Vanke A (000002): Achieved steady release of rich settlement resources
The event company released its 2019 first quarter report.
At the core of the report, the company achieved operating income of 483.
7.5 billion, an annual increase of 56.
93%; the company realized net profit attributable to shareholders of the listed company.
$ 2.5 billion.
23%, net profit attributable to shareholders of the listed company after deduction is 11.
28 ppm, an increase of 36 in ten years.
63%; the company’s basic earnings are zero.
102 yuan, an annual increase of 25.
Our Analysis and Judgment (1) The revenue growth rate is fast, and the profitability has steadily increased.
75 ppm, an increase of 56 in ten years.
93%; realized net profit attributable to mother 11.
$ 2.5 billion.
23%; real estate business realized settlement area of 310.
80,000 square meters, an increase of 88 in ten years.
2%, realized operating income of 455.
90,000 yuan, an increase of 64 in ten years.
The growth of the company’s reported operating income was mainly due to substantial scale growth. The growth rate of profits was not as fast as the growth rate of revenue.
9% reached 20.
The company’s profitability has steadily improved compared to the same period last year, with gross and net profit margins of 35 respectively.
0% and 6.
6%, an increase of 0 over the same period last year.
8 units, three fee pricing 12.
3%, a decrease of 2 compared with the same period last year.
(2) Increment in sales, accelerated completion, reportable resources, and reports that actual business achieved contracted sales area of 924.
80,000 square meters, the contract sales amount is 1494.
400 million, down 11 each year.
8% and 3.
The decline in sales was mainly due to the vertical 杭州养生会所 deviation of sales growth by 28 from the start of construction in January 19 and the weak push.
1%, through the market recovery and accelerated sales, sales growth in March to March increased significantly.
The speed of completion is obvious, and the initial completion area reported is 222.
80,000 square meters, an increase of 44 in ten years.
2%, accounting for 7 of the previous completion plan.
2% (5 for the same period in 2018.
The company has abundant sold and outstanding resources. At the end of the first quarter, the outstanding resources sold were 4042.
80,000 square meters, an increase of 332 over 2018.
60,000 square meters, the contract amount is 5,863.
500 million yuan, an increase of 556 over 2018.
400 million yuan.
Accounts received in advance at the end of the reporting period were 5,330.
USD 8.9 billion, with an annual growth rate of 11%, rich settlement resources, and a guaranteed replacement for future performance.
(3) The financial situation is good, the land acquisition is stable, and the financing cost advantage is prominent. At the end of the reporting period, the company held 1432 monetary funds.
The coverage ratio of monetary funds (short-term loans + interest-bearing debts due within one year) is 2 yuan.
04 times, short-term debt repayment ability; net debt ratio 44.
8%, continue to keep the industry low; interest-based denial accounts for 16% of total assets.
1%, 71 of interest-bearing debt.
8% is long-term debt, and there is less pressure on short-term debt repayment.
The company added 19 new development projects in the first quarter, with a total planned construction area of 598.
50,000 square meters, with a planned construction area of 437.
20,000 square meters, the proportion of land acquisition area to sales area is 64.
7%, the rhythm of taking the ground is extremely stable.
The company’s financing cost advantage is prominent. In February 19, the company publicly issued a special corporate bond for housing leasing with US $ 2 billion, with a coupon rate of only 3.
Investment suggestions Vanke A’s revenue has grown rapidly and its profitability has steadily improved.
Although sales improved in the first quarter, the company’s layout was mainly concentrated in second-tier cities. Through the recovery of the first- and second-tier real estate markets, sales gradually achieved steady growth.
The company has abundant settlement resources and provides effective guarantee for future performance.
The pace of land acquisition is stable, the funds in hand are abundant, and the advantages of financing costs are prominent.
Based on the consideration of the company’s development project reserves and the company’s layout of market sales, we expect the company’s revenue from 2019 to 2020 to be 3.
Taking May 7th to 27th.
At the closing price of 98 yuan, the corresponding dynamic price-earnings ratios are 7 respectively.
6 times, 6.
With reference to comparable companies’ estimates, the company’s dynamic urban surplus for 2019 is reset7.
6 times, lower than the average of 9.
2 times attractive, we continue to maintain the “recommended” level.
Risks suggest that real estate growth is higher than expected, and house prices reduce risks.