Gemdale Group (600383) January 2020 Sales Data Review: Steady sales growth and caution

Gemdale Group (600383) January 2020 Sales Data Review: Steady sales growth and caution
Gemdale Group announced January sales data, and the company achieved a contract amount of 122 in January.4 ‰, an increase of 15 in ten years.2%; 61 signing area achieved.40,000 square meters, an increase of 32 in ten years.7%.In January, the company added 38 new construction surfaces.90,000 square meters, an increase of 137 in ten years.7%; total land price 31.10,000 yuan, an increase of 296 in ten years.6%.  Opinion: The sales in January continued to increase steadily, + 15% per year. It is expected that the long-term sales flexibility will reach 122 in January.400 million, down 65.5%, an increase of 15 per year.2%; 61 signing area achieved.40,000 square meters, down 66.5%, an annual increase of 32.7%; the average selling price of 19,935 yuan / flat, an increase of 2 quarter.8%, a decline of 13 per year.2%.We believe that due to the recent spread of the new coronary pneumonia epidemic, there may be some pressure on the real estate market transactions in the first quarter, even affecting the gradual sales; but the demand for home purchases is only postponed, not disappeared.Sales account for a relatively small proportion, and it is expected that the overall sales may affect the controllability.In 南京夜生活网 addition, under the background of stable sales in the first-tier and second-tier markets; and the company is more aggressive in acquiring land in 2019, it is expected that the available sales will continue to be abundant in 2020, and at the same time, it will promote better sales flexibility. Land acquisition in January was prudent, and land acquisition amounted to 25%, mainly due to the impact of the Spring Festival and the epidemic situation. In January, the company acquired Harbin and Qingdao in the land market for a total of 3 projects.  In January, the company added 38 new construction surfaces.90,000 square meters, down 74 from the previous month.7%, an annual increase of 137.7%; corresponding to the total land price of 31.10,000 yuan, down 56.6%, an annual increase of 296.6%; the amount of land acquisition accounts for 25% of the sales amount.4%, 56 over the previous year.0% down 30.6pct; land acquisition area accounts for 63% of sales area.3%, compared with 120 in the previous year.5% down 57.2pct; average floor price of 7,995 yuan / square meter, an increase of 71 from the previous month.9%, an annual increase of 66.8%, a decrease of 11,070 yuan / m2 from the previous year.9%; the average price of land is 40% of the average monthly sales price.1%, compared with 46 in the previous year.5% down 6.4pct.We are selling at an average price of 2.0 million yuan / flat growth company in January added value of 7.8 billion yuan, over the same period sales of 12.2 billion yuan. Investment suggestion: Sales should increase steadily, and land acquisition should be prudent. Maintaining a “strong push” rating. Gemdale Group is one of the old-fashioned leading real estate companies. Its 30-year stable history and high proportion of insurance capital demonstrate the past balanced development and high dividend dividend tradition.Second-tier + start-up actively promotes ample saleability + 19 years to keep the land actively, the company’s sales flexibility in 2020 is better.At the end of 19H1, 80% of the company’s total soil reserves were on the first and second tiers, and the advance receipts covered a high of one.8 times to ensure the stable release of future performance.We maintain the company’s profit forecast for 2019-21 to 2.24, 2.69 yuan and 3.17 yuan, corresponding to only 5 in 19/20 PE.8/4.8 times, 18A / 19E dividend yield is as high as 4.6% / 5.8%, maintaining target price of 18.83 yuan to maintain the “strong push” level. Risk reminder: Real estate industry policy tightens more than expected and industry funds tighten more than expected

Zhongnan Construction (000961): Optimized Debt Structure Performance Growth

Zhongnan Construction (000961): Optimized Debt Structure Performance Growth

Event Zhongnan Construction released the 2019 semi-annual report: The company achieved operating income of 233 in the first half of 2019.

2 ppm, an annual increase of 52%; net profit attributable to mothers13.

100 million US dollars, a year-on-year growth of 42%, basically reached zero profit.

35 yuan.

Comments on performance growth are eye-catching, and future performance reserves are abundant.

In the first half 无锡夜网 of 2019, the company realized operating income of 233.

2 ‰, an increase of 52% in ten years; net profit attributable to mother 13.

100 million, an increase of 42% in ten years.

The rapid growth in revenue growth was mainly due to the expansion of the real estate settlement scale and the significant increase in the completion of construction business. Due to the difference in settlement structure, the company’s gross profit margin in the first half of the year was 19.

91%, falling by 2 every year.

31 per share; net interest margin 5.

63%, a decline of 0 every year.

43 units.

As of the end of June 2019, the company’s advance receipts amounted to $ 1283 trillion, a year-on-year increase of 39%, which is 3% of long-term revenue in 2018.

2 times, future performance growth is guaranteed.

Considerable sales, prudent 深圳spa会所 investment, and continued to improve the national layout.

In the first half of 2019, the company achieved sales of US $ 81.2 billion, an increase of 24% year-on-year, with a sales area of 6.45 million square meters, an increase of 24% throughout the year.

From the perspective of land acquisition, the company newly entered Jinan, Xiamen, Jieyang and other cities in the first half of the year, and added 27 new projects. The land acquisition area reached 4.2 million square meters, a decrease of 63%.The average land price of new projects is about 6,300 yuan / square meter, which is significantly higher than the average land price level of 4,300 yuan / square meter last year.

The scale of the company’s soil storage continued to expand. As of the end of June 2019, the company had a total of 325 projects, with 32.14 million square meters of development projects under construction and 13.09 million square meters of projects not started.

Of the 45.23 million square meters of project resources that can be completed in the future, the area of the first, second and third lines is 39% and 61% respectively.

The operating cash flow is good and the structure is denied.

In the first half of 2019, the company’s operating cash inflow was 580.

1 ppm is an interest-denying 3 due within one year.

3 times; the company’s sales receipts are in good condition, with monetary funds of 249.

450,000 yuan obviously exceeds all interest-bearing debts to be repaid within one year.

As of the end of June 2019, the company’s asset-liability ratio was 91.

23%, other debt after excluding advances accounted for only 43.

35%, a decrease of 1 from the end of 18 years.

62 averages, the actual operating risk is small.

Investment suggestion: Zhongnan Construction Budget has undergone a systematic strategic adjustment from top to bottom, and major changes are taking place. The company’s operating efficiency continues to accelerate with the help of the introduction of outstanding talents and enhanced incentives.

Based on the company’s high sales growth, profitability continued to improve, and performance ushered in a rapid release.

We expect EPS to be 1 in 2019-2021.

09, 1.

88, 2.

RMB 47, corresponding to PE of 6.

80, 3.

