Poly Real Estate (600048): Performance exceeded expectations Net profit increased 40% year by year

Poly Real Estate (600048): Performance exceeded expectations Net profit increased 40% year by year

Initial results exceeded expectations and profitability is expected to remain high.

The company released a quick performance report for 2019 and initially achieved a total operating income of 2355.

4 ppm, an increase of 21 in ten years.

1%; operating profit and total profit were 503.

1 billion, an annual increase of 41.

4%, the net profit attributable to shareholders of listed companies increased by 40.

6% to 265.

The US $ 700 million performance was higher than expected mainly due to the further increase in the company’s carry-over in the fourth quarter.

As of the end of the third quarter report, the company received 3829 trillion accounts in advance. Looking forward to the next two years, the company’s considerable sold and unsold resources can still support the 苏州夜网论坛 continued growth of performance.

Considering that the company’s performance growth rate is higher than its revenue growth rate, we expect the company’s profitability to remain at a high level.

The initial sales amount increased steadily, and the sales equity ratio was approximately 67.

8%.

In 2019, the company realized sales area of 3123.

10,000 square meters, an increase of 12 in ten years.

9%, sales amount 4618.

5 ppm, an increase of 14 in ten years.

1%, equity budget 3190.

300 million, sales equity ratio 69.

0%, the average sales price of 14,788 yuan / square meter, an increase of 7% over the previous.

In December 2019, the company’s sales continued to increase, and the company achieved a contracted area of 304.

30,000 square meters, an annual increase of 2.

5%; Achieved signing amount 421.

3 ‰, 淡水桑拿网 an increase of 15 in ten years.

4%.

Persist in cultivating first- and second-tier cities, and land acquisition will increase significantly in the second half of the year.

In 2019, the company’s land acquisition amount was 11.66 million yuan, an increase of 16 throughout the year.

5%, land area of 17.98 million square meters, an increase of 2 throughout the year.

8%.

In 2019, the company added 127 new projects, including 44 new projects in the first half of the year and 83 new projects in the second half of the year.

80,000 square meters, of which 820 in the first half.

80,000 square meters, plus 1854 in the second half of the year.

100,000 square meters.

The equity ratio of the company’s high-level land acquisition area is 71.

4%, a slight increase, the new equity construction area of 19.1 million square meters, of which 659 in the first half.

08 thousand square meters, plus 1250 in the second half of the year.

90,000 square meters.

As of the end of the third quarter report, the company’s area to be developed was 7618 Universal, of which the first- and second-tier cities 4614 Universal accounted for more than 60% of the Yangtze River Delta and the Pearl River Delta accounted for 46%. The company’s overall soil reserves are sufficiently high quality.

Earnings forecasts and investment advice.We have raised the company’s performance growth rate and expect EPS to be 2 in 2019-2021.

23 yuan, 2.

76 yuan and 3.

49 yuan, given that the listing of Poly Property is conducive to sub-item valuation, the company was given July 2020.

5x estimate with a target price of 20.

70 yuan, upgrade to “Buy” rating.

Risk warning: sales performance may be lower than expected, policy environment or periodical tightening.