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深振业A(000006):16年业绩创历史新高 国企改革值得期待

Shenzhenye A (000006): the performance of 16 years has reached an all-time high and the reform of state-owned enterprises is worth looking forward to.

東莞證券 ·  Feb 15, 2017 00:00  · Researches

Introduction of the company. The company is a state-owned listed company under the direct management of Shenzhen SASAC. It was founded in 1989 and listed on the Shenzhen Stock Exchange in 1992. Mainly to real estate development and management, set up regional companies in Shenzhen, Guangzhou, Tianjin, Nanning, Changsha, Huizhou, Xi'an, Dongguan and other places. By the end of the third quarter of 16 years, the total assets reached 13.958 billion and the net assets reached 4.452 billion. The company's net assets and total assets continued to rise.

The company has sustained rapid development in the past ten years and its performance has reached an all-time high in the past 16 years. The company's sales and settlement income have achieved sustained and rapid development in the past ten years. Revenue from property sales increased more than threefold from 1.16 billion in 2006 to 3.568 billion in 15 years, with a 10-year compound growth rate of about 12%. It is predicted that the company will achieve a net profit of 750 million to 870 million in 16 years, a year-on-year increase of 80% Murray 110%, the highest level in the company's history.

The profitability is more ideal and actively return to investors. Over the years, the company's gross profit margin on real estate sales has remained at a high level. In the first three quarters of 16 years, the gross profit margin on real estate sales was 41.34%, much higher than the overall gross profit margin of listed real estate enterprises in the same period. Over the years, the overall dividend rate in the industry is at a relatively high level. The company complies with the needs of the capital market and rewards shareholders positively, which is satisfactory.

Take the land counter-cycle operation project profit prospect is good. 13 and 14 years of active layout of the company, increase the intensity of land acquisition. And 15 years and 16 years of land market recovery, the company has greatly slowed down the pace of land acquisition, counter-cyclical operation ability is better. At the same time, it is worth looking forward to actively exploring new ways to promote equity acquisition, state-owned enterprise cooperation, government indemnificatory apartment construction, old city transformation and other projects.

The cooperation project with Shenzhen Metro has entered the settlement period to boost its performance. At the end of 13 years, the company signed a contract with Shenzhen Metro to develop the comprehensive property of Henggang depot. After three years of development, the project has gradually entered the settlement period at the end of 16 years, which will enhance the company's investment income in the current period and the next two years, and boost the performance, which is worth looking forward to. The possibility of further cooperation between the company and the Metro Group still exists.

Summary and investment suggestions. The company is a listed state-owned enterprise under the direct management of Shenzhen state-owned assets. Shenzhen state-owned assets directly and indirectly hold a total of 34%, which is the controlling shareholder. The company has achieved sustained and rapid development over the years, the layout of the urban location of the property market has a good prospect, while relying on the internal resources of deep state-owned assets, as well as a strong background of state-owned enterprises, there are great advantages in project resources, funds and cost control. The company's state-owned enterprise reform is expected to be strong, and the accelerated development is worth looking forward to. It is predicted that from 16 to 17 years, the EPS is 0.56yuan and 0.57yuan respectively, and the corresponding stock price PE is 15.8times and 15.5times respectively, maintaining the "recommended" investment rating.

Risk hint: policy regulation funds are tightened and real estate sales are lower than expected

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