2020 Mar 21 By admin 0 comment

Greenland Holdings (600606): Diversified and In-depth Development
The company released its 18-year annual report and 19-year quarterly report. The company’s total operating income for the year 18 was 3484.26 ppm, an increase of 20 in ten years.07%; net profit attributable to mother 113.740,000 yuan, an increase of 25 in ten years.86%; EPS 杭州夜网 0.93 yuan; at the same time, it is planned to pay 3 yuan for every 10 shares, and the cash dividend ratio will reach 32.09%. The reasons for the company’s 18-year breakthrough in the company’s scale performance are: 1. The optimization of the project carry-over structure, the decline in the proportion of commercial enterprises, and the proportion of high-margin residential projects continued to increase to 75%; 2. The in-depth development of diversified industries and the scale brought by industrial synergyThe effect is significant. The sales market share increased again, and the completion and recovery at the end of the year ensured the future carry-over performance: In 18 years, the company continued to take advantage of the scale advantage of the leading real estate companies to achieve a contract sales amount of 387.5 billion US dollars, an increase of 26.4%, contracted sales area of 36.64 million square meters, an annual increase of 50.3%.At the same time the market share was 2 in 17 years.3% further increased to 2.6%, which shows the company’s reliable counter-cyclical ability under the background of pressure on the demand side of the industry. The core assets of Shanghai were acquired at a discount, the leverage was upgraded and then downgraded: The company seized the window period of the soil auction market, continued to implement the third and fourth lines, and corrected the land expansion strategy for acquiring a large number of new projects.In the first quarter of 18-19, the country added 51.43 million in equity, with an annual increase of 121%.We believe that the standardized land acquisition strategy combined with the standardized high-turnover high-speed rail project layout will provide a strong guarantee for the company to continue to reduce the level of resistance in the future and support the release of performance. Reorganization of the three major industrial groups to promote leapfrog development: The company reorganized and established three major industrial groups: infrastructure, commerce, hotel and tourism. Through the “three transformations”, the main real estate industry will achieve leapfrog development in the next three years. Earnings forecast and investment rating: We expect the company’s EPS in 19 and 20 to be 1, respectively.18 yuan, 1.46 yuan, maintaining the company’s “overweight” rating. Risk Warning: The real estate industry is subject to restrictions on the downlink and the restrictions are stronger than expected.