Huaxia Happiness (600340) 2019 Interim Report Review: Steady increase in performance and improvement in repayments
The company’s operating income in 19H1 was 387%, a year-on-year increase of 22%, and Ping An’s shareholding + equity incentive dual commitment promised steady growth in the next two years.
30,000 yuan, an increase of 10 in ten years.
7%, including real estate settlement income of 228.
80,000 yuan, an annual increase of 20.
6%; net profit attributable to shareholders of listed companies 84.
80,000 yuan, an annual increase of 22.
4%; net profit attributable to non- mothers is 84.
40,000 yuan, an increase of 30 in ten years.
7%; basic income 2.
78 yuan, an increase of 23 in ten years.
6%; gross sales margin and net profit attributable to mothers are 48.
7% and 21.
9%, with an annual increase of 3%.
1pct and 2.
1 point; three expense ratios total.
4%, a decline of 2 per year.
3 points, mainly due to the decrease in management fee rate2.
2019H1 final advance receipts amounted to USD 1,403 trillion, a continuous decline of 2.
1%, covering 2 of 18 years of real estate settlement income.
7 times, much higher than the industry average.
In addition, Ping An’s stock performance commitment is consistent with the company’s equity incentive, that is, the 18-20 year performance is not less than 114.
2 billion, 144.
900 million and 180.
0 billion, corresponding to 19 and 20 years performance growth rate of 23% and 24%.
In 19H1, the company achieved 64 billion US dollars, -20% a year. After the increase of land acquisition in the first half of the year, sales may rebound to a low level.
7 ‰, at least -20.
4%, mainly due to the shortage of funds before the launch of land sales; real estate such as 478.
7 trillion, -26 a year.
7%, but the decline was narrowed earlier than 19Q1 7.
2pct; sales area 550.
30,000 countries, at least -24.
Among them, the sales area outside Beijing accounted for 66%, an increase of 12 pct over 18 years, and the sales areas in Nanjing, Hangzhou and Zhengzhou reached 16%, 10%, and 24% respectively.
The company’s acquisition of land in 19H1 accelerated significantly. The amount of land acquisition was USD 12.3 billion, each time + 69%, and the amount of land acquisition was 26%., Accounting for 43% of the average sales price.
In terms of operating income, 38% of the revenue in the regions outside Beijing was realized, an increase of 7pct over the previous 18 years.
At the end of the 18th year, the company held 13.98 million cubic meters of unsold soil reserves under development + under construction; it is estimated that the newly started area in 1919 will be 11.98 million pixels, which is -39 per year compared with the previous year.
8%; the construction area is 4,219 general purpose, which is two years -3 from the previous year.
1%; the completed area is 10.37 million countries, which is +2 compared with the previous year.6%.
Deeply plowing into the metropolitan area, the development of industrial new city projects has accelerated, Wu Xiangdong joined, and business-oriented businesses are ready to develop. The company adheres to the core metropolitan area focus strategy to create a “3 + 3 + X” core urban circle pattern.
In 19H1, the company added five new PPP projects into the warehouse, all of which are located outside the port.
In the 19H1 Industrial Park, 328 new contracted enterprises entered the park, and the new contracted investment amount was 1,051.
5 ‰, +8 for ten years.
9%; of which, 266 new companies entered the park outside Beijing, and the new contracted investment was 939.
300 million, +20 per year.
19H1 company’s industrial service income 深圳丝袜会所 118.
7.5 billion, of which 87 outside Beijing.
7.4 billion, previously + 96%.
In addition, after Wu Xiangdong joined, the company’s commercial business gradually began to expand. In 19H1, it acquired the Beijing Lize Financial Business District project, which was funded by Ping An. The company developed and constructed the company and can operate management fees. Future development is expected.
In 19H1, the company received 39.7 billion in cash for the sale of goods and services, and the recovery rate (on-balance sheet sales / full-caliber sales) was 62%, + 16pct per year.
At the end of 19H1, the company’s asset-liability ratio and net debt ratio were 88.
1% and 225.
8%, +6 each year.
0 points and +129.
5pct, the increase in debt rate was mainly due to excessive short-term and increased.
The company’s financing balance is 1,818.
400 million, +61 a year.
1%; bank loans, bonds and trusts accounted for 28%, 41% and 31%, respectively; the average cost of increasing financing was 7.
23%, an increase of 0 from the end of 18 years.
8pct; the average cost of bank loans, bonds and trusts is 6.
87% and 8.
60%, bond and trust financing costs have fallen significantly.
In addition, the company raised cash inflows of US $ 76.1 billion at the end of 19H1, every + 109%; it is expected that the company’s financing environment and debt structure will continue to be optimized after the company’s strategic cooperation with Ping An has steadily advanced.
Investment suggestion: Steady increase in performance, improvement in receivables, improvement of land, maintenance of “strong push” rating. As a leading industrial city operator in China, Xiaxia Happiness relies on the leading PPP market-oriented operation mechanism in Beijing-Tianjin-Hebei, the Yangtze River Delta and the Pearl River.Triangle and other regions have in-depth layout of industrial new towns and industrial towns, and have good government relations and incremental land acquisition capabilities.
The proportion of 19H1 company’s external port sales continued to increase, while Ping An increased its holdings in February and currently holds 25 shares.
25%, fully indicating the recognition of the company’s business model and value, it will also improve the company’s financing capabilities, and once again consolidate its commitment to performance in the next three years.
As the company’s sales are temporarily below expectations, we lower the company’s 2019-21 earnings forecast to 4.
00 and 7.
31 yuan (5 before adjustment).
61 and 8.
57 yuan), corresponding to 19 years of PE only 5.
Four times, 18A, 19E dividend yields reached 4 respectively.
6% and 6.
5%, the sector is estimated to move downwards. We cut the target price to 33 based on the company’s 19 target PE.8 yuan, maintaining the “strong push” level.
Risk warning: the real estate industry’s policies are tightened, and the company’s funding situation is less than expected.