New City Holdings (601155) quarterly report comments: Sales maintain high growth equity incentives to teach

New City Holdings (601155) quarterly report comments: Sales maintain high growth equity incentives to teach

Event: The company achieved operating income of 295 in the first three quarters of 2019.

60,000 yuan, an increase of 19 in ten years.

22%, net profit attributable to shareholders of listed companies.

30,000 yuan, an increase of 19 in ten years.

57%, basic income 1.

67 yuan / share.

The net profit attributable to mothers has a high growth and stability, and the proportion of non-recurring gains and losses has dropped sharply.

60,000 yuan, an increase of 19 in ten years.

22%, net profit attributable to shareholders of listed companies.

30,000 yuan, an increase of 19 in ten years.

57%, basically in line with the performance commitment of democratic fair incentives, “not less than 20%.”

Of which non-recurring gains and losses are 6.

64 ppm, an increase of 23% in one year, which is basically in line with the growth rate of return to motherhood.

Non-recurring gains and losses accounted for the highest proportion of investment real estate changes in fair value gains and losses (6 billion), accounting for more than 90%.

In the first three quarters of 19, the company’s non-attributed net profit increased by 18 per year.

86%, the ratio of net profit deducted to mother’s net profit to mother’s net profit was 82.

2%, an increase of 39 from the first half.

5 units.

In addition, the company realized the income from long-term equity investment accounted for by the equity method in the first three quarters of 1911.

US $ 3.5 billion (excluding non-recurring gains and losses), an increase of 61 per year.

5%, contributing about 23% to the increase in net profit attributable to mothers, mainly due to the company’s disposal of subsidiaries in the third quarter.

Corporate contract bonds 2089.

500 million, an increase of 109 every year.

1% is more than seven times the operating income of the first three quarters of 19 years. It has abundant settlement resources in the future, which will gradually strengthen the foundation for future performance growth.

High sales growth, the completion of the 270 billion target is a high probability event, the transfer of land in a timely manner to refund funds from January to September 19, the cumulative contract sales amount is about 1976.

91 ppm (73% of the full year plan completed), an increase of 23 per year.

89%, the cumulative sales area is about 1723.

0.6 million square meters, an annual increase of 35.

43%.

; The average contracted price was 11,473 yuan / square meter, a decrease of 9% compared with the previous year. In the end, the sales prices of the second-, third- and fourth-tier cities with the highest proportion of the company’s business declined.

In September, the company resumed land acquisition. From January to September, it gradually increased the floor area by 18.69 million. The transition was changed to 4%. The floor price was 3453 yuan / m3, an increase of more than 19%, and floor costs increased.

The sales amount from January to September was better than 33%, with better control.

In July-August, the company adjusted its strategy in a timely manner, transferred 21 land projects before and after, the transaction consideration totaled more than 10 billion US dollars, timely recovered cash, and reduced debt.

The proportion of short-term debt has increased, and the ability to repay long-term debt has stabilized to the end of the reporting period. The company’s asset-liability ratio and withholding asset-liability ratio were 88% and 42%, respectively, which decreased by 0.

5, 12.

Nine PCTs, each of which changes by 1 from the previous month.

3, -4.

One PCT has improved long-term debt repayment ability; the short-term debt on the book has increased sharply by 87%, and the short-term debt coverage has fallen sharply to zero.49 to 1.

67, still at a healthy level of debt service.

In terms of debt structure, short-term debt accounts for 35%, which improves and rises, and the debt structure is longer and healthy.

Investment suggestion: The company’s sales continue to grow at a high rate. In 2019, the sales target is expected to be 270 billion yuan, and the prepayments will continue to grow. In the future, there will be abundant settlement resources, which will make up the necessary foundation for continued and stable growth of performance.

The company intends to issue distribution incentives to directors, high school executives and core backbones. Based on the growth rate of net profit attributable to mothers in 19-21 years corresponding to 20% / 70% / 120% in 2018, it shows the company’s determination and confidence in recognitionBased on this, we will make the company’s net profit for 19-20 years from 136.

700 million, 181.

600 million to 126.

500 million, 174.

300 million, corresponding to EPS by 6.

06, 8.

05 yuan adjusted to 5.

61, 7.

72 yuan, corresponding to the current expected PE of 5.

97X, 4.

34X, maintain “Buy” rating.

Risk reminder: Sales in third- and fourth-tier cities have fallen more than expected, and the company’苏州桑拿网s financing costs have risen