Core ideas:

In 2019, the sales of contemporary home buyers who focused on green products reached 36.2 billion yuan, an increase of 12.6% over the same period last year. The company has a good revenue performance, with operating income up 55.8% to 14.55 billion yuan compared with 2018; gross profit 3.71 billion yuan, up 70.8%; and net profit 1.05 billion yuan, up 59.2% over the same period last year. At the same time, the company's investment has increased, the total land reserve has exceeded 1000 million square meters, and the net debt ratio and cash-to-short debt ratio are at a stable level, and there is no debt repayment pressure for the time being.

First, sales growth slowed down, green products superimposed deep ploughing advantages to ensure an increase of 2019, contemporary home sales of 36.2 billion yuan, an increase of 12.6% over the same period last year; sales area of 338.1 million square meters, an increase of 11.3% over the same period in 2018.

The company's operating income increased by 55.8% to 14.55 billion yuan over the same period last year; the gross profit was 3.71 billion yuan, up 70.8% from the same period last year; and the net profit was 1.05 billion yuan, up 59.2% from the same period last year. The gross profit margin is 25.5% and the net profit margin is 7.2%. The company's green and healthy core competitiveness and actively ploughing urban agglomeration to ensure the growth of the company's business performance.

Second, ploughing the metropolitan area and the first and second line, the soil storage scale exceeded 1000 million square meters in 2019, the company obtained a total of 23 projects through bidding and hanging, first-and second-level joint development and cooperation, involving a capacity construction area of 474.5 million square meters and a new goods value of 43.37 billion yuan. the intensity of investment has increased compared with 2018. Among them, 17 of the new land reserves have been settled in cities, and the company continues to plough existing cities, thus increasing the total land reserve to 1193.3 million square meters in 2019.

Third, the maturity of bank loans within one year accounts for 66%, and the financing cost rises to 9.9%. The company's net debt ratio increases to 82.7%, which is at a steady level. From the perspective of short-term solvency, the company's cash-to-debt ratio is 1.2times, and there is basically no short-term solvency, but there are 7.09 billion yuan in bank loans due within one year, accounting for 66%, the proportion is on the high side, but the company has consciously increased its currency reserves. In terms of financing, corporate financing costs rose from 8.2% in 2018 to 9.9% in 2019, mainly due to increased financing costs for overseas debt.