Poly Real Estate (600048): Steady growth and quality

Poly Real Estate (600048): Steady growth and quality

Key Investment Events: The company released its annual report and achieved operating income of 1945 in 2018.

60,000 yuan, an increase of 32 in ten years.

7%; net profit attributable to shareholders of listed companies was 189.

0 million yuan, an increase of 20 in ten years.

9%; performance was in line with expectations, and gross profit margin rose steadily.

In 2018, the company’s financial indicators were good, and its profitability increased steadily. The settlement of projects in 2018 benefited from the significant increase in the company’s settlement unit prices in southern and eastern China, and its overall gross profit margin increased.

The 45 averages are 32.

5%, net interest rate is 13.

4%, unchanged from the previous year.

In terms of period expense ratio, sales expense ratio increased by 0.

Four is three.

0%, which is usually kept low, and the financial expense ratio drops by 0 every year.

3 is 1.

3%, the company as the leading real estate central enterprises have low capital costs and prominent financing advantages.

In addition, in 2018, the company made provision for inventory depreciation based on market conditions23.

500 million yuan, accounting for about 6 of the total profit.


Sales increased steadily, and sales in South China were bright.

In 2018, the company achieved a contracted amount of 4,048.

200 million (+30.

9%), the sales area is 2766.

1 Magnum (+23.

4%), the first-tier, second-tier cities, and the six core urban agglomerations are the major sales contributors, accounting for 77%, of which the sales in South China are outstanding.There are 12 cities with more than 10 billion yuan, of which 40 billion have been signed in Guangzhou, and more than 25 billion in Foshan and Beijing.

In terms of receivables, the company achieved better cash withdrawals totaling 3,562 trillion in 2018, with a repayment rate of about 88%. It has gradually increased two in the context of tightening funds in 2018, and has a strong ability to manage and operate the project.

The main forces of the first and second lines of Xintuo soil storage may continue to benefit the development of urban agglomerations.

In 2018, the company’s newly acquired land capacity and construction area was 31.16 million countries, the land acquisition amount was 1927 trillion, and the unit price was 6186 yuan / square meter.

In 2018, the area of the first and second lines in Xintuo land accounted for 61%. Half of the third and fourth lines are located in the two major urban agglomerations of the Yangtze River Delta and the Pearl River Delta. The quality of soil reserves is excellent.

As of the end of 2018, the company’s land reserves in 100 cities were approximately 19.54 million countries, of which 53 were under construction.

2%, 46 for development.

8%, 60% of the first-tier and second-tier cities in the undeveloped soil reserves, and 30% of the third-tier and fourth-tier cities.

The financial structure is solid, and the net debt ratio is further reduced.

In the context of the tightening financing environment in 2018, the company’s credit advantage was prominent. In 2018, it added 5 billion Chinese votes, 1 billion US dollars in bonds and 1.5 billion sustainable medium-term notes.

At the end of 2018, the company’s net debt ratio decreased year by year5.

Eight are 80.

6%, with interest at the end of the year, denied a budget of 2636.

6 trillion, accounting for only 18 due within one year.

5%, the total cost 武汉夜网论坛 is 5.

0%, which previously floated 0.2 units.

Earnings forecasts and investment advice.

The EPS for 2019-2021 is expected to be 1.

92 yuan, 2.

43 yuan and 3.

00 yuan, currently corresponding to the corresponding PE is 7 times, 6 times, 5 times.

Give the company a 9x estimate for 2019, corresponding to a target price of 17.

28 yuan, maintain “Buy” rating.

Risk Warning: Sales growth may be lower than expected.