Overseas Chinese Town A (000069) 2019 First Quarterly Report Review Report： Turnaround, Acceleration, Advance, High Growth, Zero Premium, Land and Reserve Expansion
Overseas Chinese Town A (000069) 2019 First Quarterly Report Review Report: Turnaround, Acceleration, Advance, High Growth, Zero Premium, Land and Reserve Expansion
The report guides the company’s operating income in the first quarter of 201979.
2 billion, a previous growth rate of 25.
69%, net profit attributable to parent company11.
9.9 billion, a six-year growth of 6.
94%, basically 0 benefits.
The investment settlement of income points has grown steadily, and high-margin industries will achieve operating income of 79 in the first quarter of 2019.
2 billion, an annual increase of 25.
69%, settlement gross margin 62.
23%, about the full year of 2018 (60.
35%) increase by 1.
88 units; settlement net profit decreased by 15.
77%, estimated for the full year 2018 (23.
The increase in net profit ratio compared to 2018 is at least mainly due to the significant expansion of the company’s land acquisition in 2018, the increase in interest-bearing debt, and the mismatch between income settlement and current index expenditures leading to an increase in financial expense ratios.
Turnover speeded up and pre-receipt growth was high, and the income coverage multiple increased significantly. Affected by the rebound in new house sales in first- and second-tier cities and the company’s rapid sales push, the company’s advance account receipts in the first quarter were 557.
7.1 billion, a significant increase of 75 from one year to the first quarter of 2018.
8%, an increase of 31 from the end of 2018.
The coverage ratio of advance receipts to operating income in the past four quarters is 1.
16, approximately 2018Q4 (0.
89) Raise 0.
27, ranking 2018Q1 (0.
75) Outstanding promotion 0.
41. The value of unsettled goods sold by the company increased, and the certainty of future performance settlement was further enhanced.
The expansion of the inventory scale has accelerated, and the indicator’s land acquisition capacity is fully displayed. The company’s inventory scale in 2019Q1 was 1798.
9.2 billion, a year-on-year increase of 49% in 2018Q1, and a 12% increase over 2018Q4.
3%, the land acquisition speed has further expanded. According to the first quarterly report, the consolidated company reported that it has added 9 new land reserves and 342 construction areas to be developed.
With 680,000 countries, Nadi includes Jinan, Zhengzhou, Maoming, Chaozhou, Shanwei, Shenzhen, and Xi’an.
According to the wind land database, the average land price for adding land is only 2539.
84 yuan per square meter, except for the Chaozhou Science and Technology Park project, where the land acquisition premium rate is 2%, the rest of the land is traded at a zero premium rate.
Earnings forecast and 深圳spa会所 forecast The company is expected to achieve operating income of 579 from 2019 to 2021.
8.7 billion, 702.
2.6 billion, 825.
3.1 billion, an increase of 20 each year.
52%; Net profit attributable to parent company will be 128 from 2019 to 2021.
8.7 billion, 152.
7.7 billion and 186.
1.8 billion, an increase of 21 each year.
55% and 21.
At present, the company’s relative revaluation of net assets is discounted by about 60%. In the real estate small cycle from 2014 to the present, the company’s size has been trading at an average of 15% of revalued net assets.
Under the current equity, the EPS is expected to be 1 from 2019 to 2021.
27, the current expected PE is 5.
05 times, 4.
26 times, 3.
49 times, Shen Wanwan Real Estate Index is currently at PE11.
The transaction at 3 times level is regarded as the company’s high-quality asset reserve, maintaining the “Buy” rating.
Risk Warning: 1.
Real estate policy tightened more than expected; 2.
Industry sales growth accelerated faster than expected.