New City Holdings (601155) first quarterly report in 2019: sales increase steadily, gross profit margin rises, net debt ratio declines

The Q1 performance was 200 million, -43% per year. The planned completion in 19 doubled, and the prepayments were sufficient to ensure a high increase in performance.

300 million, at least -16.

4%, net profit attributable to mother 2.

100 million, ten years -42.

6%; deduct non-net profit 1.

7 trillion, -52 a year.

2%; the corresponding return is 0.

09 yuan, -40 years.

0%; gross margin and net profit attributable to mothers are 38.

4% and 4.

8%, +2 from the previous year.

0pct and -2.

2pct; three fees accounted for 22.

6%, +4 over the previous year.

2pc, of which sales and management expenses account for 8 respectively.

4%, 13.

5%, double +2 respectively.

0pct, + 3.

9pct; Minority shareholders’ equity 5

4%, +2 from the previous year.

5 points.

The annual decline in revenue is mainly due to the company’s Q1 settlement area of only 50.

0 million countries, at least -15.


The decrease in performance was greater than the decrease in revenue mainly due to the small amount of settlement of the company’s cooperation projects and the normal occurrence of expenses, which resulted in investment income of -26.33 million yuan, a decrease of 77.29 million yuan over the same period of the previous year, but only a temporary phenomenon.

The decline in the company’s performance was small, but considering that Q1’s performance accounted for a small proportion, and considering that the company’s planned 19-year completion was doubled, and the final receipt of 19Q1 was 140.6 billion, covering 18 years of revenue.

6 times. Expected Libao Company’s expected performance growth continues to increase rapidly.

Annual sales in Q1 were US $ 46.7 billion, with an annual growth of + 23%, and property rental income was US $ 900 million, with a ten-year growth of + 103%. 19Q1 company sales amounted to 467.

200 million, previously +23.

4%, completing the initial planned budget of 270 billion17.

At 3%, Kerer’s sales ranking continued to rank firmly in the top ten in the industry; sales area reached 415.

30,000 countries, +36 per year.

2%; the average selling price is 11,249 yuan / square meter, -9 a year.


In addition, the company Q1 has leased area 238.

20 thousand squares, previously +69.

0%, corresponding to rental income 8.

7 trillion, +102 a year.5%, completed the 19-year plan to rent and manage 4 billion 21.

8%. Considering the planned opening of 22 new Wuyue Plaza in 19, it is not difficult to complete a large-scale plan.

In addition, the company plans to start 2,041 new projects in 19 years, GM-59% every year. However, considering the actual new starts in the past years, ultra-early plans have occurred, 17-18 years are 243%, 240% of the initial plans, and 19 new land acquisitions in 19The conversion started. It is expected that the actual new construction in 19 years will still be strong,都市夜网 and the expected saleableness will be sufficient.

The upper limit of the land area obtained in Q1 + 85%, the net debt ratio decreased by 61%, and under the active expansion, the net debt ratio decreased by 19Q1 and the planned area increased by 640.

60,000 countries, +68 per year.

4%; corresponding to the total land price of 162.

700 million, previously +84.

9%, taking up 48% of the land.

3%, compared with 50 in the previous year.

0% slightly decreased by 1.

7pct, the company’s Q1 land acquisition rhythm has improved compared with the second half of the previous year; the average floor price of 3,522 yuan / square meter, +17 over the previous year.

2%, the average price of land acquisition accounted for 31% of the average sales price. With the company’s land acquisition continuing to shift to the first and second tiers, the cost of land acquisition is still lower than other leading real estate companies, beyond the cost control ability to continue to ensure subsequent profitability.

The company’s unsold area in 19Q1 was approximately 71 million, corresponding to an unsold value of 870 billion.

In terms of finance, the company’s debt structure continued to optimize at the end of 19Q1, with an asset-liability ratio of 85.

5%, one year -0.

8pct, net debt price is 60.

7% for the whole year -38.

1pct, it is commendable to keep the decline in net debt ratio under relatively positive conditions.

Investment suggestion: steady increase in sales, temporary decline in performance, higher gross profit margin, and lower net profit margin. Maintain a “strong push”. The company adheres to the fast turnover strategy, has land acquisition without cycles, excellent cost control capabilities, and strong third- and fourth-line layouts in the Yangtze River Delta.Great features, sales are leaps and bounds, ROE is ahead of peers, with a compound growth of 85% in 15-18 years, and a compound growth of 73% over the same period. Kerer ‘s industry sales ranking has risen 5 places from the previous 17 years, moving into the top eight, highlighting a model of high growth.

We maintain our 10-year 10-21 earnings forecast at 6.

52, 8.

78, 11.

46 yuan, corresponding to 19-20 years PE only 6.

1x and 4.

At 6 times, we are still optimistic that the company will benefit from the further improvement of industry concentration. At the same time, considering the gradual recovery of the first-tier, second-tier + strong third-tier and fourth-tier markets, the company’s performance and sales will be actively promoted, and the target price will be maintained at 58.

68 yuan, maintaining the “strong push” level.

Risk Warning: The real estate policy has tightened faster than expected and the industry funds have improved less than expected.