First Open (600376): Steady growth in performance and actively expanding outside Beijing

First Open (600376): Steady growth in performance and actively expanding outside Beijing
I. Overview of the event Shoukai announced the announcement of the pre-increasing results for the first half of 2019. The company expects to achieve a net profit of about 17 attributable to its mother from January to June 2019.3 ‰, an increase of about 25% in ten years; deducting non-net profit of about 14.90,000 yuan, an increase of about 40% in ten years. Second, the analysis and judgment of performance has steadily increased, and the release of profits is guaranteed. The company expects to achieve net profit attributable to its mother of approximately 17 in the first six months of 2019.3 ‰, an increase of about 25% in ten years; deducting non-net profit of about 14.US $ 900 million, an annual growth of about 40%; the steady growth of the company’s performance is mainly due to the gradual settlement of completed projects and the use of the company’s operating income to grow simultaneously.In addition, as of the end of 2018, the company’s advance receipts reached 631.4 ppm is 1 of operating income for the year.6 times, the continued release of future performance is guaranteed. Sales maintained strength, and the company expanded its sales area from January to May in an orderly manner from January to May.60,000 square meters, an annual increase of 28.7%; sales amount 321.40,000 yuan, an increase of 36 in ten years.9%, 31 of the annual sales target was completed.8%.From January to May, the company added about 104 new projects in Fujian, Guangzhou, Suzhou, Gu’an and other places.60,000 square meters, an increase of 109 in ten years.3%; The company actively expands projects outside Beijing while cultivating Beijing, laying a good foundation for national development. Diversified financing, controllable financial risks.In 2018, the company gradually increased financing to a total of about 41.7 billion US dollars, including bank loans of 16.2 trillion US dollars, trust loans of 2.70 billion US dollars, debt financing plans of 40 billion US dollars, and corporate debt of 3 billion euros.25 trillion notes, 15 trillion short-term notes, 20 trillion ultra-short-term notes, etc., multiple financing channels are open.Under the tight financing environment, 西安耍耍网 the company’s comprehensive financing cost is 5.36%, an increase of 0 from only 17 years.21 single, financial cost control capabilities are excellent, and always remain at the industry’s lowest level. Third, the investment proposal of the first open share sales and performance of steady growth, rich land reserves, backed by state-owned assets, good finances, and high returns.The company’s EPS is expected to be 1 in 19-21.40, 1.61, 1.83 yuan, the corresponding PE is 6.7/5.8/5.1 time, the company’s highest and lowest in the past three years, the median PE is 23.4/4.8/14.7 times, maintain the company’s “recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Author Image
admin