Overseas Chinese Town A (000069): Diversified Business Steady Development and Profitability Steady and Rising
Performance summary: In the first half of the year, the company achieved operating income of 176.
500 million, an annual increase of 20.
0%, total profit 41.
0 ppm, an increase of 23 in ten years.
2%, net profit attributable to shareholders of listed companies28.
10,000 yuan, an increase of 40 in ten years.
Revenue performance increased steadily and profitability rose steadily.
In the first half of 2019, the company’s revenue has increased by 20% per year, of which the real estate development business achieved a settlement amount of 121.
30,000 yuan, an annual increase of 22.
5%, tourism integrated business operations are stable, achieving revenue 57.
20,000 yuan, an annual increase of 22.
5%, the company’s affiliated hotel business realized 7 trillion in revenue, an annual increase of 7.
In terms of profitability, the company’s settlement gross margin in the first half of the year was as high as 80 due to the significant increase in the average settlement price of land business and the significant land cost advantage.
6%, an increase of 13 per year.
9 partnerships, leading the industry.
Due to the boost from the real estate industry, the company’s consolidated gross profit was 65 in the first half of the year.
4%, an increase of 8 per year.
Attributable net interest rate 15.
9%, an increase of 2 a year.
Due to the increase in the settlement unit price, the corresponding land yield is higher. In the first half of 2019, the company’s business taxes and additional expenses.
20,000 yuan, accounting for 28 of operating profit.
4%, an increase of 7 per year.
4 shares per share, in addition the company’s management expense ratio and financial 武汉夜网论坛 expense ratio in the first half of the year were 6.
1% and 7.
7%, which is increased by 0 each year.
7 and 0.
Accelerate the de-allocation and estimate the cash repayment, and reset the land acquisition ability.
According to the company announcement, in the first half of 2019, the company insisted on “cash is king” and accelerated the launch of the market. In the first half of the year, sales were gradually signed, and sales repayment or average value increased.
In the first half of the year, the company reserved sufficient resources at the lowest cost in accordance with the “investment by investment” strategy, and replenished 18 projects in total, 12 of which were transacted at the reserve price.Land amount 181.
400 million, with 436 new equity plans.
80,000 countries, up 90 each year.
The company sets the pace for cultural tourism real estate and realizes the use of high-quality cultural IP.
In the first half of the first half of Beijing’s Happy Valley, Nanchang Maya Paradise opened as scheduled, Chongqing Happy Valley dated overtime Fei Xia IP, and achieved a breakthrough in the use of high-quality IP.Happy Valley, Wuhan Happy Valley, Chongqing Happy Valley increased by more than 10%.
At the end of the first half of the year, the company had a total of 19 attractions, 24 hotels and a travel agency, and it gradually received 17.82 million tourists, flat each time.
Earnings forecasts and investment advice.
The EPS for 2019-2021 is expected to be 1.
51 yuan, 1.
85 yuan, 2.
23 yuan, considering that the company’s credit advantage is obvious and the turnover is significantly accelerated, the company is given a 7x estimate for 2019, corresponding to a target price of 10.
57 yuan, maintain “Buy” rating.
Risk warning: performance release or lower than expected, Happy Coast reproducibility or lower than expected, etc.