Financial Street (000402): Fourth quarter performance growth and growth, land acquisition efforts are expected to maintain a high level
The regional structure of revenue was balanced, and the fourth-quarter performance increased rapidly: operating income of 221 was achieved in 18 years.130,000 yuan, YOY-13.35%, net profit attributable to mother 32.680,000 yuan, a year-on-year increase of +8.The decrease in revenue was due to the decrease in the scale of the real estate development business, but the value of the investment in the beneficiary projects was obvious, the project cost management and control were improved, and the structure of the current settlement project structure.42pct, which helps achieve faster growth than revenue.By quarter, Q1?Q4 revenue growth was YOY-34.73%, YOY-32.44%, YOY-65.20%, +39 over the same period last year.71%; Q1?In Q4, the growth rate of net profit attributable to mothers was YOY + 1.77%, YOY-39.38%, YOY-54.00%, a year-on-year increase of +42.53%; fourth quarter revenue, performance growth significantly improved.In terms of regions, Guangzhou, Beijing, Shanghai, Huizhou, Tianjin and Chongqing accounted for 28% of the total income.03%, 27.33%, 13.45%, 11.82%, 10.44%, 8.93%, the city distribution is relatively balanced compared with previous years. In the future, the layout of the “five major urban agglomerations and surrounding satellite cities / areas” of the transformation company will continue to improve, and its ability to resist market risks may continue to improve. Strong short-term solvency, diversified financing encourages: the company has 119 funds in hand at the end of the period.$ 5.7 billion, with funds in hand / (short-term borrowings + non-current debt due within one year) of 122.01%, the funds in hand can better cover short-term debt; the return rate is nearly 80% in 18 years, and the return rate remains relatively stable.In terms of leverage, the ending asset-liability ratio was 74.96%, an increase of 1 from the end of 17 years.87pct, excluding the asset-liability ratio of 67 for advance receipts.98%, an increase of 3 from the end of 17 years.05pct.The average cost range based on current financing surplus is about 4.45%?6.23%, of which corporate bonds, medium-term notes, bank loans, insurance loans, and trust loans accounted for 22 respectively.63%, 14.83%, 18.94%, 10.93%, 32.67%. The land reserve is sufficient to meet the expected development cycle: at the end of the period, the company’s project layout is 15 cities and the land reserve building is 2056.660,000 countries, of which 15.33 million countries have the planned building area of settlement resources at the end of the period (equity ratio of 82.26%, equity 1261 Universal) to 2.Calculated at a price of 30,000 / sqm, the value of the settlement resource at the end 成都桑拿网 of the period is 3,525.900 million, static measurement, can meet the company’s expected development cycle. Sales target growth rate is 20%, and efforts to increase land to maintain a high level: the company achieved sales area of 108 in 18 years.960,000 countries, YOY + 3.46%; realized sales amount of 306.6.4 billion yuan, a year-on-year increase of +30.10%; the average selling price is 28,404 yuan / square meter, YOY + 26.92%; 18-year saleable area is 215.For 600,000 countries, the initial dechemicalization level calculated for reference is 50.54% (19% sales target growth rate of about 20%).Initially, 20 new projects were added, with an additional 356 common equity construction area (248 common on the ground and 108 common underground), an increase of 1.91 million yuan in equity investment, and an equity investment / share ratio of approximately 62.21%, the strength of the land is coaxial; the 19-year planned land investment equity is 240 trillion, based on the 36 billion yuan sales target, the land is 6667%, the strength continued to exceed the 60% level.The initial supplementary land price is approximately 7699 million, and the ratio of land acquisition cost to average sales price is 27.11%, the margin of safety is high.Initial realization of the resumed area of 550 Universal (newly started 338 Universal, YOY + 207%), YOY + 51%; completed area of 107 Universal, YOY-40%; 19 years planned to resume the area of 77,300 mu, YOY + 4055%;The newly started area was 3.55 million, a year-on-year increase of +5.03%. Investment suggestion: The company will use the development business + asset management business as a two-wheeled approach, and take the four product systems and four service systems as the starting point to create a real estate full value chain business platform; develop its business in five major urban agglomeration centers and expand the five largestThe satellite city / area in the one-hour traffic circle of the central city of the urban agglomeration is expected to benefit from the value-added space brought by the development of the urban agglomeration in the future.In addition, the company appropriately increased its holdings of high-quality properties in central cities in the asset management business, continued to optimize its self-owned property structure, future asset securitization, real estate investment funds, and other multi-pronged approaches to gradually improve the profitability of asset management business and try asset-light operation models.We expect the company’s EPS to be 1 in 19-20.22 yuan, 1.34 yuan, 1.45 yuan, corresponding to 7 for PE.2 times, 6 times, 5 times, 6 times.0X, maintain “Overweight-A” rating, 6-month target price of 10.93 yuan. Risk warning: macroeconomic fluctuations, policy factors, operating risks