Vanke A (000002) February sales review: steady sales growth and steady growth

1.

Event Vanke announced sales data for February 2019, and achieved sales of 431 in February.

90,000 yuan, an increase of 21 in ten years.

32%; sales area reached 246.

70,000 square meters, up 2 every year.

71%; the average sales price was 17,507.

09 yuan / square, earlier in January the average sales price increased by 2121.

51 yuan / square, an increase of 13.

79%, an increase of 18 from the previous 18 years.

12%.

From January to February 2019, the sales area was gradually increased to 564.

40,000 countries, the sales 杭州桑拿 amount reached 920.

700 million.

2.

Our Analysis and Judgment (I) Sales revenue has grown steadily and the base pressure has weakened. The growth rate has picked up. Vanke achieved a sales volume of 431 in February 2019.

90,000 yuan, an increase of 21 in ten years.

32%, down 11.

64%; sales area reached 246.

70,000 square meters, up 2 every year.

71%, down 22% from the previous month.

35%; average sales price of 17,507.

09 yuan / square, earlier in January the average sales price increased by 2121.

51 yuan / square, an increase of 13.

79%, an increase of 18 from the previous 18 years.

12%.

From January to February 2019, the sales area was gradually increased to 564.

40,000 countries, the sales amount reached 920.

700 million, ranking second in CRIC sales, second only to Country Garden.

Despite the downward pressure on the market, the core business is still stable and the subsequent sales momentum is considerable.

(2) Stable and rising land, concentrated in first-tier cities, investment remains cautious. In February, Vanke added 6 residential projects and 3 logistics real estate projects in Foshan, Fuzhou, Shenyang, and Ningbo.Projects account for 2/3.

Among them, the amount of land for residential projects is 138.

3.7 billion with a land area of 246.

70,000 countries; the amount of land for logistics real estate projects 3.

32 ppm, with a land area of 24.

550,000 countries, the total land price in February increased by 9 from the previous month.

34%, an increase of 17 per year.

68%, the total area of land taken down by 8 from the previous month.

55%, a decline of 15 per year.twenty three%.

The average floor price of new residential projects in February was 6,252.

9.8 billion, with the average land price accounting for 35% of the average monthly sales price.

72%, of which the floor price in Foshan and Fuzhou exceeds 10,000 yuan / flat; the logistics and real estate business continues to build the “Wanwei” brand and has a broad layout.

3.

Investment suggestion While the company continues to expand the development and sales business, it will rapidly deploy other long-term operating businesses through acquisitions and other methods, and it will be effective, making full preparations for the company to change from a developer to a comprehensive service provider at an appropriate time.

At present, the company’s development business has strong overall profitability, high turnover efficiency, reduced debt pressure, and abundant cash flow, which provides a good guarantee for performance growth.

We estimate that the company’s operating income for 2018-2020 will be 3482 trillion, 4178 trillion and 4864 trillion, respectively, and the total revenue will be 3 respectively.

59 yuan, 4.

66 yuan and 5.

02 yuan.

With reference to comparable company estimates, the company’s dynamic market surplus for 2018 resets8.

2 times, below the mean of 9.

2 times attractive.

The company has broad space for future development, and we continue to give a “recommended” rating.

4.

Risk Tips (1) If the real estate price drops 杭州桑拿网 significantly, it will reduce sales performance and affect the company’s profitability.

(2) If the financing environment deteriorates further, the company’s costs will increase and profits may be affected.