Vanke A (000002): Steady growth in performance and steady expansion in business

Vanke A (000002): Steady growth in performance and steady expansion in business
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The company achieved operating income of 2,239 in the first three quarters of 2019.

1 billion, an annual increase of 27.

2%, net profit attributable to shareholders of listed companies was 182.

4 billion, an annual increase of 30.

4 %%.

  Rapid growth in performance and steady growth in sales: The growth of the company’s performance over operating income was mainly due to the significant improvement in the company’s settlement quality.

In terms of management and control, the company’s cost control ability was further highlighted. The sales management expense ratio in the first three quarters continued to decline, maintaining the industry’s leading position.

Looking ahead, the company is expected to continue to increase settlement in the fourth quarter. Based on the current settlement progress, the gradual settlement scale will be close to 27 million square meters. The gradual performance will help maintain a 20% growth rate.

In terms of sales, the company gradually realized sales of 4756 in the first three quarters.

1 ppm, an increase of 10 in ten years.

2%.

Under the pressure of the high base last year, the company can maintain double-digit growth this year, which is rare. Looking ahead, the company has ample resources to push and change the company’s push rhythm in the fourth quarter into the inertia push peak period, and the sales scale continues to lead.Maintain steady growth.

  The time of land acquisition is relatively sufficient, and the value of the goods is relatively abundant: the company’s overall land acquisition speed has shrunk this year, but the adjustment has been obvious, and the replenishment speed has increased significantly since the second half of the year.

2 billion, a decline of 12 per year.

1%, accounting for 40% of the sales amount.

3%, although the company’s land acquisition has shrunk, it has significantly increased the speed of layout of core cities. In addition, the company has also participated in large-scale old city reconstruction projects.

As of the end of September, the company’s total reserve scale reached 1.

600 million flats, of which about 5 have unopened reserves.

60,000 Ping, the value of goods reserves is relatively abundant, helping the company’s subsequent expansion.

With the increase of the company’s replenishment speed in the third quarter, the company’s leverage also increased, but it is still at a level within the industry, and the structure overlapping within the company is reasonable. Therefore, the company is relatively not affected in terms of industry financing adjustment.

  The multi-industry integration is vertical and horizontal, helping the company’s development.

For long-term rental apartments: As of the end of September, the company’s leased residential business has been reopened for about 9.

80,000; logistics and real estate: in the third quarter, the company acquired 4 new projects in logistics and warehousing services, with a total construction area (referring to the construction area of leaseable properties) of approximately 270,000 square meters.

As of the end of September, the total construction area of the logistics and warehousing service business was approximately 9.98 million square meters.

  Earnings forecast and investment rating: The company is expected to EPS3 in 2019-2020.

63 yuan and 4.

26 yuan, maintained to “Buy” rating.