97, 3.
01 times, maintain “Buy” rating.
Risk reminders: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; exchange rate fluctuation risks; shed reform monetization fails to meet expectations

Winter is always freezing hands and feet, a few warm recipes to keep you warm through the winter

Winter is always freezing hands and feet, a few warm recipes to keep you warm through the winter
Editor’s note: When winter comes, many people will feel chills, freeze their hands and feet, how can they warm themselves through the winter?Of course it is tonic!Today, People’s Health Network talks with you about using health recipes to help yourself get rid of cold and warm the winter.Ginger Su Ye Yin to prevent colds: take 3 grams of ginger, 15 grams of brown sugar, and 3 grams of perilla leaves; wash the ginger, cut into thin filaments, put it into the cup with the perilla leaves, add brown sugar, and brew with boiling waterCover with a lid and let it sit for 10 minutes, taking while hot, twice daily.Among the recipes, perilla leaves are singularly warm, can be released cold, Yitong muscle surface, evacuation of stagnant lung Qi, qi and joint management, can treat cold with fever, headache, nasal congestion, or cough, chest tightness and other symptomsColds, and gastrointestinal colds with symptoms such as nausea, vomiting, stomach pain, and bloating.Compatible with ginger, can enhance the effect of relieving cold.The brown sugar is sweet and warm, which can disperse the cold and warm the perilla leaves and ginger, and can also be used as a seasoning to relieve the spicy and bitter taste.In addition, this side has a certain effect on nausea and vomiting during pregnancy, nausea and nausea after eating fish and crabs, and diarrhea in children with cold and vomiting.After being hit by heavy rain, ice, snow, cold wind, or wet water, a cup of ginger sugar Su Ye drink can also prevent colds.It should be noted that people who have tiredness, faintness, dullness in their chests, lack of appetite, and sticky stools should not take it.Angelica ginger mutton soup warm blood to take 250 grams of mutton, 15 grams of angelica, 30 grams of ginger; washed, cut into pieces, drained with boiling water; angelica and ginger were washed with water, ginger slices; ginger in the potStir fry for a while, then stir-fry the mutton until the blood is dry, put it into the casserole with angelica, add an appropriate amount of boiling water, and boil over high heat, then use a low heat pot for 2 to 3 hours, season.Angelica ginger and mutton soup comes from the “Golden Crisis” by Zhang Zhongjing, a doctor of the Eastern Han Dynasty.Among the prescriptions, Angelica sinensis is used for nourishing and regulating menstruation, promoting blood circulation and removing blood stasis, relieving pain and analgesic, and intestinal laxative. It is characterized by nourishing blood without stagnation and promoting blood circulation without harming blood.Mutton is warm, tonifying in the warmth, tonifying the kidney and filling essence, appetizing tonicity, dispersing cold and dehumidifying, and compatible with angelica to enhance the power of tonifying the yang, both blood and pain.Ginger is warm and scattered, which helps the lamb to disperse cold and warm the stomach, and eliminates the bad taste.The three flavors are used together, the composition is simple, the effect is remarkable, the flavor is unique, and it has the effects of warming blood and regulating menstruation and dispersing cold.This prescription is especially suitable for those with physical weakness who have symptoms such as pale complexion, cold hands and feet, and clear urine, and can also relieve women’s menstrual delay or low volume, amenorrhea, dysmenorrhea, menstrual headache, restlessness, and postpartum abdominal pain and dizziness;It is also suitable for male impotence, cold hernia, prostatitis, benign prostatic hyperplasia and other diseases; elderly people who are frail and have various degenerative diseases can also be taken regularly.In addition, those with severe cold in the body can add ginger; those who often have fever, sore throat, and mouth ulcers should use this prescription with caution.Salvia miltiorrhizae, to relieve abdominal coldness, take 200 grams of salvia miltiorrhizae and 1 kilogram of rice wine; crush danshen, soak it in rice wine for half a month, take it in the morning and evening, 15 ml each time; or 10 ml each time, 3 times a day.Take it warm.In the recipe, Salvia miltiorrhiza has bitter taste, mild coldness, and enters the liver and kidney two meridians.Modern pharmacological experiments show that salvia miltiorrhiza has the effect of expanding coronary arteries, can increase coronary blood flow, and slow heart rate, which is of great benefit to elderly diseases such as coronary heart disease.The warm nature of rice wine not only passes the blood, but also makes the medicine stronger, and has a relief effect on heartache and cold phlegm caused by cold.Danshen sparkling wine is especially suitable for women with blood stasis and amenorrhea, dysmenorrhea, and accompanied by abdominal coldness. It can also be used as a health medicine for patients with coronary heart disease and angina.This prescription is not suitable for pregnant women.Wuwei wolfberry drink for early cough, take 50 grams of schisandra, 50 grams of wolfberry, 20 grams of white sugar; Schisandra is packed in a small gauze bag, the wolfberry is chopped and put together in a casserole; add water 1.5 liters, boil over low heat, filter out the medicine and pour into the cup, add white sugar and stir well before serving.Among the formulas, schisandra is sweet and sour, warm to the lungs, kidneys, and heart meridians. It has the effects of constricting the lungs, nourishing the kidneys, regenerating sweat, astringent essence, and reducing diarrhea.Lung deficiency caused by injury, cough, kidney weakness, long-term low back pain and other evidence.Lycium barbarum is sweet, flat, and belongs to the liver, kidney, and lung meridians. It can nourish the liver and kidneys, moisturize the lungs, and alleviate the fatigue and cough caused by lung and kidney yin deficiency.In the “Compendium of Materia Medica”, white granulated sugar is also a blind Chinese medicine, which can be used to treat urgency and irritability, and is often used to treat lung deficiency cough and lung dryness cough.The three flavors can be used to strengthen the spleen and stomach, nourish the liver and kidney, nourish the heart and blood, and promote the thirst for thirst. It is suitable for the symptoms of fatigue and weakness caused by deficiency of the five internal organs in the winter, lack of blood, lack of blood, softness of the waist and knees, and insomnia.It should be noted that this prescription should be used with caution in patients with early cough and infestation. Patients with high blood sugar and diabetes can use less or no white sugar.Black tea warms the stomach and dispels cold. First, black tea can warm the body and fight cold.During the autumn and winter seasons, the physiological function of the human body decreases, the yang is weakened, and energy and nutrition requirements are high. At this time, a cup of black tea can play a role in preventing disease.The black tea is sweet and warm, it can raise yang, and the soup color is carmine, which can give people a warm feeling. Black tea is rich in protein and sugar, heats and warms