Poly Real Estate (600048) 2019 First Half Performance Preview Comment: High-performance Growth Leader Highlights Value

Poly Real Estate (600048) 2019 First Half Performance Preview Comment: High-performance Growth Leader Highlights Value

Event description In the first half of 2019, the company realized operating income of 711.

60 ppm, an increase of 19 in ten years.

52%; net profit attributable to mother 103.

53 ppm, an increase of 59 in ten years.

14%; the company expects average net asset income to increase by 8.

23%, an increase of 2 a year.

35 points.

Incident Review Revenue has grown steadily and performance has grown rapidly.

In the first half of 2019, the company achieved operating income of 711.

600,000 yuan, an annual increase of 19.

52%; net profit attributable to mother 103.

53 ppm, an increase of 59 in ten years.

14%.

The company’s performance in the first half of 2019 achieved rapid growth, mainly due to the significant increase in the equity ratio of carry-over projects.

With the increase in the gross profit margin of the company’s carry-over projects and the increase in investment income, the company’s profitability has been further improved, and the company’s average net asset income in the first half of 2019 increased.

23%, an increase of 2 a year.

35 points.

上海夜网论坛 Sales achieved steady growth, and land acquisition strategies were more cautious.

In terms of sales, from January to June 2019, the company’s cumulative sales amount was about 2526.

24 ppm, an increase of 17 in ten years.

33%; cumulative sales area is about 1636.

470,000 square meters, an increase of 12 in ten years.

56%.

The company has been deeply cultivating in the first-tier, second-tier and strong third-tier cities for a long time. After the increase of the push in the second half of the year, the company’s sales in 2019 are expected to maintain a steady growth trend.

In terms of land acquisition, from January to June 2019, the company gradually increased the floor area by approximately 8.21 million square meters, a decrease of 45.

7%; the total land acquisition price will be about US $ 533 trillion, a decrease of 49 per year.

5%.

In the first half of 2武汉夜生活网019, the company’s land acquisition intensity tended to be cautious, and the land cost was controlled properly. It can support the company’s future development business profitability to a certain extent.

Leading real estate companies are expected to enjoy asset premiums.

At this point in time, the advantages of Poly Real Estate as a leading real estate company occur: 1) The company’s abundant land reserves help to help the company’s sales maintain the flexibility of high-speed growth; 2) Under the environment of tight housing finance,The impact is relatively limited, and the company’s financing cost advantage is prominent (the company has interest rates in 2018 and denies that the comprehensive cost is only 5.
.

03%); 3) The company recently announced the exercise results of the second phase equity incentive plan, showing its confidence in long-term development.

Investment suggestion: The performance will grow rapidly, leading value will be prominent, and the rating of “Buy” is maintained.

In the first half of 2019, the company’s performance increased rapidly and its profitability improved significantly.

In the first half of the year, the company’s sales grew steadily, too much land was taken cautiously, and land costs were properly controlled, trying to enjoy a certain asset premium.

It is expected that the company’s EPS in 2019 and 2020 will be about 2 respectively.

03 yuan, 2.

47 yuan, corresponding to the current sustainable PE is 7 respectively.
07 times, 5.
83 times, maintain “Buy” rating.

Risk Warning: 1.

Uncertainty in the liquidity environment; 2.

The company may have uncertain sales in the second half of the year.