Shimao (600823): Performance in line with expectations
The 1H19 results are in line with the expected 1H19 results announced by the company: operating income of US $ 12.8 billion, an increase of 6% in ten years; net profit attributable to mothers of US $ 1.6 billion, an increase of 10%, corresponding to zero profit.
42 yuan, in line with expectations.
The gross profit margin declined, and the decline in the profit and loss of minority shareholders led to a longer increase in net profit attributable to mothers.
The preliminary company’s real estate sales settlement income increased by 6% to US $ 12.1 billion annually. The settlement gross profit margin decreased by 11 percentage points to 28% compared to the same period last year. The gross profit after tax fell by 14% to 32 trillion, and the gross profit margin after tax decreased to25% (31% in the same period last year).
The minority shareholder’s profit and loss fell by 26% each year, leading to a 10-year growth of 10%.
Abundant cash in hand and low financing costs.
At the end of the period, the company’s net debt ratio decreased by 2 percentage points from the beginning of the year to 19%, and cash in hand increased earlier by 22% to $ 12.6 billion, equivalent to 2 of interest-bearing debt due within one year.
7 times (initial 2.
In the early days, the company successively started with 3.
65% of the coupon rate is gradually issued US $ 3.5 billion corporate bonds (3 years) and US $ 1 billion short-term financing bonds (maturity 366 days), and financing costs are low.
Development trend It is expected that the annual sales growth rate will exceed 10%.
The initial company’s sales area decreased by 34% to 570,000 square meters, and decreased by 24% to 122 trillion in the past year, which is equivalent to 41% of the sales target (company 南宁桑拿 plan).
We expect that the company’s push volume will increase significantly in the second half of the year, and the slenderness will continue to pick up sales. It is expected that the company will gradually achieve a sales target of 30 billion US dollars (estimated saleable value is expected to exceed 45 billion), corresponding to an 11% growth rate.
The ground end was significantly speeded up and soil reserves were abundant.
The first-tier companies successively increased their land reserves in Nanjing, Hangzhou, Kunming, and Zhangjiakou and increased their growth by 25% to 830,000 square meters (according to the land acquisition announcement). The land acquisition amount exceeded the 41% increase to the 47 budget, corresponding to the average land acquisition.The annual price increased by 13% to 5686 yuan / square 北京桑拿洗浴保健 meter, equivalent to 27% of the average sales price during the same period.
At the end of the period, the company’s total planned gross floor area was 16.04 million square meters (15.71 million square meters in the initial stage), which was equivalent to 11 times the sales area in 2019 (forecasted by CICC).
The company announced that it plans to acquire a 50% stake in Tianjin Zhongmin Aipu, which will increase the company’s soil storage by 800,000 square meters.
Earnings forecasts and estimates remain unchanged from 2019 / 2020e earnings forecasts.
The company is currently trading at 5.
7x 2019 / 2020e PE ratio.
Maintain Neutral rating and TP4.
31 yuan, corresponding to 6.
2x 2019 / 2020e target price-earnings ratio, 11% upside in the near future
Venture companies’ progress in launching the market fell short of expectations, and the de-allocation rate of key cities was below expectations.