the abdomen, and can strengthen the body’s cold resistance.Secondly, black tea can nourish the stomach.Tea polyphenols contained in tea have an astringent effect, have a certain stimulating effect on the stomach, and are more irritating under fasting conditions, so sometimes drinking tea on an empty stomach may feel uncomfortable.Drinking black tea with sugar and milk often can reduce inflammation and protect gastric mucosa. It also has a certain effect on the treatment of ulcers.However, black tea should not be drunk cold, as it will affect the effect of nourishing and warming the stomach, and may also reduce the nutritional content due to being left for too long.Third, black tea can help digestion.Black tea can be greasy, help digestion and absorption, promote appetite, and strengthen heart function.When your daily diet feels greasy and bloated, drink more black tea to reduce greasiness and promote digestion.Fourth, black tea can prevent colds.Experiments show that black tea has strong antibacterial power. Rinsing mouth with black tea can filter the virus to prevent colds, prevent tooth and food poisoning, and lower blood sugar and hypertension.Winter warm-up food list 1, protein and iron foods such as lamb, beef.30% of the energy contained in the protein will become transformed and emitted from the body surface, while the energy contained in the doping will only be 5%?6% is lost as a conversion, compared to 4% for my aunt?5%.Therefore, eating high-protein foods in winter can help the body to resist cold.It is obvious that in certain protein foods, red meat and animal offal are also good sources of iron.Iron participates in the synthesis of hemoglobin in the body, which can improve the oxygen carrying capacity of blood. Iron deficiency can reduce the oxygen supply across tissues, and feel cold due to insufficient heat production.Need to remind everyone that don’t eat more than two or two meats a day.2, Laminaria, laver, sea fish and other potential iodine foods.Thyroxine is an important hormone of the human body’s metabolism, which affects the body’s metabolic rate, growth and development, nerve and muscle function.It promotes protein, starch in the body, which is slightly converted into energy to resist cold.Iodine is an important raw material for synthesizing thyroxine. If you lack iodine, your body’s ability to protect against cold will be reduced.Sea water is rich in iodine, so a variety of marine foods are a good source of iodine replacement, 杭州夜生活网 such as kelp, laver, sea fish, etc., should be eaten often in winter.3, fresh dates, kiwi and other foods added vitamin C.Studies have shown that eliminating a large amount of vitamin C can significantly reduce its correction temperature drop due to cold, eliminate the excessive stress response of the adrenal glands, and enhance the body’s tolerance to cold.Dark vegetables such as bell peppers, tomatoes, and fruit pigments such as citrus, fresh dates, and kiwi.4, coarse grains, green leafy vegetables and other foods added B vitamins.Most of the B vitamins in the body, coenzymes play an important role in glucose, trace and protein metabolism, such as vitamin B1, vitamin B2, nicotinic acid, etc. are closely related to energy metabolism.Vitamin B1 is mainly found in coarse grains such as oats, nuts, lean pork and animal offal.Vitamin B2 foods include animal liver, egg yolk, dairy products, green leafy vegetables and so on.Obviously nicotinic foods include whole wheat products, coarse rice, beans, sesame, peanuts and so on.5, pepper, ginger and other spices.In the cold winter, proper eating of spices can bring you taste enjoyment and help people resist the cold.For example, capsaicin in pepper has the potential to produce heat, which can promote blood circulation, improve cold resistance, and frostbite. Research by the US Department of Agriculture found that adding cinnamon to the diet can increase the body’s metabolism and promote heat production; the volatile oil in ginger can quicklyThe blood circulates, excites the nerves, and warms the whole body.Therefore, when cooking in winter, you can put more spices such as pepper, cinnamon, ginger and so on.Chinese medicine teaches your body to keep your feet warm.Feet are the most feared part of the whole body.The meridians of the kidney and spleen and stomach originate from the feet, but because the feet are farthest from the heart, the “distance” of blood flow is prolonged, and blood supply is often insufficient.If your own thermal energy is insufficient, you need to ask for “foreign aid”. The best way is to soak your feet with hot water every day to promote blood circulation around the body and keep your whole body warm.Each time you soak your feet for 20 minutes, the water temperature is about 42 ° C. At the same time, the cocoa massages the Yongquan points on the soles of the feet, axially regulates the internal organs, and relieves the effects of meridians.Shoes and socks are best to keep warm and breathable, and good moisture absorption.waist.The second part of the waist is afraid of cold. It is the kidney of the kidneys. The kidneys are warm and cold. Once it feels cold, it will immediately “emotions”.Therefore, men and women must wear mid-length coats when the weather is cold, and do not expose their waists.You can usually rub your waist with both hands: After heating with both hands, press tightly on the lumbar eye (located under the spinous process of the third lumbar spine and open 3).5 inches depression), once a day in the morning and evening, 50-100 times each time, can warm the kidney yang, smooth blood.head.The head is the master of the body. Zhuyang knows that the pulses are connected. Once encountering the cold evil, it is easy to cause colds, rhinitis, headache, toothache, and trigeminal neuralgia.The head is also the area that is least good at retaining parts.The study found that at a temperature of 15 ° C, the person who does not wear a hat at the static state accounts for 30% of the total transformation in the human body and 60% at 4 ° C.Therefore, the colder the day, the more warm your head. In winter, you must wear a hat. It is best to cover your forehead.Do not take off the hat immediately after sweating on the head, you should first go to the room to slowly sweat, to avoid direct cold wind.In addition, combing your hair more than a hundred times in the morning makes the scalp slightly warm, which is beneficial to the smooth flow of qi and blood in the meridians of the head, and promotes the rise of Zhuyang and qi and blood.neck.Suffering from the “fortress” of the human body, the upper part of the skull, the lower part of the veins, or the main throat, is also the only way for the cardiovascular and cerebrovascular, which makes it “body” extraordinarily precious.Pharyngitis and cerebrovascular disease will follow.It is best to wear a stand-up collar in winter, especially for the elderly. Be sure to wear a scarf when going out, which is good for preventing hypertension and cardiovascular disease.lap.A cold knee can cause local muscle and blood vessel constriction in the joint, causing joint pain.The key to protecting the knee joint is to keep warm and cold, wear knee pads, or choose thick woolen trousers on the knees, pay attention not to exercise too much.Except for winter, rain and snow, and summer air-conditioned rooms, the knee joints will not be cold and wet.ear.The ears are small in size and have a large