Poly Real Estate (600048) Semi-annual Report Review: Obvious Financing Advantage

Poly Real Estate (600048) Semi-annual Report 合肥夜网 Review: Obvious Financing Advantage

Investment Highlights Event: On the evening of August 12, Poly Real Estate released its semi-annual report for 2019.

The company realized operating income of 711.

2.1 billion, an annual increase of 19.

49%; net profit attributable to mother is 99.

55 ppm, an increase of 53 in ten years.


  Opinion: The financing advantage is obvious.

This is a long-term advantage and a long-term trend.

1) In the first half of 2019, the company’s comprehensive financing cost was only 4.

99%, much lower than the industry average; 2) The credit structure is reasonable. At the end of 2018, bank loans in interest-bearing debt accounted for 71% and 15% of direct financing respectively, and other loans such as trusts accounted for a very low proportion.

  Layout one or two lines.

The 武汉夜网论坛 first and second lines are the long-term starting point. As of the first half of 2019, the first and second lines accounted for 60% of the company’s soil reserves.

In the first half of 2019, the amount and area of land acquisition in first- and second-tier cities were 78% and 60%, respectively. Third- and fourth-tier cities were mainly concentrated in the Pearl River Delta, and the surrounding areas of the Yangtze River Delta urban agglomeration.

  The company’s value is sufficient.

In 2017 and 2018, the proportion of land acquisition amount to sales amount was 85% and 48% respectively.

  It was 21 in the first half of 2019.

1%, increase land acquisition in July, is expected to increase inventory replenishment in the second half of the year, due to obvious financing advantages.

  Steady sales growth.

From January to June 2019, the company achieved a contract amount of 2526.

24 ppm, an increase of 17 in ten years.

33%; contracted area reached 1636.

470,000 square meters, an increase of 12 in ten years.

56%; average selling price 1.

540,000 yuan / square meter, an increase of 5% in ten years.

According to the sales amount ranking, the company ranks No. 4 in the industry, and its market share is reset to No. 3.

57%, an increase of 0 from the end of 2018.

87 units.

The steady growth of the company’s sales has exceeded the basis for future performance growth in the coming years.

  Investment suggestion: Poly Real Estate has obvious advantages in financing, and the land bank is mainly deployed in the first and second tiers, and it is optimistic about the company’s investment value for a long time.

We expect the company’s EPS to be 1 in 2019-2020.

99 yuan, 2.

39 yuan, calculated based on the closing price on August 12, 2019, corresponding to PE respectively 6.

99 times, 5.

82 times, maintain “Buy” rating.

  Risk reminder: Monetary policy is substantially tightened, and real estate expectations in core cities exceed expectations.