Joy City (000031): 2019 results increased 14% -24% year-on-year
Highlights of the report Description On January 19, 2020, the company announced that it would realize net profit attributable to shareholders of listed companies in 201923.
500 million US dollars, an increase of about 69% -84% over the same period last year before restructuring, and about 14% -24% after reorganization.
Event comment: The net profit attributable to mothers will be about 23 in 2019.
500 million US dollars, an annual increase of about 14% -24%.
On January 19, 2020, the company announced that it would realize net profit attributable to shareholders of listed companies in 201923.
500 million US dollars, an increase of about 69% -84% compared with the same period last year before restructuring, and an increase of about 14% -24% compared with the same period last year.
The company achieved net profit attributable to shareholders in the first three quarters of 201924.
350,000 yuan, an increase of 47 in ten years.
08%, according to the performance forecast, it is estimated that the company’s performance in 2019Q4 is about -0.
85 to 1.
As of the first three quarters of 2019, the company’s accounts received in advance amounted to 317 trillion, which was 2 of its operating income in 2018.
25 times, 杭州夜网 effectively guarantee the release of settlement of later performance.
High sales growth, land acquisition is expected.
According to Kerr data, the company’s sales in 2019 will be about US $ 62 billion, a year-on-year increase of about 27%, and sales will maintain high growth.
In terms of land acquisition, the company will acquire a total land area of ?
?498 in 2019.
30,000 square meters, an increase of about 154% in ten years, taking the land price of 277.
850,000 yuan, an increase of 46% in ten years, the floor price of 5576 yuan / flat, a year-on-year decline of about 42%.
The company’s average land price fluctuated, and the expansion was related to the increase in the layout of third-tier cities. The reorganized company benefited from the use of the Joy City brand advantage to obtain large-scale high-quality soil storage.
?Risk capital is entered into the market to enhance capital strength.
Company announcement on January 2nd to 6.
73 yuan / share for non-public issuance of shares to Taiping Life Insurance Co., Ltd. and ICBC Credit Suisse Investment Management Co., Ltd.
6 billion shares (respectively issued 2.
8.3 billion shares and 7702.
550,000 shares, corresponding to a shareholding ratio of 6.
61% and 1.
80%), and raise matching funds24.
2.6 billion (corresponding to 19.
07 and 5.
1.8 billion), COFCO and its concerted parties Ming Yi’s shareholding interest was passively replaced to 69.
28%, Taiping Life Insurance holds 6.
61% equity is the second largest shareholder.
Actually raised funds after supplementary issuance expenses24.
0.2 million yuan, of which newly added registered capital3.
600,000 yuan, the balance of 20.
42 trillion was transferred to capital reserve, increasing the company’s total assets and net assets.
The non-public offering of shares was listed on January 6, 2020, and the lock-up period is 12 months from the listing date.
Investment suggestion: High sales growth, dated capital increase.
The company’s excellent investment promotion and operation have won high-quality reputation. The large-scale asset management model of commercial operations reduces capital precipitation, accelerates off-site replication, and ample reserves under construction to ensure subsequent rental income growth. Active residential development and sales, abundant soil reserves, and prominent land acquisition advantages; raise fundsThicken the company’s assets and strengthen its financial strength.
The company’s performance is expected to be 24 in 2019-2021.
8 trillion, 77% growth (unadjusted) / 15% / 16%, corresponding to a P / E of 11.
83 times, maintain “Buy” rating.
Risk Warning: 1.
The adjustment policy of the real estate business may have uncertainties or have an impact on the company’s operations.