area in contact with the air.In addition, the skin of the ear is thin, and the skin of the auricle is protected by the subcutaneous aunt, which is prone to frostbite.Therefore, you must “wear” warm clothes when you go out. You can wear ear bags, or cover your ears with a wide hat and scarf.When entering the warm room from all around, you can quickly press and rub your ears to quickly warm them up.Keep massaging your ears every morning, middle, and night for about 5-10 minutes.nose.The nose is also often exposed. If the nasal mucosa is exposed to cold air, the secretion of mucus will be reduced, the capillaries will become brittle, and the “screening” effect of the nose will become worse, which will cause the bacteria to enter the lungs and increase the chance of respiratory infections.Wear a cotton face mask when going out, but it is best not to cover it with a scarf to prevent bacteria or fabric fibers from entering the nasal cavity.When it’s cold, you can massage your nose every day. After rubbing the sides of the thumbs of both hands, you can massage 30 times up and down along the bridge of your nose.Do it once before getting up early and before going to bed late, which can enhance blood circulation in the nose and improve cold resistance.back.The back is the sun in the middle of the sun. If it is adjacent to keep it warm, it is vulnerable to the invasion of the wind and cold, which will damage the body’s yang and lead to a decline in immune function.It is best to wear a cotton vest or a wool vest in winter. When the weather is good, don’t forget to take a “sunbathing” on the back, and the heat flow will bring you overall comfort.Massage acupoints helps the body to warm and warm.1. Shoulder well massage can not only enter the blood circulation for the first time, but also make your shoulder joints warmer. It can also help you to relieve neck and shoulder aches and head and foot pillows.The specific operation method is as follows: the massaged person takes a sitting position, the massager stands behind his back, his hands are open with his fingers open, his four fingers are close together, and he naturally rests on the shoulder well of the massaged person.Don’t over-strength, it should not be too long.In particular, people with high blood pressure or cardiovascular and cerebrovascular diseases should not overdo it.2. Shenxian Shenxian is a long-lived acupuncture point. We can rub our hands on the navel before going to bed every night. Press clockwise and counterclockwise alternately to get fever, which will warm our abdomen and cause us.The complexion can also relieve the symptoms of abdominal pain, bowel sounds, swelling and swelling, diarrhea and prolapse.3. Ear Chinese medicine believes that “kidneys open their ears to the ears”. Frequently massaging both ears in winter can not only prevent frostbite, but also help the kidneys’ health and the smoothness of qi and blood.Here are the three most commonly used methods.Pull the earlobe: Use both thumbs and index fingers to rub the earlobe until fever, and then pull the earlobe 15-20 times.Lift the ear tips: Use your hands to hold the higher contours of your ears, so that you can lift the tips of the ears properly. When you lift, press your thumb and forefinger to rub the tips of your ears, and wait until you press and heat.Wheels: Use our thumbs above the wheels, the other four fingers on the outside of the wheels, gently rub for 2-5 minutes, and then lift up, as long as you feel fever.4, Dazhui body Dazhui acupoints are “Sanyang”, “Dumai” meeting, the whole body of Yang Qi meet here.Massage Dazhui is equivalent to turning on the main switch of “heating” of the whole body.The Dazhui acupoint is taken as follows: When you lower your head, the depression below the neck is the most obvious bony depression.When showering at home, the shower head can be continuously flushed with hot water behind the neck to make you feel warm in the cold season.Generally, shower time should not be too long (not more than 20 minutes). Those who are frail or have cardiovascular disease should also reduce the time as appropriate. The water temperature should be around 40 ℃.5. Yangchi Yangchi Acupoint. This acupuncture point, as the name suggests, is where the Yang Qi gathers. It is located at the midpoint of the horizontal stripes on the back of the wrist.Stimulating the Yangchi acupuncture points should take a long time, and the force should be relieved. Pressing and rubbing with both hands alternately can alleviate the symptoms of cold hands.6, Laogong is in our palms. There is a Laogong acupoint. When you bend your fingers and make a fist, the middle finger point is the acupuncture point.The five elements of Laogong acupoint belong to fire, which can be taken counterclockwise by taking, rubbing and other methods. Pressing each acupoint for about 10 minutes, 2-3 times a day, can warm the hands to help heat, calm the mind, and promote sleep.7, Zusanli’s “Lingshu” records: “Insufficient yang and more than yin, then the bowel in the middle of the cold makes abdominal pain . transferred to Zusanli.”In the autumn and winter seasons, it is often enough to rub three feet, which can supplement the qi and keep the lower limbs warm.The method of acupoint selection in Zusanli is: when the leg is bent, you can see a small bone above the skin on the outside of the knee joint. This is the outer knee eye. From the outer knee eye, there are Zusanli everywhere.When massaging, generally use your thumb and fingers to focus on Zusanli, apply force vertically, step down, and gently rub.The other four fingers are fists or spread to play a supporting role to cooperate with the force to let the stimulus reach the deep layer of the muscle tissue and produce feelings of acid, numbness, swelling and pain. After a few seconds, gradually relax and repeat the operation several times.8. The most feared place for many people in Yongquan is the cold feet. They can’t get warm when wearing cotton shoes. We also have a “heating” switch on our feet, which is Yongquan.Yongquan Point is located in the center of the foot, in the depression of the front 1/3 of the sole of the foot. It is an important point for health and disease prevention.As the saying goes, “If you want to be safe for the elderly, Yongquan is always warm.” It is recommended to rub your feet with your feet every day, or rub your left foot with your right hand and rub your right foot with your left hand.(People’s Health Network comprehensive self-health newspaper, Life Times, People’s Daily Overseas Edition, Family Doctor Online, Qilu Evening News) ☆ Recommended reading ☆ Breathing with your mouth will become “stupid and ugly”!Measure how you breathe. The longer you stand with your eyes closed and the longer you live, the longer you want to live longer. Remember how to spend the six “micro” and “seasonal seasons”?These three things to do after Lidong will become “stupid” if you can’t sleep well?Staying up late is more scary than you think. How to stabilize high blood pressure in autumn and winter?Abide by the two principles of salty kidney injury, Xinduo lung injury determines the health of your five internal organs!Do you know the nine major dangers of obesity?Controlling blood sugar and preventing blood clots These “hands” of food therapy assistants are exquisite in the fall. Why is it easy to cough?Teach you how to do fitness rightSix wrong exercises to accelerate aging

