Poly Real Estate (600048) February 2019 sales data review: weak market sales increased slightly and land picked up slightly
Event: On March 7, Poly Real Estate announced February sales data, and in February, it achieved a contract value of 334.
0 ppm, +54 for ten years.
3%; Achieve contracted area of 189.
10,000 square meters, +20 per year.
Added construction surface 102 in February.
10,000 square meters, at least -24.
9%; total land price 82.
500 million, ten years +12.
Opinions: February sales were 33.4 billion, an annual increase of + 54%, and the market was generally weaker, and sales increased against the trend. In February, the company achieved a contract value of 334.
0 billion, -0 chain.
6%, +54 per year.
3%, an increase of 48 from last month.
2pct, in fact, reached the average monthly interval of -2 in February in the mainstream 50 real estate companies.
1%; Achieve contracted area of 189.
10,000 square meters, -17 chain.
0%, ten years +20.
8%, an increase of 16.6% over the previous month
2pct, which is twice as high as +3 in the 45 cities that we tracked at high frequency in February.
0%; average selling price of 17,663 yuan / square meter, +19.
8%, +27 per year.
7%, the average price increase is mainly due to the energy level shift in the sales city.
From January to February, the company has realized a total of 670 contracts.
0 ppm, +25 a year.
7%; the contracted area of 417 will be gradually realized.
100,000 square meters, +11 a year.
The cumulative average selling price was 16,067 yuan / square meter, which was an increase of 9 over the 18-year average.
Against the background of the overall market weakness in January-February, the company’s sales increased against the trend, and Kerui continued to rank fourth in the industry. It believed that the company’s land reserve was rich, and the project layout was mainly due to tight supply and demand, and the market performed well.The first- and second-tier cities are expected to continue to perform well in 19 years.
In February, land acquisition was 8.3 billion, + 13% per year, land acquisition / booking ratio was 25%, land acquisition picked up slightly. In February, the company obtained 8 in 6 cities including Guangzhou, Changsha, Dalian, Shijiazhuang, Weinan, Melbourne (Melbourne)The project corresponds to the supplementary surface 102.
10,000 square meters, +107 chain.
8% a year -24.
9%, of which 52 are new equity.
6%; total land price 82.
500 million, +258.
7%, +12 per year.
5%, taking land accounted for 24 of this kind.
7%, up 17 from last month.
9pct, land picking up in February.
The average floor price is RMB 8,078 / sqm, +72.
6%, the average land price in the early 18 years +29.
7%, mainly due to higher floor prices in Guangzhou and Melbourne.
From January to February, the company won a total of 10 projects, increasing the planned area by 151.
30,000 countries, at least -59.
3%; corresponding to the land price of 105.
5 trillion a year -63.
1%; the average floor price is 6,974 yuan / square meter, which is +11 compared with 2018.
9%; the proportion of land acquisition is 16%, and the average price of land acquisition is 43.
4%, basically unchanged from 18 years.
The company’s acquisition of land in February was at an earlier low in January. It has taken a rebound. Considering that the company has fully benefited from the financing advantages of central enterprises, the land acquisition flexibility will remain strong in the future when the land market is weakening.
Investment suggestion: Sales in weak markets have increased sharply, land acquisition has picked up slightly, and the company has maintained a “strong push” rating. The positive change of the company began in 17 years. In terms of goals, chairman Song 北京桑拿 Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of state-owned enterprises;In terms of incentives, in 17 years, a vigorous follow-up investment program was launched to lead the highest level of central SOEs to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of equity interests in Poly Real Estate also made breakthrough progress, highlighting the advantages of resource integration.In terms of sales, land acquisition amounted to 56%, 87%, and 47% in 16-18, and the sales volume was actively expanded and stabilized. In terms of sales, it increased by + 47% and + 31% each year in 17-18.Sales continued to increase steadily.
We are still optimistic that the 四川耍耍网 company, as a leader in the industry, is expected to benefit from the further improvement of industry concentration, and maintain the company’s 2018-20 earnings forecast.
90 and 2.
23 yuan, currently corresponding to 18-19 PE is 8.
6 and 7.
1x, maintain target price of 20.
62 yuan, maintaining the “strong push” level.
Risk reminder: The real estate market sales are lower than expected and the industry funds are less than expected.