Overseas Chinese Town A (000069): Sales growth continues to release capacity expansion and strengthen performance potential

Overseas Chinese Town A (000069): Sales growth continues to release capacity expansion and strengthen performance potential

The performance is in line with expectations, and the area model advantage is obvious. The company achieved revenue of 298 in the first three quarters of 2019.

600 million, +21 a year.

6%; net profit attributable to mother is 60.

0 billion, +17 a year.

8%; net profit after deduction is 49.

6 trillion, +2 for ten years.

4%, the overall performance is in line with expectations.

The company’s area development model has obvious profit advantages in terms of resource acquisition costs and product premiums, and its comprehensive gross profit margin continues to lead the industry.

Taking into account the abundant carryover resources, 武汉夜生活网 the EPS for 2019-2021 is maintained at 1.

62, 2.

03, 2.

53 yuan profit forecast, maintain “Buy” rating.

The increase of minority shareholders caused signs of performance growth, resource endowment maintained a high gross profit margin, cultural tourism, and the expansion of the two major real estate industries led to further growth in revenue in the first three quarters to 21.

6%, with a combined gross margin of ten years +1.

7 points to 62.

6%, the resource endowment superimposed area development model maintains the industry’s leading gross profit margin.

The reason why the company’s net profit attributable to mothers is lower than the growth rate of operating income is that the proportion of equity has decreased, and the loss of minority shareholders totals +184.

4% to 8.

300 million, accounting for a net profit of +10 for ten years.

7pct to 12.


In addition, the company is still accelerating the weekly transformation of high-quality resources through equity transfer. The net investment income in the first three quarters increased by +437.

4% to 27.

700 million.

Operating cash flow has improved markedly, and resource reserves have enhanced performance potential. In the first three quarters, the company sold goods and provided labor services with a total cash receipt of +65.

8% to 599.

3 trillion, strong sales driven net cash flow from operating activities -206 in the same period last year.

900 million narrowed to -37.

0 billion.

At the end of the reporting period, “accounts received in advance + contract debts” +80.

0% to 726.

800 million, the coverage rate of 2018 revenue increased to 151%, and high-quality resources to be carried forward continued to strengthen performance to realize potential.

The first three quarters supplemented the soil storage area of 799.

50 thousand flats, 520 new equity facets.

90,000 ping, purchase goods, receive labor service +21 twice in cash.

3% to 419.

3 trillion, the inventory at the end of the reporting period is +58 for ten years.

1% to 2073.70,000 yuan, the expansion of investment intensity led to a net debt ratio +18.

3pct to 102.

6%, the coefficient rate is generally controllable, and the anti-cyclical advantage of the comprehensive development model is gradually emerging.

Re-elected as one of the top four theme park groups in the world.

The semi-annual report shows that the company currently has a total of 19 attractions, open leisure tourism areas, resorts and independently operated performing arts projects, and 24 hotels and 1 travel agency.

From August 23 to 27, the State Council successively issued “Opinions on Further Stimulating the Potential of Cultural and Tourism Consumption”, “Opinions on Accelerating the Development of Circulation and Promoting Commercial Consumption”, encouraging cultural tourism consumption, stabilizing consumption expectations and boosting consumer confidenceWith the gradual and friendly policy environment for cultural tourism, the company’s cultural tourism business is expected to usher in a new round of accelerated development.

The “Cultural Tourism + Real Estate” area model has passed through the cycle, maintaining the “Buy” rating company’s unique “Cultural Tourism + Real Estate” model to continue to improve the profitability of the space, resulting in the industrial ecology and the relative comparative advantages of financing based on the central enterprise background. We are optimisticThe remote development efficiency and space of the area development model, and the policy environment that stimulates consumption, such as the new round of rapid development of the tourism industry.

The EPS for 2019-2021 is maintained at 1.

62, 2.

03, 2.

53 yuan profit forecast.

Reference comparable companies averaged 6 in 2019.

7 times PE evaluation, given to the company in May 2019.


0 times PE estimate, target price 8.


72 yuan, maintain “Buy” rating.

Risk warning: The cultural tourism project is facing competition from global theme park brands; the recovery of key first- and second-tier cities is uncertain.