Pudong Jinqiao (600639) 2019 Interim Report Review: High Revenue and Small Performance
19H1 revenue quarter + 63%, performance growth + 11%, real estate carry-over increased, but gross profit margin dropped 19H1 companies achieved revenue 14.
3 trillion, +62 a year.
5%; net profit attributable to mother 4.
400 million, +11 a year.
1%; basic return is 0.
4 yuan, +11 for ten years.
1%; gross margin and net margin are 50.
3% and 31.
1% each year were -17.
6pct and -14.
4pct, of which the gross profit margin of real estate business and leasing business were -45.
The three expense ratios total 6.
2% a year -1.
9pct, the cumulative reduction of various expense ratios.
In terms of revenue structure, the company’s real estate sales, real estate leasing, and hotel business in 18 years achieved revenues of 6 respectively.
700 million, each year +569.
The high revenue growth of the company was mainly due to the intensive delivery period of the Biyun One Zero project, with a recognized revenue exceeding 6 billion (corresponding to a net profit of 1).
300 million US dollars), the carry-over greatly increased the revenue growth; the performance growth rate was lower than the revenue growth rate, mainly due to the rapid decline in gross profit margin of the real estate and leasing business.185.
2% and investment income of 0.
3 percent, -33 per year.
19H1 company’s asset-liability ratio and net debt ratio were 55.
0%, respectively, -2.
0pct, + 2.
8pct, still at the highest level in the industry.
The leaseable property of 2.37 million countries contributed stable cash flow. One zero entered the centralized delivery period, and the profit could be terminated at the end of 19H1.
70,000, 19H1 achieved rental income7.
0 ‰, -0 per year.
7%; owns 1,056 sets of serviced apartments and achieves zero income.
700 million, at least -6.4%; total hotel and rental income.
700 million, to achieve the goal of maximum lease income.
200 million of 50.
7%; overall, the company owns leased land34.
8 GM, and is still increasing the construction and operation of investment properties, these high-quality resources can create stable and lasting rental income for the company.
The company’s cash flow was extra stable, and operating cash inflows were achieved in 19H1.
300 million, +5 for ten years.
5% to complete the long-term plan 46.
Considering the strategic transformation of Shanghai’s urban boundary 天津夜网 from the edge of the central city to the urban center and the rise of land prices in first-tier cities in the past 16 years, the value of the company’s quality property holdings can be expected to increase.
In terms of real estate projects, Lingang Biyun One Zero Project has launched a good three-phase replacement solution, with a replacement replacement rate of 81% that has been launched and a cumulative payment of approximately 21.
1 ppm, 18-20 years belongs to the concentrated delivery period of the project, which will promote the sustained release of profits.
The secondary development will revitalize the stock resources, S11 or pre-sale is imminent, and the company will provide rich performance support in the future. The company’s “second development” will formally set sail 15 years later.
At present, the office park Ⅱ subway project (T3-5 plot) has been prepared for investment invitation; it has entered the operational state from the second phase of the workshop; the third phase of the construction of the third phase of the workshop has been completed, and the interior decoration has been completed by 80%;Phase V (Plot 4-02) proceeded in an orderly manner before the start of construction; the main structure of Biyun Residence in the S11 plot residential project was completed, and part of the sales of the project will provide rich performance support; new materials in the future industrial park in the northern suburbsThe above-ground structure sub-building acceptance of the East, South, and North District projects of the innovation base is 70% completed.
In addition, the company actively participated in the establishment of the Science and Technology Innovation Fund of the New District, and has officially operated, focusing on the field of intelligent manufacturing.
At the same time, the company fully promotes the establishment of the Pudong Intelligent Manufacturing Industry Investment Fund, and currently has close contact with more than 20 potential partners, investors and smart manufacturing leading companies to basically determine the composition of partners and funds.
Investment suggestion: high revenue growth, small performance increase, maintain “recommended” rating Pudong Jinqiao, as the main undertaker of the construction of the Jinqiao Development Zone, has 272 high-quality self-owned properties and leased land near Shanghai Pudong Central, including operating industrial plants and R & DOffice lease.
In addition, the company is facing a strategic opportunity to transform from the edge of the center to the center of the city during the expansion of Shanghai’s urban boundaries, and the value of holding high-quality properties can be expected to increase;
Taking into account the accelerated settlement of Biyun One Zero and the upcoming S11 or pre-sale, we maintain the company’s 19-21 year earnings forecast to 0.
26 yuan, according to the current overall assessment level of the industry, the 19-year target PE 16 times, the target price is reduced to 15.
68 yuan, maintaining the “recommended” level.
Risk Warning: Tighter-than-expected tightening of real estate budget policies and tighter-than-expected tightening of industry financing policies