New City Holdings (601155): Residential + Commercial Qi Fei’s performance exceeded 10 billion

New City Holdings (601155): “Residential + Commercial” Qi Fei’s performance exceeded 10 billion

Event Xincheng Holdings released the 2018 annual report: 2018 realized operating income of 541.

33 ppm, an increase of 33 in ten years.

58%; net profit attributable to mother 104.

910,000 yuan, an increase of 74 in ten years.

02%; basic profit income 4.

69 yuan, expected average return on net assets 41.


Comments on profitability continued to improve, net profit attributable 北京夜生活网 to mothers exceeded 10 billion.

Xincheng Holdings achieved an operating income growth rate of 33 in 2018.

58%, net profit attributable to mothers grows 74 per year.

02%, the Air Force announced that the 2018 performance range was 90-105 trillion, and the final performance fell in the middle of the range.

The substantial improvement in the company’s performance was mainly due to: 1) The company’s carry-over speeded up and its profitability continued to increase, with a gross profit margin of up to 36.

69%, an increase of 1.

1 unit, setting a new historical high.

2) Gains and losses on fair value changes of investment properties amounted to 27.

US $ 8.5 billion, mainly due to the company’s breakthrough in new projects transferred to investment real estate in the current period, which resulted in fair value gains and losses.

3) Investment income has increased significantly. Investment income in 201822.

670,000 yuan, an increase of 320 in ten years.


Sales are eye-catching, investment is positive, and soil reserves are plentiful.

The company achieved a contract budget of 2210 in 2018.

9.8 billion, an annual increase of 74.

82%, 122 of the 180 billion sales target at the beginning of the year.

83%; sales area reached 1812.

0.6 million square meters, an increase of 95 in ten years.

21%, the growth rate ranked first among the top ten housing companies.

According to CRIC data, the company’s real estate sales area and sales amount ranked 7th and 8th among national real estate companies respectively, up 4 and 5 places compared with 2017.

The company adheres to the strategic policy of “deep regional cultivation, high turnover, and large operations”. Suzhou regional sales exceeded 20 billion, and southern Jiangsu, Shanghai, Qingdao, Hangzhou, Nanjing and other regions successively exceeded 10 billion sales.

In terms of investment, the company further added a total of 164 new land reserves with a total construction area of 4473.

240,000 square meters, a year-on-year increase of 41%, the average floor price is only 2330 yuan / square meter, accounting for 19% of the average sales price of 12,201 yuan / square meter in the same period, future project gross profit level is guaranteed.

The company’s existing soil reserves are very plentiful, with an area under construction of 7,158.

910,000 square meters, 3125 undeveloped building surface.

820,000 square meters. Based on the average sales price in 2018, the company’s value under construction and undeveloped exceeded 1.250 billion yuan.

Leverage levels continued to decline, and financing costs increased slightly.

The company effectively controls its leverage level, with an asset-liability ratio of 84 in 2018.

57%, excluding the pre-receipt asset-liability ratio of only 49%, a continuous decline of 9 alternatives; net debt ratio of 38%, a continuous decline of 25 alternatives.

In 2018, the company actively expanded financing channels and diversified financing.
In the context of a tighter financing environment, the company’s financing costs have increased, with an average financing cost of 6.
47%, an increase of 115 BP compared to the end of 2017.

The high-quality commercial leasing rate is high, and the nationwide expansion is balanced.

The company newly opened 19 new town Wuyue squares this year, the second largest in the industry in terms of opening scale, and gradually opened 42 new town Wuyue squares, with an opening area of 390.

400,000 countries, an annual increase of 72.

25%; long-term rent and management fee income21.

160,000 yuan, an increase of 107 in ten years.

44%, with an average occupancy rate of 98.

83%, continue to improve by 2017.

92 units.

The company’s goal is to build a high-quality shopping center that is “sentimental, non-replicated, and large-scale”. At present, it has achieved “the center of Shanghai, the Yangtze River Delta as its core, and national expansion to the Pearl River Delta, the Bohai Rim, and the Midwest.Balanced national layout strategy.

Investment suggestion: New City Holdings adheres to the “dwelling + business” two-wheel drive model. The company takes the Yangtze River Delta as its core and completes the layout of key national urban agglomerations.

The company’s scale of sales has continued to expand, with abundant land reserves. It is expected that the sales growth rate in the next 2-3 years will remain at a high level in the industry.

We expect the company’s EPS to reach 6 in 2019-2021.

00, 7.

74, 9.

32 yuan, the corresponding PE is 5 respectively.

73, 4.


69 times, maintain “Buy” rating.

Risk warning: industry sales fluctuations; policy adjustments leading to operational risks (shed reform, restructuring, interest rate policies, etc.); changes in the financing environment (mortgages, development loans, interest rate adjustments, etc.).