Overseas Chinese Town A (000069) 2018 Annual Report Comment: Performance, Sales Increase Steady Growth
18 years of revenue + 14%, performance growth rate + 23%, mainly due to the increase in gross profit margin increased 10pct18 annual operating income 481.
400 million, ten years +13.
7%; net profit attributable to mother 105.
9 trillion, +22 a year.
5%; yield 1.
29 yuan, +22 a year.
5%; gross and net margins are 60.
3% and 22.
0%, double +10 respectively.
1pct and +1.
6pct, the large increase in gross profit margin was due to the company’s high gross profit margin projects in central China carried forward; the three expense ratios combined.
8% +0 per year.
4pct, where the financial expense rate is +0 per second.
5pct, stemming from the company’s increased efforts to acquire land, a negative increase in interest caused a +58 increase in index expenditure.
The growth rate of the company’s performance is higher than the growth rate of revenue mainly due to the increase in gross profit margin, but because: 1) the company’s investment in subsidiary companies and equity transactions in 17 years brought investment income increased, a high base caused the current investment income per night-51.
1%; 2) Government subsidy for ten years -47.
3% to non-operating income for ten years -42.
5%, the company’s net profit margin increased by less than the gross margin.
In addition, the company is divided into 0 dividends.
3 yuan, the dividend rate is 23.
2%, corresponding to an index rate of 3.
18-year sales area + 41%, land acquisition area + 138%, debt ratio rose slightly but financial performance was healthy 18 years real estate sales area 206.
20,000 countries, +41 per year.
0%; carryover area 119.
80,000 countries, at least -24.
9%, settlement average price 2.
30,000 yuan / square meter, +60 for ten years.
The growth rate of contract signing was higher than the carry-over growth rate, and the advance accounts received at the end of 18 years reached 447.
1 ‰, +44 per year.
6%, expected to cover 92% of total revenue for the year.
9%, +19 from the previous year.
With 9 points, achievement lock-in has improved.
In terms of land acquisition, the company successfully acquired hot-spot cities such as Jinan, Tianjin, and Hangzhou through various methods such as auction, cooperation, and acquisition in 18 years, adding a total of 1,382 capacity plans.
50,000 countries, +138 per year.
3%; up to the end of 18 years, the total reserve area was 2,378.70,000 countries, +98 per year.
7%, inventory 1,602.
3 ‰, +51 a year.
9%, 18 years the company took the land actively.
Along with the increase in land acquisition, interest rate denies 922 at the end of 18 years.
9 trillion, +44 a year.
8%, the asset-liability ratio and net debt ratio of the directors rose to 73 respectively.
3%, double +2 respectively.
5pct, at the same time the debt ratio is 3.
25. Short cash debt ratio is 1.
25. Finances remain healthy.
Tourism business revenue + 6%. In terms of tourism business, the comprehensive development of the tourism area and the real estate business have obvious synergies. The 18-year revenue is 196.
600 million, ten years +6.
1%, revenue accounted for 40.
8%, -2 from the same period last year.
9pct, received approximately 46.96 million person-times in the vicinity, up 16% from the previous year; since 18 years, the “Dessert Kingdom” of Beijing Happy Valley Phase IV and Tianjin Maya Beach Water Park have been opened successively.
In October, the company and Guangdong Zhanjiang Highway comprehensive tourism development cooperation agreement will comprehensively cooperate in areas such as the transformation and upgrading of tourist attractions, the establishment of key tourism projects, the development of tourism supporting facilities, and the construction of urban infrastructure. The investment in the next five years will be no less than 50 billionyuan.
The company will give full play to the advantages of the leading tourism brands, increase the exploration of new formats of theme parks, continuously upgrade Happy Valley attractions, and innovate and implant domestically produced animation IP elements. It is expected that the tourism business in the future is 四川耍耍网 expected to form a scale effect and form synergy with the real estate businessTo radiate the real estate business with the “tourism core” and further strengthen the land acquisition advantage.
Investment suggestion: performance, sales increase steadily, land acquisition actively expand, maintain “recommended” rating OCT is a unique target of tourism + real estate, tourism and real estate linkage model is clear, in the past two years, active second-tier cities to acquire land to expand soil storage, and the company”Tourism core” radiates real estate business, strengthens the land acquisition advantage, has significant profitability, and strives to promote the company’s performance to maintain stable growth.
Based on the current lock-up of the company’s advance receipts, we adjusted the company’s 19-20 year earnings forecast to 1.
73 yuan (the original forecast 杭州桑拿 was 1.
78 yuan), and dating 21 years is expected to yield 1.
96 yuan, currently totaling only 5 for 19-20 years PE.
5 times, taking into account the overall improvement in market assessment, according to the 19-year target PE 6 times, the target price is raised to 9.
00 yuan, maintaining the “recommended” level.
Risk Warning: Real Estate Market Sales Exceeds Expected Downward and Industry Funds Relax Less Than Expected