Vanke A (000002) 2019 First Quarterly Report Review: Accelerated completion, steady growth
19Q1 revenue was + 57% ahead of schedule, performance growth was + 25%, gross profit margin continued to be high, and pre-revenue lock was further higher. 19Q1 company achieved operating income of 483.
7 trillion, +56 a year.
9%; net profit attributable to mother 11.
2 ‰, +25 a year.
2%; basic return is 0.
10 yuan, an annual increase of 25.
2%; settlement area 310.
80,000 square meters, previously +88.
2%; Real estate settlement income 455.
9 trillion, +64 a year.
0%, indicating that land settlement is accelerating; gross margin and net profit attributable to mothers are 35.
0% and 2.
3%, +0 each year.
9 points and -0.
6 points; the price of three fees is 12.
1%, twice -2.
The company’s revenue growth is faster than its performance growth due to: 1) The company accrues impairment of accounts receivable.
2 ‰, + 237% at the beginning of the year; 2) The decrease in the equity of the settlement project resulted in a minority profit or loss of 20.
90,000 yuan a year + 136%, and the proportion of minority shareholders’ equity has temporarily increased to 65%; 3) Financial expenses 18.
400 million, + 77% ten years ago.
In 淡水桑拿网 addition, the company’s asset-liability ratio was 84 at the end of 19Q1.
8% +0 per year.
7pct; net debt ratio is only 44.
7% per year -5.
6pct, which is at the lowest level in the industry; the outstanding amount of sales is 5,864 trillion, +18 in ten years.
6%, covering 18 years of real estate settlement income2.
Doubled; unsold area of 40.43 million square meters sold, +13 in ten years.
4%; 5,333 trillion accounts received in advance, +5 in ten years.
Sales in 19Q1 were 149.4 billion yuan, more than -3%. At the same time, land was carefully discarded, and construction started slightly down. A large number of projects were completed.
4 ‰, at least -3.
1%; contracted area 924.
80,000 square meters, at least -11.
8%; the average selling price is 16,159 yuan / square meter, ten years +9.
New construction area was 1,019.
40,000 square meters, at least -9.8%, accounting for 28 of the previous start-up plan.
2% (18Q1 is 31.
9%); completed area 222.
80,000 square meters, +44 per year.
2%, accounting for 7 of the previous completion plan.
2% (18Q1 is 5).
9%), and the completion is positive. At the same time, considering the restoration of settlement completion ratio, it is expected that the settlement volume in 19 years will be positive.
The development area of the company in 19Q1 was 598.
50,000 square meters, 73% equity; according to the announcement disclosed plus logistics acquisition area, 19Q1 total acquisition area 812.
90,000 square meters, at least -17.
7%; corresponding to the total land price of 424.
600 million, ten years -10.
7%, taking up land accounts for 28% of diesel.
4%, taking land favorably.
At the end of 19Q1, the company had not settled its total land bank 1.
500 million cubic meters, 60% equity, according to 1.
50,000 yuan / flat calculation to calculate the total value of goods.
25 trillion, covering 18 years of sales3.
Investment advice: Accelerate completion, increase performance steadily, and lock in advances. Maintain “Strong Push” rating. Vanke, as a leader in the industry for 30 years, is advocating high turnover in advance, exploring residential industrialization, focusing on small and medium-sized refined decoration products, and establishingLevel management structure, layout of three major urban agglomerations, implementation of a large number of talent plans, deepening small-stock trading models, and innovative business development are all well-deserved pioneers. The results have also been reflected in the company’s sales and performance in the past 10 years have both increased.It is also reflected in the industry-leading sound operation and financial indicators.
For the future, in the abnormal cycle of the small real estate cycle, Vanke will continue to take the land + increase the concentration of sales and continue to maintain the leading edge. At the same time, the company has led the industry in the field of property services, commercial real estate and other segments.The contribution of future performance and evaluation is worth looking forward to.
We maintain the company’s expected profit forecast for 2019-21 is 3 respectively.
30 yuan, maintain target price of 45 yuan, maintain “strong push” level.
Risk warning: The real estate market sales fell more than expected and the industry funds tightened more than expected.