2020 Apr 03 By admin 0 comment

Sunshine City (000671): Prudent Land Investment with Rapid Growth in Sales
The company announced the sales and land acquisition situation in October.In October, the sales amount reached 14 billion and 1.17 million square meters, respectively, which increased by 16.2%, 18.3% core point of view sales volume increased rapidly, the mainland and the Yangtze River Delta basic disk is stable.The company achieved sales of 1.4 million yuan in October 2019, a year-on-year increase of 16.2%, with a sales area of 1.17 million square meters, an annual increase of 18.3%.1?In October, the sales amount reached 1,642 trillion yuan, a year-on-year increase of 35.7%, sales area of 13.23 million square meters, an increase of 45 throughout the year.2%.The inland region and the Yangtze River Delta region each contributed 36.5% and 33.4% of the sales amount has become the main source of company sales.Judging from the gradual growth rate, the Yangtze River Delta region and the interior region are 51.4% and 40.9% ahead of the rest of the company.Viewed from a single month, the growth of the Greater Fujian region is obvious, with sales reaching 31 in October.700 million, an increase of 113 in ten years.8%. Land investment is prudent, and the balance between quality and speed of development is pursued.The company did not invest in land acquisition in October, reflecting the company’s current prudent investment, which is in line with the company’s current strategy of focusing on downsizing.1?四川耍耍网The land acquisition amount in October was 4.06 million yuan, and the investment intensity (land acquisition amount / sales amount) was 24.7%. The construction area of the newly added project is 10.13 million square meters, and the floor price is 4008 yuan / square meter.In October, the average sales price was 12,411 yuan / square meter, and the land price / house price was 0.32. Rejected profit margins are reserved for the future.The company’s cautiousness in land investment reflects the company’s shift from seeking high-speed development in the past to paying more attention to the balance between development quality and development speed. Financial forecasts and investment recommendations maintain a BUY rating with a target price of 9.04 yuan.We forecast the company EPS to be 1 in 2019-2021.13/1.41/1.83 yuan.The PE of the 武汉夜生活网 comparable company is estimated to be 8X in 2019, and we give the company a PE multiple of 8X in 2019, corresponding to a target price of 9.04 yuan. Risks suggest that sales in the real estate market have significantly exceeded expectations. The tightening of the real estate financing environment exceeded expectations.