Core ideas:
The advantage of gross margin superimposes the contribution of financial business, and the performance is steadily improved.
In the past 16 years, the company's total operating income increased by 69.6% over the same period last year, with a net profit of 840 million yuan, an increase of 83.8% over the same period last year, and earnings per share of 0.39 yuan. The dividend plan pays a cash dividend of 0.5 yuan per 10 shares. The company's main business income has increased significantly, which comes from the substantial increase in the contribution of the real estate business and the simultaneous release of the new financial business. The 16-year overall gross profit margin is 45%, of which the real estate settlement gross margin is 42%, which is significantly higher than the industry average. By the end of 16, the scale of accounts received in advance reached 5.34 billion yuan, an increase of 2.09 billion yuan compared with the same period last year, providing the basis for the company's 17-year real estate settlement.
Real estate business sales have increased significantly, and land investment has been stable.
Over the past 16 years, the company has performed well in real estate sales, with a sales amount of 13.8 billion yuan, which basically doubled compared with the same period last year. The average sales price was 9503 yuan per square meter, an increase of 20.8% over the same period last year. The amount of land investment is 4.7 billion yuan, and it has strategically entered the Nanjing market and supplemented the land reserve of Fuzhou market, which has traditional advantages.
The financial business is expanding steadily, and the coverage is constantly expanding.
2016 is the first year for famous cities to implement two-wheel drive and transformation and development of industry and capital. under the background of the transformation and adjustment of the real estate industry, speed up the pace of financial innovation and upgrade the mode of operation of real estate finance. the combination of real estate and financial business has become the development trend of the real estate industry.
It is expected that the performance in 17 and 18 years will be 0.41 yuan and 0.46 yuan, giving a rating of "prudent overweight" for the first time.
The volume of real estate sales in big famous cities has stepped onto a new level in the past 16 years, which provides a strong guarantee for the company's main business income and performance in the next few years. The company's stock of resources in Fuzhou is profitable, which provides abundant disposable capital for the company's financial transformation.
Risk hint
Sales performance is greatly affected by the regulation and control policies of key cities, and the overall debt ratio is relatively high.