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时代中国(1233.HK):归母核心利润增长5.4% 旧改转化稳步推进

Times China (1233.HK): Return to Mother's Core Profit Increased 5.4%, Old Reform and Transformation Progressed Steadily

第一上海 ·  Aug 24, 2021 00:00

Li Wei, the core of the teacher, increased fear by 5.4% to 16.4 yuan, maintaining 1100 of contract sales for the whole year: by the middle of 2020, the company's operating revenue was about 136.4 yuan, down 8.4% from the same period last year, of which the revenue from property sales was 11.0%, down 25.2% from the same period last year. Mainly because this year's property delivery is concentrated in the second half of the year, the annual delivery target is not. The income of urban renewal Laiji is about 2.4 yuan, and the rental income is 2.12 yuan, an increase of 3.4% over the same period last year. The company's gross profit increased by 13.1% to 45.48 yuan, and the gross profit margin rose 6.4% to 33.3%. In addition, the rate of corporate expenses rose slightly to 9.4%, and the effective tax rate rose slightly to 42%. The company gained 19.2 yuan from drowning and 16.4 yuan from parent core, up 5.4 percent from the same period last year, and 12 percent of the core interest rate of snail mother, up 1.6 percent from the same period last year. From January to June 2021, the company's current contract sales were 454 yuan, an increase of 39 percent over the same period last year, and the contract sales area was slightly 235 yuan, an increase of 0.3 percent over the same period last year, completing 41.2 percent of the annual sales of 1100. Of these, Mozhou contributed 42.9%, Foshan 24.8%, Shu Li 10.8%, Jiang 4.1%, and other rigid domains 14.7%. The sales value of the company in the second half of this year is even 1150, which is likely to exceed the sales target of this year.

As of the first half of 2021, the company has shared 2166 square meters of land, of which Dawan plaque accounts for 90% (including Qingsui), and the average land cost is 4856 yuan per square meter, accounting for 25.1% of 1H2021 sales. German goods are worth more than 3000 tubes, which is enough to support the company's exhibition in the next three years. In addition, the volume of the company's urban renewal project has gradually increased. By the first half of 2021, the company had 160 urban renewal projects, with Pan selling about 5340 square meters of construction area, with an estimated oversold value of 1.6. it is decorated in 7 Confucian cities in the Great Bay area, such as Mozhou (44.4%), Foshan (26.3%), Shu Yan (13.8%) and so on. As of the first half of the year, the company has succeeded in 4 false cases, including two cases of sea and soil storage, 51 square meters of construction noodles and 103 mirrors of expected value. At present, some of the cases of the company have been dismantled, and it is expected that it will contribute about 2000 mirrors to the value of goods in the coming rainy year.

In the first half of the year, the interest debt decreased by 66 yuan, and the debt transfer pants slowed down: the company's main staff reduced the leverage water lift in the first half of the year, the interest debt decreased by 66 yuan compared with the same period last year, and the financing cost was hot by 7.0%, which was 0.3 percent sticky compared with 2020, maintaining a downward trend. The debt ratio of the children excluding prepayment is 76.6%, the net debt ratio is 68.7%, which is 3.1% higher than that in 2020, the cash-to-debt ratio is 2.48, and the dog 2.1 in 2020, which is currently in the yellow trough under the "three red exercises". In the future, the financing cost of the company will be reduced step by step, and the debt settlement will be more slow.

HK $10.98, keeping the trade at the ministerial level: Kaocheng has improved the amount of marrow that the company currently has, as well as the new hard work that is gradually building up the company, and the gradual release of inertia. I predict that the company's current valuation gap is strong. In 2021-2023, the company's ship mother profit dried up 49.4 mirror yuan, 64.6 staff yuan, 73.4 yuan, an increase of 4.7%, 24.9% and 13.6% compared with the same period last year. I give the company a price-to-earnings ratio of 3.5 times earnings in 2021, and I am accustomed to trading at the ministerial level.

The translation is provided by third-party software.


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