China Construction (601668): Buildings in the new millennium have improved rapidly and real estate sales settlements have grown rapidly

China Construction (601668): Buildings in the new millennium have improved rapidly and real estate sales settlements have grown rapidly

The company’s revenue growth in the first three quarters of 2019 was 15.

8%, the growth rate of net profit attributable to mothers is 9.

8%, in line with our expectations, the higher growth rate of revenue than the return to net profit growth is mainly due to the increase in profit and loss of 夜来香体验网 minority shareholders due to the reduction of leverage.

The company achieved total operating income of 973.6 billion in the first three quarters of 2019, an increase of 15 per year.

8%, net profit attributable to mothers reached 30 billion yuan, a year-on-year increase of 9.


Among them, in 19Q3, a single quarter realized revenue of 288.2 billion yuan, an annual increase of 14.

6%, achieving a net profit of 96.

700 million, an increase of 18 in ten years.


Real estate business settlement released a lot of income and profits.

In terms of business, the housing construction business achieved 601.8 billion yuan in operating income, an increase of 15 per year.

3%, a decrease of 0 compared to the same period last year.

39 up to 61.

8%, gross margin blood pressure 0.

4 up to 5.

5%; infrastructure business realized operating income of 220.8 billion yuan, an annual increase of 14.

3%, the proportion decreased by 0.

32 up to 22.

7%, the gross profit margin was relatively reduced by 0.

5 averages to 7.

9%; real estate realized operating income of 145 billion yuan, a year-on-year increase of 22.

8%, the proportion increased by 0.

79 up to 14.

9%, gross margin fell to 0 in ten years.

5 up to 32.

0%, still maintaining a high level of more than 30%, the proportion of gross profit contribution increased by 1.

4 up to 45.

8%; survey and design realized operating income of 6.4 billion, an annual increase of 14.

6%, gross margin increased by 0 in ten years.

7 up to 17.


In the first three quarters, the comprehensive gross profit margin decreased slightly by zero.

A total of 06, the period rate (including research and development costs) increased by 0.

For 06 single items, the reduction in asset impairment caused by the sale of inventory for land business decreased the asset impairment, and the net interest rate increased slightly by 0 under the overall impact.

02 shareholders, but the profit and loss of minority shareholders increased and the return to the mother’s net profit margin decreased by 0.

17 units.

The company’s consolidated gross profit margin for the first three quarters of 2019 was 10.4%, zero for one year.

The 06 tiers are mainly due to the declining gross profit margin of the construction and real estate business.

Add back the R & D expenses and increase the expense ratio by 0 during the period.

06 averages to 3.

59%, of which selling expenses are 0.

3%, a small increase of 0 a year.

02 per share, mainly due to the increase in real estate sales, advertising expenses increased by more than 24%; management expense ratio decreased by 0.

04 averages to 1.

9%, R & D expenses 0.

59%, increasing by 0 every year.

44 singles; current discounts decreased, and investment income and factoring costs factored in factoring fees increased by 0.

37 up to 0.


The company’s assets and credit impairment losses as a percentage of operating income have decreased by zero for many years.

2 up to 0.

07%, net interest rate increased by 0 under the comprehensive influence.

02 averages to 3.

59%, but the first three quarters generated a minority shareholder profit and loss of $ 14.1 billion, an annual increase of 33.

7%, reducing the net profit rate of return to mother.

17 units.

The growth of business scale increased leverage and reduced leverage to support private companies to clear their debts and increased operating cash replenishment.

The company’s net cash flow from operating activities in the first three quarters of 2019 was 106.7 billion, which has been reduced by 41.7 billion.

The first three quarters’ cash ratio was 113%, an increase of 12.

6 single, the company’s bills receivables and accounts receivable decreased by 15.6 billion US dollars compared with the end of 18 years, taking into account the adjustment of accounting standards, (contract assets + inventory) increased by 94.7 billion US dollars (adjusted at the end of 18 years), (advance accounts +Contract liabilities) decreased by USD 23.1 billion, long-term receivables decreased by USD 114.5 billion, and other non-current assets increased by USD 144.1 billion; the cash-on-payment ratio increased by 128%, a significant increase of 19%.

The seven single ones are mainly due to the company’s continued efforts to reduce the burden and reduce leverage and to clear the debts of private enterprises. Among them, the bills payable and accounts payable decreased by 23.6 billion compared with the end of 18, and the advance payment increased by 4.

3.3 billion.

As of the end of September, the company’s asset-liability ratio had fallen by zero compared with the end of 18 years.

9 up to 76.


There are abundant orders in hand, the concentration of the construction industry has continued to increase, and the real estate business has a strong ability to handle high-quality soil storage and has a strong expansion capability.

In the first three quarters of 19, the company’s new construction contract value1.

77 trillion, an annual increase of 6.

3%, of which the newly signed housing construction business1.

44 trillion (previously +17.

2%), 32.19 million yuan (tens of -24.

8%), the decrease was narrower than the first half of the year12.

Six units signed a new contract of 8.6 billion yuan (ten years-1) for survey and design.


The proportion of the company’s building construction area has been increasing year by year, and has been increased from 2009 to the end of June 19.
2 up to 11.
7%, under the stock economy, the leading effect is constantly prominent, the current construction boom is relatively high, and the company has the absolute advantage to effectively seize key orders in the housing construction business, which is expected to achieve quality and quantity rise.

The real estate business achieved a budget of $ 269.9 billion from January to September (ten years + 30.

4%), sales area of 15.68 million countries (ten years +16.

2%), of which China Shipping (including China Ocean Hongyang) increased by 28.

2%, starting the road of expansion and taking into account the high interest rate level. At the end of June 19, China Shipping’s net debt ratio was about 31%, which can expand its expansion capacity in the future.

As of the end of September 19, the company’s real estate business had an excess of land reserves, which was about 96.95 million, which was 4 years of sales area in 18 years.

7 times, and more than 60% of the inventory is concentrated in the first-tier and provincial capital cities, which has an excellent market environment.

Maintain profit forecast and maintain “Buy” rating: The company’s estimated net profit for the years 19-21 is 439.

4 billion / 500.

900 million / 551.

0 billion, the growth rate is 15% / 14% / 10%, the corresponding PE is 5 respectively.

4X / 4.

7X / 4.

3x, maintain “Buy” rating.