Gree Electric (000651) 2018 Annual Report Comments: Performance Growth Meets Expectations

Gree Electric (000651) 2018 Annual Report Comments: Performance Growth Meets Expectations

Investment highlights: Event: The company released its 2018 annual report on the evening of April 28, and achieved total operating income of 2,000 in 2018.

2.4 billion, an annual increase of 33.

33%; net profit attributable to mother was 262.

3.0 billion, an annual increase of 16.

97% comment: The company’s performance growth rate is higher than the industry growth rate, and its market share has further increased.

The company achieved total operating income of 2,000 in 2018.

2.4 billion, an annual increase of 33.

33%; net profit attributable to mother was 262.

3.0 billion, an annual increase of 16.


According to the China Household Electrical Appliances Association, the main business income of the home appliance industry in 2018 was 1.

49 trillion, an increase of 9 in ten years.

9%; profit is 1,225.

500 million US dollars, an annual increase of 2.


The TOP3 brand retail market share of the air-conditioning market in 2018 was 72 in 2017.

1% expanded to 73.

6%, Nihon Keizai Shimbun data, Gree Electric Appliances to 21.

9% of the global market share ranks first in the field of household air-conditioning, surpassing the second place by 7 copies.

In terms of channels, as of the end of 2018, Gree had US $ 4 trillion in domestic outlets, and the outlets increased by 12 compared with 2017.


The e-commerce department established by the company in the second half of 2018. The Gree brand is located in JD. Tmall Gree’s energy efficiency performance indicators have increased significantly, from 7% and 8 last year.

2% jumped to 16% and 13 in 2018.


  The diversified benefits of the company’s business 无锡桑拿网 segments have begun to appear.

First, the company’s main air-conditioning business accounted for 83% of operating income in 2017.

22% dropped to 78.

58%, the company’s reliance on air-conditioning single business decreased; secondly, the household electrical appliances segment, intelligent equipment segment and other main businesses increased by 64.

90%, 46.

19%, 83.

The growth rate was 97% faster than the company’s overall growth rate, indicating that the company has made initial progress in diversification. In 2018, the company successively increased its holding of upstream high shares and invested 3 billion interconnected shares of Anshi Semiconductor.

In addition, the company’s domestic sales grew at a rate of ten years (30.

46%) faster than the ten-year growth rate of export sales (20.

42%), and gross profit margin for export reached 13.

34%, gross margin increased short-term2.

There are 81 singles. In 2017, the company’s export business’s independent brand and foundry proportion was approximately 3: 7. The increase in export gross profit was in line with the company’s adherence to the independent brand priority strategy. In 2018, the company’s independent brand ratio in export products may be further improved.

  The company’s profit margin growth rate and operating costs increased rapidly.

The company’s gross sales margin in 2018 was 30.23%, 32 before 2017.

86% of sales gross margin temporarily decreased2.

With 63 digits, the net profit margin for sales in 2018 was 13.

31%, 15 before 2017.

18% net sales interest rate1.

87 single; of which the company’s manufacturing sector gross margin was 34.

11%, gross margin decreased by 1.

69 single; the main increase in the company’s profit margin is: expansion, increase in original costs and management and research and development expenses caused by rising operating costs.

In 2018, the spot copper price of the non-ferrous metals market in the Yangtze River kept running at a high level. The company’s home appliance manufacturing business accounted for 86% of operating costs in 2017.

72% rose to 87.

23%, plus the company’s management and R & D expenses totaled more than 11 billion in 2018, a further increase from 2017; growth, the industry’s overall growth rate gradually, air-conditioning inventory conversion, the industry’s insufficient price increase kinetic energy, increasing costs eroded some profits.
  Investment advice: Maintain the recommended level.

The company’s industry leaders are solid overall, the air-conditioning market share is constantly increasing, and the company’s diversification has made positive progress.

The company’s EPS is expected to be 4 in 2019-2020.

92 yuan, 5.

57 yuan, corresponding to PE is 11 times, 10 times.

Gree Electric’s current estimates are significantly different from those of the benchmark companies. It is expected that distribution and transfer will improve corporate governance. In summary, we maintain the recommended level.

Jiuyang (002242): Channel adjustment effect shows product structure affects gross profit margin

Jiuyang (002242): Channel adjustment effect shows product structure affects gross profit margin

Events: 1) The company released its 2018 annual report and achieved operating income of 81.

69 ppm, an increase of 12 in ten years.

71%, net profit 7.

54 ppm, a ten-year increase of 9.

48%; 2) In the fourth quarter, the company realized operating income of 27.

3.1 billion, an annual increase of 25.

2%, net profit 1.

85 ppm, an increase of 23 per year.


3) Dividend policy is 8 yuan for 10 shares, corresponding to 81 dividends.

4%, foreign exchange rate 3.


Q4’s revenue performance exceeded expectations, and channel adjustments achieved results: The company’s revenue growth in the fourth quarter of 2018 significantly exceeded the first three quarters, which can be gradually improved through the company’s internal sales channel optimization and adjustment.

From the product point of view, the company launched the K series in 18 years to clean the wall broken soybean milk machine, silent vacuum wall breaking cooking machine and other new products.

At the same time, the company increased the connected transaction quota by 1 trillion and 20 million yuan in October and December, respectively. The company’s exports to SharkNinja increased significantly in the fourth quarter, driving revenue growth.

Changes in product structure affect gross profit margin and increase in sales expenses due to increased marketing expenses: In 2018, the company’s gross profit margin and net profit margin were 32.

13%, 9.

08% every year -0.

88, -0.

72pct, of which Q4 quarter gross margin, net interest rate interval -1.

90, -0.

69 points.

In our view, it is mainly affected by the rapid growth of the company’s wall-breaking machines with reduced gross profit margins and the increase in the proportion of export business.

In terms of expense ratio, the company’s sales, management + R & D, and financial expense ratios were respectively +1 several times in 2018.

8, -0.

2, -0.

1pct, from the Q4 quarter, sales, management + research and development, financial expense ratio every -0.

2, -1.

2, +0.

3 points.

In 2018, the company actively carried out brand building promotion and channel building support, which resulted in a significant increase in sales expense ratio.

The advance receipts are expected to double, and the turnover efficiency will increase and decrease: at the end of the 18-year period, the company’s cash + other current assets (mainly bank financing) will total.

0 million yuan, an increase of 25 in ten years.


Funds received in advance 5.

400 million US dollars, an actual increase of about two times each year;

9 ‰, a substantial increase of about 3 every year.

1 trillion US dollars, reflecting the company’s strong future revenue growth potential.Inventory balance 7.

50,000 yuan, an increase of 44 in ten years.


Total bills receivable and accounts receivable 25.

70,000 yuan, an annual increase of 35.


Judging from 无锡夜网 the turnover situation, the company’s inventory and accounts receivable turnover days increased by 6 each time.

8 days, up 1.

In 3 days, the overall turnover efficiency decreased slightly.

High dividends and high dividend yields reflect the company’s value, and the high-end strategy brings continuous motivation: Since 2011, the company has been experiencing no dividends in 2016, and the annual dividend rate has exceeded 80%. The higher distribution rate and dividend rate reflect the companyvalue.
In the company’s 2018 equity incentive plan, the revenue growth rate of 19-20 years is not less than 11%, 17%, and the performance growth rate is not less than 8%, 15%. Higher performance evaluation targets ensure the company’s future performance growth.

At the same time, the company actively implements the “value ascend” 成都桑拿网 strategy. Through the improvement of channel capabilities, the company will upgrade its products to mid-to-high-end products in the future, increase the average product price, and drive revenue growth.

Investment advice: The company has completed channel adjustments and is expected to continue to benefit from a more efficient channel layout. The company is actively deploying environmental appliances, promoting categories and brand expansion.

