Greenland Holdings (600606): Steady growth in business performance and improvement in energy levels of multiple businesses

Greenland Holdings (600606): Steady growth in business performance and improvement in energy levels of multiple businesses
Event: Greenland Holdings released the 2018 annual report and the 2019 first quarter report: the company achieved operating income of 3484 in 2018.26 ppm, an increase of 20 in ten years.07%; net profit attributable to mother 113.75 ppm, an increase of 25 in ten years.86%; basic profit income is 0.93 yuan / share.The company achieved operating income of 903 in the first quarter of 2019.85 ppm, an increase of 20 in ten years.91%; net profit attributable to mother 44.07 million yuan, an increase of 26 in ten years.29%; basic profit return is 0.36 yuan / share. Opinion performance grew steadily, and overall gross profit level improved.The company achieved revenue of 3484 in 2018.26 ppm, an increase of 20 in ten years.07%; net profit attributable to mother is 113.75 ppm, an increase of 25 in ten years.86%.The company achieved revenue of 903 in the first quarter of 2019.85 ppm, an increase of 20 in ten years.91%; net profit attributable to mother 44.07 million yuan, an increase of 26 in ten years.29%, the company’s performance grew steadily.In terms of sales gross profit margin, in 2018, the first quarter of 2019 was 15 respectively.35%, 15.20%, increase by 1 each year.01, 0.65 averages.In terms of structure, the company’s real estate business gross margin in 2018 was 27.01%, at least a significant improvement, the gross profit level of other businesses is stable.Looking at the net sales margin, 2018 and 2019Q1 were 4 respectively.60%, 6.38% each year 6.69, 5.56,4.71 drops to 0.08, up 0.90 digits, the slight decrease in net interest rate in 2018 was mainly due to the significant increase in financial expenses caused by increased exchange losses and gains. The sales performance increased rapidly, and the high-speed railway station project became a new starting point.In 2018, the contracted sales amount reached 387.5 billion yuan, an increase of 26% year-on-year; the sales area was 36.64 million square meters, an increase of 50% throughout the year.From January to March 2019, the company 天津夜网 achieved a contracted sales area of 599.20,000 square meters, a year-on-year increase of 45%; the sales amount was 693.800 million, an annual increase of 43%.In 2018, a total of 118 projects were successfully completed, of which 15 high-speed railway station projects and 30 new cities were acquired. The newly added equity land area was 21.49 million square meters, the equity accrual construction area was 43.37 million square meters, and the equity land payment was 8.14 million.yuan.In the first quarter of 2019, the company added 25 new real estate project reserves, and the equity land area was about 418.710,000 square meters; equity construction area is about 806.270,000 square meters.In 2018, the sales repayment amounted to 2968 trillion, and the repayment rate was 77%, which decreased by a small amount every three times. 苏州夜网论坛 The energy levels of diversified industries have been significantly improved.In the large infrastructure industry, in 2018, it realized operating income of US $ 148.1 billion, an increase of 41%; the value of newly signed contracts was US $ 316.2 billion, an increase of 63%, and became an important engine for the company’s performance growth; the amount of newly signed contracts in the first quarter of 2019 was US $ 901 million, An increase of 47% per year.The big financial industry gradually realized a profit maximization of 2.5 billion US dollars in 2018, and successfully invested in participating in equity investment projects such as Shenlan Technology, Cambrian, Ant Financial, China Tower, and Ma Dentist. Investment suggestion: As a leading real estate industry, Greenland Holdings has continued to strengthen its layout in core first-tier and second-tier cities in the past two years.The company gradually formed its own characteristics and advantages, and actively acquired land reserves through such methods as characteristic towns, high-speed rail station business districts, and super high-rise projects.At the same time, the company’s continued layout in large infrastructure, big finance and big consumption has formed a strong complement to the real estate business.We expect profit forecasts for 2019-2021 to be 1.12.1.35, 1.60 yuan, corresponding estimates are 6.69, 5.56,4.71 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.).