Depth-Company-Greenland Holdings (600606): Steady multi-industry collaboration in the main industry and strong resource endowment in the Yangtze River Delta

Depth * Company * Greenland Holdings (600606): Steady multi-industry collaboration in the main industry and strong resource endowment in the Yangtze River Delta

Greenland Holdings achieved operating income of 3,484 in 2018.

30,000 yuan, an increase of 20 per year.

1%; realized net profit attributable to parent company 113.

75 ppm, an increase of 25 in ten years.

9%; Return on Net Assets 17.

2%, an annual increase of 1.

9 units; a cash dividend of 3 yuan for every 10 shares.

In 2018, the company realized a budget of US $ 387.5 billion, an annual increase of 26%, and the gross profit margin of real estate settlement increased to 27%; 4,337 new land reserve equity construction areas are common, and the soil reserves in the Yangtze River Delta region are of high quality.

Considering the company’s sufficient settlement resources, the accelerated development of large infrastructure, large finance, and large consumer sectors, we expect the company’s EPS to be 1 in 2019-21.

15/1.

38/1.

67 yuan, corresponding to 19 years of PE6.

5x, maintain BUY rating.

  Key points of the support level The operating performance has grown steadily, and the volume and price of the real estate industry have risen.

The company achieved operating income of 3,484 in 2018.

3 ten percent, an increase of 20 per year.

1%; net profit attributable to mother is 113.

75 ppm, an increase of 25 in ten years.

9%; Return on Net Assets 17.

2%, an annual increase of 1.

9 units.

In 18 years, the company’s gross margin and net profit attributable to its mother were 15 respectively.

4% and 3.

3%, an increase of 1 over the previous year.

0 and 成都桑拿网 0.

Two grades, of which the gross profit rate of the real estate industry is 27.

0%, an increase of 3 per year.

6 average values, a significant improvement, the gross profit level of other businesses is stable.

In the first quarter of 19, the company achieved revenue of 903.

900 million, net profit attributable to mother 44.

1 billion, maintaining high growth rates of 21% and 26%, respectively.

As of the end of the first quarter, the company’s advance accounts were 3,563.

3 trillion, covering 18 years of real estate revenue more than doubled, performance guarantee replacement.

  Sales have increased steadily, and the soil reserves in the Yangtze River Delta have high quality.

In 2018, the company achieved contractual sales of US $ 387.5 billion, an annual increase of 26%; contracted sales area of 3,664 GM, 西安耍耍网 an annual increase of 50%; and a recovery of 296.8 billion, an increase of 21% and a recovery rate of 77%.

In 2018, the company added 43.37 million cubic meters of equity in the land reserve. In the first quarter of 19, it added 806 common equity, with a total value of more than 500 billion yuan. The company’s new 118 projects include 15 high-speed rail station projects.Enter 30 cities.

In September 18, the company cooperated with the Suzhou Municipal Government to develop the Yangtze River Delta Science and Technology Demonstration City project. In February 19, the company acquired 50% of the equity of China Mind Bund and obtained Shanghai Dongjiadu Project.

  The coordinated development of diversified industries and the highlights of equity investment.In 2018, the company’s large infrastructure, large finance, and large consumption sectors went hand in hand. Among them, the infrastructure business realized operating income of US $ 148.1 billion, an increase of 41%; the value of newly signed contracts was 316.2 billion, an increase of 63%, and became an important engine for the company’s performance growth.

The large financial sector achieved a maximum profit of 2.5 billion, successfully participated in projects such as Deep Blue Technology, Cambrian, Ant Financial, etc., and raised the ability to raise funds for investment.

In terms of large consumption, the hotel tourism business in 18 years realized revenue of 2.2 billion yuan, and profit increased by 3.

500 million.

At the same time, the company has accelerated its expansion in the areas of health care, science and technology, and gradually promoted the diversified development of profits.

  Leverage ratio further decreased, and cash flow conditions improved.

In 2017, the company’s net debt ratio dropped to 34 and consolidated to 171.

83%; monetary funds at the end of the reporting period 610.

200 million, an increase of 65 per year.

44 trillion, short cash debt ratio 0.

86, an increase of 6 units over the previous year; the average financing cost was 5.

40%, low in the industry.

Good sales receipts and financing resulted in an improvement in the company’s cash flow position, with operating cash flow of $ 42.2 billion, which was positive for two consecutive years.

  We estimate that the company’s EPS for 2019-21 will be 1.

15/1.

38/1.

67 yuan, corresponding to 19 years of PE6.

5x, maintain BUY rating.

  The main risks faced by the rating are that business advancement and project turnover are slower than expected.