The company acquires 51% equity of Sunkeninger (China) Technology Co., Ltd. in this period, and undertakes business replacement of Sunkeninger (China) from the establishment date to the merger date of approximately 12.85 million yuan. If the actual main business performance increases after deduction and consolidation,About 11.


Based on the 2018 annual report, we expect revenue growth rates of 19-21 years13.

3%, 17.

4%, 17.

8%, net profit growth rate was 12 respectively.

0%, 15.

1%, 15.

3%, maintaining the overweight rating.

Risk warning: macroeconomic fluctuation risk, raw material price fluctuation risk, real estate fluctuation risk, etc.

CPIC (601601): Investment income improves slightly, net profit slightly exceeds expectations

CPIC (601601): Investment income improves slightly, net profit slightly exceeds expectations

I. Event Overview On the evening of April 26, 2019, CPIC released its first quarter performance report, and the company achieved 北京spa会所 total operating income of 1331 in the first quarter.

5.3 billion, an increase of 7% in ten years; net profit attributable to mothers 54.

79 trillion, an increase of 46 in ten years.


Second, the analysis and judgment of the improvement of the investment end pushed the net profit slightly higher than expected. In the first quarter, the company’s return to its mother’s net profit gradually increased 46.

1%, the growth rate slightly exceeded the consensus forecast.

The main factor in the company’s first-quarter performance that slightly exceeded expectations was due to the improvement in investment yield.

In the first quarter, the company’s net investment yield and total investment yield were 4 respectively.

4%, 4.

6%, an increase of 0 over the same period last year.

2, and 0.

4 units.

At the same time, 上海夜网论坛 the group’s investment assets are about 1.

31 trillion, an increase of 6% over the end of the previous year.

Dilute the start-up sales, the premium growth rate is at a low level. Unlike other listed insurance companies, the company has relatively downplayed the position of start-up products, and gradually balanced the sales of premiums.

In the first quarter, the company realized premium income of 928.

520,000 yuan, an increase of 3% in ten years.

Among them, the agent channel realized 861 premium income.

1.6 billion, an annual increase of 5%; new insurance business through agent channels achieved premium income of 174.

4.2 billion, an annual increase of -13.


The change in sales strategy will affect the growth performance of the company’s premium income to a certain extent in the short term.

Subject to the sales of passenger cars, the growth rate of car insurance doubles every quarter. Car rides at a low level will definitely affect the premium income of auto insurance companies.

CPIC achieved 353 property insurance premium income in the first quarter.

6.6 billion, an increase of 13% in ten years.

Among them, insurance premium income was 236.

52 ppm, an increase of only ten years6.

3%; non-car insurance is 117.

1.4 billion, an increase of 28% in ten years.

Allocate equity assets and improve yield The company actively grasps market conditions and allocates equity equity fund products.

The total ratio of equity and equity funds in investment assets is 6.

7%, an increase of 1 from the end of the previous year.

1 unit.

Third, investment advice The company has adopted a sales strategy that relatively dilutes the sales of premium products. In the first quarter, the growth rate of new life insurance orders appeared, and it is recommended to pay attention to the company’s later sales of guaranteed products.

The company’s overall operation remains stable, the investment side performs well, and the company’s recommendation level is maintained.

Expected 19?
In 21 years, PEV is estimated to be 1.

0, 0.
9, 0.
7 times.

4. Risk warning: New orders are growing less than expected.

Divine High Speed Rail (000008) Research Briefing: Development of trillion space companies in rail transportation and maintenance market is worth looking forward to

Divine High Speed Rail (000008) Research Briefing: Development of trillion space companies in rail transportation and maintenance market is worth looking forward to
The company is a leader in underground rail transportation operation and maintenance industry.The company has completed the layout of China’s only vehicle, line, signal, power supply and station five professional operation and maintenance equipment for the entire industrial chain platform; currently covering more than 400 rail transportation operation maintenance products for high-speed rail, ordinary speed, and urban rail.In November 2018, the company joined the SDIC Group, providing the company with strong capital and platform support.In the end, the company successively laid out projects such as Taizhou regional railway line S1, Hangzhou-Shaoxing-Taiwan high-speed railway, Tianjin subway line 7 and Tangshan Port freight railway. The company drove the entire line of operation and maintenance services through a small amount of investment. The intelligent operation and maintenance of the entire line gradually progressed:.On January 9, 2019, the company’s newly signed contracts were US $ 2.4 billion, an increase of 31% year-on-year, and the newly signed contracts continued to grow rapidly.At present, the company is transforming from an operation and maintenance equipment supplier to a complete line of intelligent operation and maintenance service providers. In 2019, the company’s business composition includes traditional equipment, intelligent equipment, and operation and maintenance, which accounted for 62%, 13%, and 19% respectively; company planningAfter five years, the operation and maintenance is equivalent to the equipment business. The intelligent equipment in the equipment business is equivalent to the traditional equipment. In the future, the proportion of the operation and maintenance and intelligent equipment business will continue to increase. Operating performance has grown steadily, profitability has continued to improve, and cash flow has improved.In the first three quarters of 2019, the company achieved revenue of 15.6 ppm, an increase of 21 in ten years.0%; net profit attributable to mother 1.50,000 yuan, an annual increase of 20.1%; net profit after returning to the mother after deduction of 1.30,000 yuan, an increase of 10 in ten years.5%; the company’s operating performance achieved steady growth.In the first three quarters, the company’s gross profit margin reached 53.3%, an increase of 4 per year.7pct; net margin is 10.1%, reduced by 0 every year.1pct; ROE is 2.1%, a year to raise 0.3 points; the company’s overall profitability has increased.In the first three quarters, the company’s net cash flow from operating activities was -1.9 ‰, an increase of 7 per year.0 million yuan, although the cash flow is still negative, but sometimes greatly improved.In the 佛山桑拿 future, the company will transform into an intelligent operation and maintenance service provider, and its cash flow is expected to continue to improve. After the rail transportation operation and maintenance market enters the golden development period, the trillion market space is worth looking forward to.According to the development experience of the international railway junction industry, the market capacity of the operation and maintenance market is greater than vehicle manufacturing and engineering construction, and the future market space for the entire line operation and maintenance service industry is huge.According to the data released by the Shenzhou High-speed Railway, the railway: the railway operating mileage will reach 200,000 kilometers in 2028, of which high-speed rail 4.50,000 kilometers, the total construction investment will reach 21.4 trillion, corresponding to the market scale after operation and maintenance will reach 535 billion.In terms of urban rail: 2028 urban planning operations will exceed 1.50,000 kilometers, the total construction investment will reach 15 trillion, corresponding to the market scale after operation and maintenance will reach 375 billion.In terms of local freight railways: the operating mileage will reach 40,000 kilometers in 2028, and the total construction investment will reach 2.4 trillion, corresponding to the market scale after operation and maintenance will reach 60 billion.It is estimated that by 2028, the entire railway transportation and maintenance market size will be around 1 trillion yuan, and the company will fully benefit from the rapid development of the industry. Investment suggestion: The company is a leader in the long-term rail transportation operation and maintenance industry.We expect the company’s expected earnings in 2019/2020 to be 0.16/0.21 yuan, the current sustainable corresponding PE is 21 respectively.1/15.9 times, for the first time, the company was given a “cautious recommendation” rating. Risk reminders: Macroeconomic growth rate; Railway and city planning construction are less than expected; market competition is intensified; goodwill is high; accounts receivable is high;

