Blu-ray Development (600466): National Expansion with Significant Capital and Property Expansion

Blu-ray Development (600466): National Expansion with Significant Capital and Property Expansion
The performance continued to grow at a high speed, and the national distribution accelerated the realization of three quarterly reports. Q1-Q3 companies achieved revenue of 278.8 ‰, +95 per year.3%; net profit attributable to mother is 25.3 ‰, +107 for ten years.8%; net profit after deduction is 24.6 trillion, +102 a year.4%.The performance exceeded the performance forecast and exceeded our expectations.The company’s national layout strategy accelerated its implementation, maintaining the EPS for 2019-2021.13, 1.74, 2.Earnings forecast of RMB 09, maintain “Buy” rating. During the first three quarters, the company ‘s performance growth was mainly due to the appearance of the scale effect of the country ‘s layout and the increase in the scale of land delivery.Although affected by the carry-over structure, the gross profit margin was -5 years.6 points to 26.0%, but the fastest sales growth rate, the increase in carry-over income caused the period expense ratio to decrease by -5.5 points to 9.1%.In addition, net income from changes in fair value during the reporting period2.6 million (-436 million in the same period last year), the proportion of losses and gains of minority shareholders in the net profit for three years.6 points to 2.1%, jointly promote the net profit attributable to the mother +107 per year.8% to 25.3 ppm, significantly higher than 21 in the performance forecast.600 million. The sales contribution in the non-southwest region increased significantly, and the company actively expanded its storage and strengthened the layout of high-energy cities. The company achieved a contracted sales area of 784 in the first three quarters.30,000 square meters, ten years +30.5%; Achieve contracted sales amount of 715.200 million, ten years +6.6%.The sales volume in Central China and South China increased by +157.4%, +144.0%, driving the non-southwestern region (non-Chengdu, Yunnan-Chongqing region) sales to account for a vertical increase of +23.0pct to 72.2%, the effect of expansion in different places is significant, and it has gradually reached a high probability of entering the 100 billion echelon. In the first three quarters, the company added 8.28 million square meters of land reserves, and increased land investment by 220 from January to August.3 ‰, +22 a year.5%, to further strengthen the urban development energy level and the intensity of the national layout.At the end of the reporting period, the company reduced the asset-debt ratio after advance receipts, and the net debt ratio (both considering perpetual debt) decreased by 1 compared with the end of 2018.4 pieces, 10 pieces 1pc to 49.5%, 127.4%, the balance sheet continued to optimize. Garbo shares land on the Hong Kong Stock Exchange, capital boosts high growth expectations. On October 18, the company’s property management platform Garbo shares officially landed on the Hong Kong Stock Exchange, with the latest market value of 75.700 million Hong Kong dollars (October 25).According to the company’s semi-annual report and prospectus, Garbo has entered 69 cities across the country in the first half of the year, with more than 400 projects under management and a management area of 63.3 million square meters. Its business covers property management, consulting services, and community value-added.2016-2018 net profit compound growth rate 71.1%, the first half of 2019 net profit for ten years + 108% to 1.900 million.77% of the funds raised this time were used for the scale expansion of the property management business (50% residential, 17% non-residential, 10% property management related), and capital contributed to high growth expectations.In addition, Longyuan Construction, as a cornerstone investor, is expected to further strengthen the public construction property management market layout. Habitat Blu-ray led the expected development, maintaining a steady growth in sales and land acquisition for companies with a “buy” rating, a capital engine accelerating the development of the industry, and a high-performance growth driven by diversification to promote sustainability.The listing of property platforms will increase market value and growth expectations.Maintain the company’s EPS for 2019-2021.13, 1.74, 2.09 yuan profit forecast.Refer to comparable companies for July 2019.PE estimates of 3 times, we 淡水桑拿网 think the company’s reasonable PE assessment level in 2019 is 7.5-8.5 times, target price 8.48-9.61 yuan, maintain “Buy” rating. Risk reminders: there is uncertainty in the pace, scope and intensity of industry policy advancement; the boom of the third- and fourth-tier markets is drifting; the expansion of different places needs further testing.

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