Poly Real Estate (600048): Steady overall performance and continued high sales growth

Key points of investment: Poly announced the first quarter report of 2019 and realized revenue of 225.

8 billion, an annual increase of 12.

1%, net profit attributable to mother 23.

2 billion, an annual increase of 22.

5%, corresponding to EPS0.

2 yuan.

Ping An’s point of view: stable performance and recharge in advance.

The first quarter achieved revenue of 225.

8 billion, an annual increase of 12.

1%, net profit attributable to mother 23.

2 billion, an annual increase of 22.

5%.

The main reasons why the growth rate of net profit was higher than the growth rate of revenue: 1) Affected by settlement products and regional structure, the gross profit margin increased slightly by 0.

03 singles to 39.

8%; 2) The proportion of civilian minority shareholders’ profit and loss decreased by 2.

8 up to 30.

6%; 3) As a result of the classification adjustment of held financial assets and the increase in the fair value of transactional financial assets, gains from changes in fair value were realized2.

5.2 billion.

The advance payment at the end of the first quarter was 3252.

700 million, an increase of 8.

.

5%, for 2018 revenue1.

7 times, expected growth basis for 2019 performance.

Sales continued to grow at a high rate, and new construction was active.

The company achieved a budget of 1096 in the first quarter.

6 billion, an annual increase of 26.

1%, the market share increased by one from the end of last year to 3.

7%; sales area of 7 million square meters, an increase of 18 in ten years.

1%.

The average sales price was 15,665 yuan / square meter, an increase of 7% over 2018.

The newly started area was 9.97 million square meters, and the completed area was 2.74 million square meters, respectively, with an increase of 51.

3% and 25.

1%, 22 of the initial plan completed.

2% and 10%.

The area under construction at the end of the period was 91.81 million square meters, an increase of 38.

9%.

Continue to maintain a high start-up growth rate for 2019.

The overall holding of the land is stable and the focus is continuously on the first and second lines.

There were 14 new development projects in the first quarter, of which 12 were domestic projects. The floor area ratio increased by 2.79 million square meters, and the total acquisition cost was 15.9 billion yuan, accounting for 39 of the sales area and sales amount during the same period.

9% and 14.

5%, a year-on-year decrease of 74% compared to 2018.

1 and 33.

1 unit.

In terms of urban energy levels, the company continued to focus on first- and second-tier cities and core urban agglomerations. The amount of development and the proportion of development area in first- and second-tier cities were 78% and 73%, respectively.

The average floor price is 5,699 yuan / square meter, a decrease of 7 compared with 2018.

9 %%, which is 36% of the average selling price in the same period.

4%, a decrease of 5 from 2018.

9 units.

The saleable construction area at the end of the period is 163.78 million square meters, and the area to be developed is 85.48 million square meters, which can guarantee the development scale 重庆耍耍网 in the next 3-5 years.

There is plenty of cash in hand and the resistance rate is slightly upward.

Initially, the company realized cash withdrawal of 878 trillion, with a return rate of 80%, an increase of 3 percentage points compared with the same period last year.

Cash in hand 1289.

300 million, which is the sum of debts due within one year (405.

400 million) of 318%, short-term debt repayment pressure is small.

Excluding the asset-liability ratio of advance receipts, net debt restructuring 42.

.

9% and 84%, respectively, increased by 0 from the beginning.

Three, three.

4.

Investment suggestion: Maintain the company’s profit forecast. It is expected that the EPS for 2019-2020 will be 1.

91 yuan and 2.

30 yuan, the current sustainable corresponding PE is 6 respectively.

9 times and 5.

8 苏州夜网论坛 times.

The company’s incentive system has been continuously improved, the integration of resources has continued to advance, the speed of development has been significantly increased, and the “strong recommendation” level has been maintained.

Risk reminders: 1) The current property market is still recovering, but the third and fourth lines are subject to sufficient supply, shrinking demand, and there is no obvious adjustment. It is expected that the average value of subsequent prices will be under pressure.The risk of asset impairment caused by the unexpected adjustment of the property market; 2) Overall, the first and second-tier property markets have naturally recovered, and there may be a risk of less-than-expected policy relaxation due to the first and second-tier recovery;Later, the city’s price limit policies were successively introduced, and the risk of lowering the gross profit margin may follow.