Vanke A (000002): Double-increased revenue and profit, diversified businesses go hand in hand

Vanke A (000002): Double-increased revenue and profit, diversified businesses go hand in hand

Key Investment Events: On August 20, the company released its 2019 semi-annual report and achieved revenue of 1393 in the first half of the year.

200 million, previously +31.

5%; net profit attributable to mother to 118.

400 million, previously +29.


Revenue and profits both increased, and debt continued to be reduced under low leverage. 1) Stable growth in performance: Vanke achieved revenue of 1393 in the first half.

200 million, previously +31.

5%, net profit attributable to mother 118.

400 million, previously +29.

8%, mainly by subsidence area (ten years +20.

7%) and settlement average 武汉夜网论坛 price (ten years +9.

5%) due to rising; 2) Settlement gross margin slightly increased: At the end of the reporting period, the company’s settlement gross margin was 28.

3%, an increase of 1 over the same period last year.

0 digits; 3) Cash is king, safety margin is high: At the end of the reporting period, the company had 1,438 monetary funds in hand.

700 million, which is much higher than the sum of short-term borrowings and one-year long-term long-term debt.

At the same time, net cash flow from operating activities was 88.

500 million, operating prospects will continue to maintain healthy cash inflows; 4) Leverage will remain low and interest-bearing debt will be further reduced: at the end of the reporting period, the company’s net debt ratio was 35.

0%, an increase of 4 from the end of last year.

1 average, with interest denied 2253.

200 million, a decrease of 358 from the beginning of the year.

900 million; 5) Minority shareholders ‘equity decreased and income content increased: at the end of the reporting period, the company’s minority shareholders’ equity increased from 798 at the beginning of the year.

6 billion 714.

500 million, attributable to the owner’s equity from 1557.

600 million to 1610.

200 million, through reducing the proportion of minority shareholders’ equity, the company’s income quality has been improved.

Sales increased steadily, and the surplus of unsold resources was sold. 1) Steady sales: The company achieved a sales area of 2,150 in the first half of the year.

10,000 countries, ten years +5.

6%, the sales amount was 3340.

0 billion, +9 a year.

6%, with a growth rate of TOP3 in the real estate industry; 2) Insist on regional deep farming and become the mainstream product: the company ranked the top three in terms of sales of development business in 41 cities in the first half of the year, and small and medium-sized units of less than 144 square meters in residential productsThe ratio is 90.

6%; 3) Abundant carry-over resources and strong indicators of future performance: at the end of the reporting period, the company’s consolidated caliber was 4403.

7 GM has sold the outstanding resources, corresponding to the contract amount of 6215.

5 billion, budget, the company disclosed that the estimated initial completion area will be compared with the initial plan (3076.

60,000) is basically flat, and we are optimistic that the company’s performance will achieve the expected growth.

Land acquisition maintains prudent investment, layout of the first and second lines, and reasonable resource reserves. 1) Land acquisition diversification is prudent: the company acquired 54 new projects in the first half of the year, with a total construction area of 1372.

80,000 countries, equity construction 941.

80,000 countries, the equity ratio of 68.

6%, equity land price 649.800 million, with an average price of 6,900 yuan per square meter; 2) Adhere to the strategy of deep-cultivating core cities: calculated by construction area, with 82 new projects.

0% is on the first and second tiers, calculated by the amount, 88.

4% is on the first and second lines; 3) The total soil storage volume is reasonable: at the end of the reporting period, the company is under construction and planning for construction.

500 million cubic meters, of which 9867 are under construction.

60,000 countries, 5472 planned.

60,000 countries, which can meet the company’s continuous development needs in the next 3 years.

Diversified businesses go hand in hand to strengthen the leading advantages in various fields 1) The property business has achieved both fame and fortune: Vanke Property Revenue 52 in the first half of the year.

800 million, previously +27.

1%, add project signing saturated income 21.

6.4 billion, previously +113.

8%, while increasing income, launch a comprehensive asset service plan around housing asset transaction, management, supporting, value-added investment.

Constantly accumulate customer reputation; 2) Leasing business continued to develop: 101 new projects opened in the first half of the year, totaling 2.

06,000 rooms, the average rental yield of mature projects is 91%; 3) Commercial development optimization and efficiency improvement: In the first half of the year, the company’s total commercial management construction area exceeded 13.5 million countries, of which 110 projects were the SCPG platform with a management area of 9.15 million countries.90% of the opening area is shopping malls, and the overall occupancy rate of shopping malls (excluding renovation projects) is about 97%; 4) Logistics layout is further improved: At the end of the reporting period, Wanwei Logistics has settled in 44 cities and acquired 127 projects.The construction area of the leased property is 996 GM. At the same time, the cold chain function is added to further accelerate the coverage of the cold chain business to the core cities of the country.

  Investment suggestion: Vanke benefited from the increase in the carry-over volume and price of the project in the first half of the year, and its performance increased steadily. It is not easy to achieve a growth of nearly 10% under a high base.

On the operating side of the company, the debt was further reduced in the context of low leverage. On the investment side, it insisted on a reasonable land reserve.

4% are on the first and second tiers; at the development end, the company is expected to complete the initial project at the end of the reporting period, which is the same as the initial stage. If the project completion in the second half of the year is carried forward as scheduled, there will be no worry about the performance;Advantages, we are optimistic that as the company continues to lead the industry as a real estate flagship, diversified businesses can successively become benchmarks in various fields, indicating the direction for successors.

The company’s EPS for 2019-2021 is expected to be 3.


11, 4.

79 yuan, corresponding to the current PE is 7.

68, 6.

61, 5.

67x, maintain “Buy” rating.

  Risk alert event: Tighter-than-expected tightening of budget policies in first- and second-tier cities, and the company’s sales repayments did not meet expectations.

Dahua Shares (002236) Quarterly Report Review 2019: Increase R & D Investment to Repurchase Shares to Highlight Company Value

Dahua Shares (002236) Quarterly Report Review 2019: Increase R & D Investment to Repurchase Shares to Highlight Company Value

The report reading company released the “First Quarter Report 2019” on the evening of April 25, and achieved operating income of 43 in the first quarter.

