社可度高于成人高考函授;然而两者在考研、考证、考公务员等方面是没有什么区别的! orders and/or progress in projects disappoint.
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   【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。


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