Poly Real Estate (600048) 2019 Interim Report Review-Excellent Performance Highlights

Poly Real Estate (600048) 2019 Interim Report Review-Excellent Performance Highlights

The company released its semi-annual report for 2019, with revenue increasing by 19 in the first half of the year.

5%, net profit attributable to mothers grows 53 per year.

3%, performance was in line with expectations.

The company’s performance is outstanding, sales are growing steadily, advance accounts have a high degree of settlement coverage, and its land reserves are abundant.

The company has a good credit history, lower capital costs, and a prominent credit advantage.

Maintain profit forecast and maintain “Buy” rating.

The settlement was positive and the performance was in line with expectations.

In the first half of 2019, the company achieved revenue of 711.

40,000 yuan, an increase of 19 in ten years.

5%, the increase mainly comes from the increase in delivery area and unit price.

Real estate business gross margin 41.

0%, an increase of 5 a year.

7 units.

The company achieved net profit of 99.

60,000 yuan, an increase of 53 in ten years.

3%, performance was in line with expectations.

Looking ahead, we expect the company’s revenue / net profit growth to be close to 30%.

Sales grew steadily to ensure subsequent settlement.

The company realized sales area of 1823 from January to July.

90,000 square meters, an increase of 12 in ten years.

5%, realized sales amount of 2796.

60,000 yuan, an increase of 16 in ten years.

9%, sales scale grew steadily.

At the end of June 2019, the company received advance accounts 3621.

10,000 yuan, which is 175 in the past four quarters.

7%, the subsequent settlement is highly 武汉夜网论坛 certain.

The company has an area under construction1.

100 million square meters, 0 area to be developed.

With 800 million square meters, the land reserve is huge and the development prospects are promising.

Capital cost advantage is prominent.

At the end of June 2019, the company had interest to deny 2710 ppm, and the total cost was 4.
.

99%, a decrease from 2018.

The company’s net interest rate is 76.

6%, asset and liability structure continued to improve.

Since the second quarter of 2019, the industry’s financing has tightened. We expect the industry’s capital cost to rise structurally. The company has a good credit history and has the ability to maintain cost capital costs.

With the listing of Poly Property, the value of the property management business has become significant.

Recently, Poly Property submitted H-share listing information.
As of June 2019, the contracted management area of Poly Property4.
500 million square meters in the tube area 2.

600 million square meters.

Poly Property ranks fourth among the top 100 real estate service companies in China in 2019, and will land in the capital market, and the value of the company’s property management business will be significant.

Risk factors: The real estate industry is gradually facing serious risks.

The risk that the company’s profitability will decline.

Being aggressive, the advantages are prominent.

The company’s performance is outstanding, sales are growing steadily, advance accounts have a high degree of settlement coverage, and its land reserves are abundant.

The company has a good credit history, lower capital costs, and a prominent credit advantage.

We maintain the company’s EPS forecast for 2019/2020/20212.

05/2.

66/3.

19 yuan, maintaining 19.

43 yuan / share of NAV, given to the company 18.

Target price of 41 yuan / share, maintain “Buy” investment rating