4.8 billion, an annual increase of 20.

19%, achieving net profit attributable to shareholders of listed companies.

1.6 billion, an annual increase of 7.


Key points of investment Revenue growth has stabilized, and long-term development is worth looking forward to. The company’s operating revenue growth rate in the first quarter was 20.

19%, the increase in the third and fourth quarter of last year were 22.

50%, 21.

26%, the growth rate is stable, and the net profit growth of the mother is 7.

05%, slightly better than the third and fourth quarter of last year.

We think that the security industry may have had the worst time, and the demand in the second quarter strived to pick up.

As the world’s leading video-centric smart IoT solution provider and operation service provider, the company is committed to achieving new achievements in the new era of artificial intelligence, and its long-term development is worth looking forward to.

High R & D expenses and management expenses have dragged down the growth rate of net profit. The company’s R & D expenses reached 5 in the first quarter.

4.1 billion, an annual increase of 47.

45%, the main reason for the high growth is: the company expanded research and development expenditure, management costs reached 1.

4.9 billion, an annual increase of 48.

86%, the main reason for the high growth is: the company’s business growth and the current copyright tender fee.

The increase in management expenses and research and 天津夜网 development expenses has significantly higher revenue growth and dragged down the growth rate of net profit.

From the perspective of gross profit margin, the gross profit margin of sales in the first quarter was 37.

45%, an increase of 0 from the previous month.

29% off road every year.

52%, the gross profit margin rose steadily.

State-purchased shares reflect the company’s confidence in the company’s long-term intrinsic value. The company’s latest announcement, the proposed self-raised funds to repurchase part of the company’s issued public shares in a centralized bidding transaction, and the size of the repurchase funds does not exceed RMB 2 millionRMB (inclusive) and not exceeding RMB 400 million (inclusive), which will be used for the subsequent implementation of the distribution of incentives or stock holding 都市体验网 plans for employees, the repurchase price shall not exceed RMB 25.

37 yuan / share (inclusive), calculated based on the repurchase price and the upper limit of the repurchase amount, the total number of repurchasable shares is expected to be approximately 15,766,653, and the proportion of repurchased shares accounts for about 0 of the company’s current total share capital.


We believe that this plan reflects confidence in the company’s long-term intrinsic value and is conducive to safeguarding the interests of investors, especially those responsible for small and medium-sized dials, and enhancing the confidence of funders.

Earnings forecast and forecast Domestic demand for sub-sectors such as smart cities, Xueliang project, smart transportation, and smart building characters continues to grow. At the same time, the company is actively conducting overseas business layout, and high growth is expected.

Continued high R & D investment has enabled the company to have strong innovation capabilities, lead the industry development and open up new growth space. It is expected that the company’s net profit attributable to its mother in 2019-2021: 28.

9.6 billion, 36.

35 trillion, 4428 trillion, EPS is 0.

97, 1.

21, 1.

48 yuan / share, the net profit attributable to the mother increases by 14 each year.

50%, 25.

51%, 21.


Maintain “Buy” rating.

Risks threaten new entrants; domestic macroeconomic growth continues; major shareholders reduce their holdings.

Poly Real Estate (600048): Balanced layout of industry leaders maintains steady growth

Poly Real Estate (600048): Balanced layout of industry leaders maintains steady growth

The scale of the company’s scale of sales has risen to a new level, and the scale of sales in deep cities has reached a record high.

The company achieved a contracted amount of 4,048 in 2018.

17 trillion, exceeding 4000 trillion, an increase of 30 in ten years.

91%, market share increased to 2.

70%; signed area of 2766.

110,000 square meters, an increase of 23 in ten years.


The sales contribution rate of the first-tier and second-tier cities and the six core urban agglomerations reached 77%, of which the contracted sales in the Pearl River Delta reached US $ 117 billion, an increase of 24% over the same period last year.

Among the companies deeply cultivating cities, single cities have signed over 12 billion cities, Guangzhou has signed contracts of 40 billion, Foshan, Beijing has exceeded 25 billion yuan, Dongguan, Zhongshan, etc. have exceeded 10 billion yuan for the first time.

Operating income and profit grew steadily.

The company achieved total operating income in 1945 in 2018.

55 ppm, an increase of 32 in ten years.

66%; net profit 261.

49 ppm, an increase of 32 in ten years.

78%; net profit attributable to mother 189.

40,000 yuan, an increase of 20 in ten years.


The company’s gross profit margin increased by 1.

45 averages to 32.

49%, mainly due to the increase in the price of real estate carry-over projects, the gross profit margin of real estate carry-over increased to 32.


The company realized investment income in 201826.

90 ppm, an increase of 60 in ten years.

06%, mainly due to the substantial increase in long-term equity investment income.

The company’s net profit in 2018 was 13.

44%, basically the same as in 2017.

Strong cash withdrawal control, reasonable debt structure 杭州夜网论坛 and financing costs.

In 2018, the company continued to optimize fund management, and gradually realized a sales return of US $ 356.2 billion, with a return rate of 88%. Under the background of tightening funds, the company has maintained a steady return rate.

As of the end of 2018, the company’s asset-liability ratio was 77.

97%, basically stable; net rejection rate was 80.

55%, a decrease of 5 per year.

82 assets, the asset-liability structure is reasonable, and the ability to resist risks can be combined; the book interest resistance is 2636.

US $ 5.7 billion, of which bank loans and direct financing accounted for 71% and 15%, respectively, and the overall cost of interest resistance was only about 5.

03%, obvious cost advantage.

Soil storage continues to focus on first- and second-tier cities and 合肥夜网 metropolitan areas.

In 2018, the company expanded 132 projects, increasing the plot ratio area of 31.16 million square meters, which is 114% of the annual contracted area, which is the basis for continued growth in sales scale; the expansion cost was 192.7 billion yuan, and the average floor price was 6186 yuan / square meter.
The company continued to increase the penetration and cultivation of first- and second-tier cities and core urban agglomerations. During the year, the amount and area of development of first- and second-tier cities were 74% and 61%, respectively, and 53% of the new floor area ratios of third- and fourth-tier cities were located in the Pearl River Delta and Yangtze River Delta

As of the end of 2018, the company’s area under development was 91.54 million square meters, of which 60% were in first- and second-tier cities, and 69% in the six major urban agglomerations. Investment suggestion: “Budget market”.

The company’s national storage of national reserves has the expected anti-risk capabilities, financial stability and low financing costs.

We give the company a PE valuation of 8-9 times in 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, give the “preliminary market” rating.

Risk reminder: The company’s real estate project carry-over does not meet expectations or the gross margin carry-over does not meet expectations.