Poly Real Estate (600048): Significant advantages in strategic layout for interim results


Poly Real Estate (600048): Significant advantages in strategic layout for interim results

Event: Poly Real Estate Announces Semi-annual Results Express.

The semi-annual report of revenue and profits doubled.

Poly Real Estate achieved total operating income of 711 in the first half of 2019.

60 ppm, an increase of 19 in ten years.

52%; operating profit 175.

0.6 million yuan, an increase of 39 in ten years.

30%; total profit 175.

880,000 yuan, an increase of 38 in ten years.

55%; Net profit attributable to shareholders of listed companies 103.

53 ppm, an increase of 59 in ten years.

14%, basic profit returns 0.

87 yuan.

The increase in the company’s semi-annual operating income and profits was mainly due to the decrease in the gross profit margin of the carry-over projects, the increase in investment income, and the increase in the equity of the carry-over projects.

The company’s performance growth in the first half of 2019 achieved a significant increase in the half-year growth rate.

The strategic layout has been significantly improved, and the sales scale of the industry is trending.

In June 2019, the monthly sales amount of Poly Real Estate was 636.

$ 6.2 billion increased by 5.

76% of the sales area is 409.

630,000 square meters, a decrease of 4 per year.


The company’s cumulative sales amount from January to June 2019 was 2526.

24 ppm, an increase of 17 in ten years.

33%, sales area is 1636.

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


From January to June 2019, the company’s sales unit price was RMB 15,437 per flat, which was a slight increase of 5 compared with December 2018.


The company’s sales increased steadily in the first half of the year, and the monthly sales growth rate in June exceeded the increase mainly due to the monthly highs.

Compared with the industry, the sales area of commercial housing in 2019H1 dropped by more than 1.

8% and the annual increase in commercial housing budget by 5.

6%, Poly Real Estate’s 2019H1 sales performance is better than the overall industry level.

In terms of segment cities, 2019H1 industry sales continue to differentiate. Tier 1 and Tier 2 performances continue to be Tier 3 cities.

Taking the first and second tiers as the core, the company’s strategy of deeply cultivating the six major urban agglomerations has grasped the trend of internal differentiation of the industry and achieved a sales situation that surpassed the industry as a whole.

Steady and sustainable development of land reserves.

According to the company’s land acquisition announcement from January to July 2019, the company replenished 9.08 million square meters of land reserves (including overseas projects), thereby reducing 48%, and 6.33 million square meters of equity (including overseas projects), 无锡桑拿网 a reduction of 45%.

The company’s land development speed in 2019 has changed compared to 2018, and the proportion of new land reserve construction area / sale area (called full caliber) in the month has decreased compared to 2018.

Judging from the company’s supplementary soil storage layout, the company’s layout was even more uniform in the first seven months of 2019, and the Pearl River Delta is still an area where the company continues to cultivate.

We think the company will be more cautious in getting the ground in 2019 than in 2018, and will continue to maintain the quality of soil reserves despite a small amount of land.Under the tightening of the front-end financing of the land, the company sometimes cautiously took the land to deal with the company’s ability to resist risks on the financing side.

Investment suggestion: “Budget market”.

We believe that 北京夜网 the nationwide layout of the company’s land reserve has superior anti-risk capabilities.

The sales growth of 2019H1 clearly exceeds the overall industry, and the advantages of strategic layout gradually appear.

In addition, the company’s semi-annual report in 2019H1 has a good operating performance, with revenue and profits exceeding the same period of 2017-2018.

We are optimistic about the release of the company’s expected results. It is expected that the company’s EPS in 2019 will be 1.

93 yuan, giving the company 8-9 times PE estimates for 2019, corresponding to a reasonable market value range of 1836-2066 trillion, and a corresponding reasonable value range of 15.


37 yuan, corresponding to 0 PEG in 2019.


43, maintain the “highest market” rating.

risk warning.

The carry-over of real estate projects of H2 Company did not meet expectations or the gross profit margin carried over did not meet expectations.