Poly Real Estate (600048): Stronger-than-expected sales and strong investment at the end of the year

Poly Real Estate (600048): Stronger-than-expected sales and strong investment at the end of the year

Event: Poly Real Estate released the 2019 performance report, and the company achieved operating income of 2355 in 2019.

40 ppm, an increase of 21 in ten years.

07%; net profit attributable to mother was 265.

69 ppm, an increase of 40 in ten years.

55%; basic income 2.

23 yuan.

Comment carry-over speeded up, and performance exceeded expectations.

Poly Real Estate released a quick performance report and achieved revenue of 2355 in 2019.

40 ppm, an increase of 21 in ten years.

07%; operating profit and profit maximization increase by 41 each year.

36% and 41.

15%, net profit attributable to mothers increased by 40 per year.


In the single quarter, the company achieved single-quarter revenue of US $ 123.7 billion in the fourth quarter, an annual increase of 24.

21%; net profit attributable to mothers was 1.37 million yuan, a year-on-year increase of 47.

57%; The company ‘s performance exceeded expectations mainly due to accelerated project settlement and increased carry-over scale.

Initial sales grew steadily, and investment in December increased significantly.

In December 2019, the company realized a sales area of 304.

280,000 square meters, an annual increase of 2.

47%; sales amount 421.

33 ppm, an increase of 15 in ten years.


The company initially realized a sales area of 3123.

120,000 square meters, an increase of 12 in ten years.

91%; cumulative sales amount 4618.

48 ppm, an increase of 14 in ten years.

09%; the average selling price is 14,788 yuan / square meter, an annual increase of 1.


In December, the acquisition of land was significantly improved. The company has 28 new development projects in a number of first- and second-tier cities. The total amount of land acquisition was US $ 38.2 billion, an increase of 844%, which is 91% of the sales amount for the month. The land acquisition area was 6.95 million square meters.It increased by 498% in the first half of the year; the average land price was 5,500 yuan / square meter, which was 39 in the current average sales price.

7%, an increase of 18 from November.

8 single; the company’s cumulative land acquisition amount of 1,528 trillion in 2019, a reduction of 20%; the land acquisition area of 26.53 million square meters, at least 15%, and the land acquisition amount gradually accounted for 33% of the sales amount, down 14 outstanding compared to the end of 18.

The average floor price of the company’s high-rise floor is 5,759 yuan / square meter, which is reduced by 6% every year, which is 38 at the same time.

9%, future gross margin is guaranteed.

In terms of regional distribution, the company’s land acquisition costs accounted for 19% in the first, second, and third lines.

1%, 53.

4%, 27.

5%, 深圳桑拿网 the proportion of land acquisition area is 3 respectively.

2%, 32.7%, 35.

9%, the company continues to cultivate in the first-tier and second-tier cities and hot third-tier cities, and has a strong certainty of future sales.

Investment suggestion: Poly Land Reserve actively invests in land reserves, which lays a solid foundation for the company’s future sales expansion.

The company strategically lays out core urban agglomerations, insists on both deep urban cultivation and urban expansion, and has accurate product positioning. The management team is experienced, motivated, and has a strong brand awareness. The company has incentives in place to promote growth.

At the same time, the company surpassed the strong background of central SOEs, which could help the company obtain brand premium and low financing costs, and further enhance its competitiveness.

The EPS for 2019-2021 is expected to be 2 respectively.

23, 2.

77, 3.

33 yuan, corresponding to PE 6.

97, 5.

60, 4.

66 times, maintain “Buy” rating.

Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; exchange rate fluctuation risks; shed reform monetization is not up to expectations.