Main viewpoints
1. The increase in settlement resources has led to a substantial increase in performance.
During the reporting period, the completed area of the company reached 1.414 million square meters, an increase of 57.3% over the same period last year. The increase in completion settlement resources has led to a substantial increase in operating income and net profit after deduction, an increase of 67.7% and 40.8% respectively. The increase in net profit of shareholders belonging to listed companies is relatively small, mainly due to the higher investment income of 533 million yuan in 2014, resulting in a higher 14-year net profit base.
two。 The sales performance reached a new high and became one of the top 100 sales of housing enterprises.
During the reporting period, the company achieved a total sales area of 1.114 million square meters, an increase of 66.5% over the same period last year, and sales of 10.52 billion yuan, an increase of 59.3% over the same period last year. According to the 2015 ranking of the top 100 sales of Chinese real estate enterprises released by the China Real Estate Evaluation Center, the company's sales area and sales amount are among the top 100 real estate companies for the first time, with the sales area rising from 96 in 2014 to 79 and sales to 97 from outside the top 100 in 2014.
3. Optimize regional layout
The company's regional urban layout strategy is mainly based on the core cities of the Yangtze River Delta, the Pearl River Delta, the Bohai Rim, the middle reaches of the Yangtze River and Chengdu-Chongqing urban agglomeration. In 2015, the company added 1.1 million square meters of land planning, and the project reserve reached 4.876 million square meters. The new land is mainly concentrated in Shenzhen, Shanghai, Hefei, Guangzhou and other cities with relatively healthy real estate markets.
4. Cooperation between the establishment of real estate funds and major shareholders has been further deepened.
Since the second half of 2015, the company and its major shareholder China Cinda and related parties have set up a number of real estate funds. The board of directors adopted a resolution authorizing the management of the company to invest 8 billion yuan in private equity funds. The company can make use of the financial strength of China Cinda to develop new business. On the one hand, it can share higher profits with investors, on the other hand, it also helps the company to manage the output. The company will supervise the project development process and charge certain supervision fees to achieve innovative financial and real estate model in coordination with the group.
3. Investment advice:
We estimate that the company's operating income in 2016 and 2017 will be 11.8 billion yuan and 16.75 billion yuan respectively, the net profit will be 1.09 billion yuan and 1.88 billion yuan respectively, the eps will be 0.72 yuan and 1.24 yuan respectively, and the corresponding PE will be 8.1x and 4.7x respectively.
