Poly Real Estate (600048) 2019 Semi-annual Report Forecast Commentary: Performance Exceeds Expected Sales Growth Maintains Growth

Poly Real Estate (600048) 2019 Semi-annual Report Forecast Commentary: Performance Exceeds Expected Sales Growth Maintains Growth

Poly Real Estate (600048) 2019 Semi-annual Report Forecast Commentary: Performance Exceeds Expected Sales Growth Maintains Growth

Key Investment Events: The company released its 2019 semi-annual report forecast, which is expected to achieve revenue of 711 in 杭州夜网 the first half of the year.

60 billion, previously +19.

52%; Net profit attributable to mother is expected to be 103.

5.3 billion, previously +59.

14%.

  The performance in the first half of the year exceeded expectations, and net profit attributable to mothers increased by 59 each year.

14% of companies expect to achieve revenue of 711 in the first half of 2019.

60 billion, previously +19.

52%, mainly due to the increase in settlement scale; net profit attributable to mothers is expected to reach 103 in the first half of the year.

5.3 billion, previously +59.

14%, mainly due to the following three points: 1) the gross profit margin of the carry-over projects has decreased; 2) the investment income has increased;

  Sales from January to June increased steadily, and the growth rate ranked among the top ten real estate companies.

470,000 countries, +12 a year.

56%; the amount of contract reached 2526.

2杭州桑拿.4 billion, previously +17.

33%; In addition, according to the sales data released by Kerer in the first half of 2019, the company’s full caliber and related rights are ranked fourth in the industry; the company’s one-time growth rate improved in the first half of the year, but the horizontal comparisonRanked third among the top 10 in the industry.

  The acquisition of land was conscientious, the layout was accelerated in the second quarter, and the company continued to be cautious in the first half of the year. The company ‘s land acquisition in the first half of the year tended to be cautious.The area is 50.8 billion yuan, and the amount of equity land acquisition is 42.5 billion yuan. The pace of land acquisition sees partial adjustment in the first quarter, and the intensity of land acquisition in the second quarter begins to increase: 256 and 235 land acquisitions are common in May and June respectively. In terms of regional layout, the company insists on focusCultivation in cities: In the first half of the year, about 54% of the additional soil reserves were located in first- and second-tier cities according to the construction area, 22% were in first-tier cities and 52% were in second-tier cities based on the paid equity land premium. Based on the current market fundamentals and alternative directions, we are optimisticThe company adheres to the strategy of deep cultivation in core areas.

  Investment suggestion: The company is one of the leading stock real estate companies, and has unique advantages in financing, business management and control, and central enterprise integration platforms.

With the improvement of the incentive mechanism, the company’s operating performance has shown steady and bright performance.

In the first half of 2019, the company insisted on the layout of the core cities, carried forward the project and completed the recovery of the project’s equity ratio, so that the return to the net profit of the mother can grow. We are optimistic about the company’s high-quality resources to match the advantages of the background, under the perfect management and optimization and some incentivesUnder the mechanism, let performance achieve better-than-expected performance during the year.

The company’s EPS for 2019-2021 is expected to be 1.

97, 2.

40, 2.

89 yuan, corresponding to the current PE is 6.

  89, 5.

66, 4.

69x, maintain “Buy” rating.

  Risk reminder events: Tighter-than-expected tightening of budget policies in first- and second-tier cities; the company’s sales receipts did not meet expectations.