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.
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.
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.
RMB 47, corresponding to PE of 6.
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