Joy City (000031): Investment income realized more efforts to take land
This report reads: The return on investment has been realized, and the strategy of “both equal emphasis” on commercial properties has been advanced; residential sales have grown, Q3 has increased land acquisition, M & A and “two-wheel drive” land acquisition has reduced land costs, and the company is expected to maintain growth.
Investment points: Maintain Overweight rating and maintain target price of 9.
65 yuan, maintaining 2019/2020/2021 EPS is 0.
69 yuan, 0.
81 yuan, 0.
92 yuan judgment.
The company’s performance was in line with expectations, and the investment income was realized. In the third quarter, land investment was increased, and two-wheel drive was adopted to strive to maintain growth.
Investment 杭州桑拿 income realized, and performance maintained high growth.
The first three quarters of 2019 were 223.
32 ppm, an increase of 68 in ten years.
28%, net profit attributable to mother 24.
350,000 yuan, an increase of 47 in ten years.
Q3 carry-over revenue was only 40.
6.2 billion, compared with the same period last year4.
85%; gross margin 43.
45%, which is basically the same as in the first half of the year, and the comparable expenses in a single quarter are basically stable, with only a slight increase in financial expenses.
The profit in Q3 mainly came from the end of August when Changfeng Joy City and Xi’an Joy City were injected into overseas M & A and transformation funds, and the investment income was about 4 respectively.
200 million and 4.
Sales increased sharply, and land investment 北京spa会所 was intensified in the third quarter.
In the final three quarters, the company’s full-caliber sales reached 51 billion (Kerui), an annual growth of 31%.
With the increase in sales receivables, the company began to make efforts in the land market in the third quarter.
Nine new projects were added in Q3, with a construction area of about 2.56 million square meters, a land investment of 13 billion yuan, a floor price of 5098 yuan / square meter, and land cost costs.
Among them, the Jinan and Kunming projects merged with the land acquisition project, and the Tianjin and Wuhan projects were acquired.
Improved efficiency, diversified land and cost reductions, funds to help commercial property expansion, and growth can be expected.
The company’s operating efficiency improved, and sales receipts increased significantly.
Start diversified land acquisition: 1) Land acquisition advantages are prominent in the two-wheel drive mode. Jinan, Kunming and other projects are examples of land acquisition; 2) Increased land acquisition efforts, such projects account for about 1/4, significantly reducing landcost.
In addition, the fund assisted the company to implement a “simultaneous emphasis” strategy, expanding funds to break through and cracking, and expected growth.
Risk Warning: Business is impacted by new retail.