Rongsheng Development (002146) In-depth Report: Sales Performance Continues to Increase Highly Satisfied Satisfied Estimated Cheap Investment Value Highlights

Rongsheng Development (002146) In-depth Report: Sales Performance Continues to Increase Highly Satisfied Satisfied Estimated Cheap Investment Value Highlights
Overall point of view: The company deeply cultivates the Beijing-Tianjin-Hebei region around the Bohai Sea, and continues to expand the layout of medium-sized cities in the Yangtze River Delta and surrounding areas of megacities.After 20 years of hard work 夜来香体验网 and development, it has grown into one of the second and third tier cities’ highly competitive alternative enterprises.At the same time, the diversified development path is gradually deepening. Focusing on the “3 + X” strategy of “big real estate”, “big health”, “big finance” and other business sectors, the company actively improves the performance of big operations and cultivates profit growth points.Since listing, sales and performance have achieved sustained and rapid growth.In 2018, 100 billion sales vows were fulfilled, and the industry consolidation was solid.At present, there are ample reserves and settlement resources and high performance guarantee in 2019.The company’s annual revenue for 2019/2020 is forecasted to be 2.25/2.7 yuan, the current sustainable corresponding PE is 4 respectively.2/3.5 times, estimated to be cheap; the company’s current dividend yield is about 4.8% is also relatively attractive, giving a “recommended” rating, and recommends active attention. Sales and performance continued to grow rapidly with outstanding growth.The company’s long-term performance has maintained sustained and rapid growth, leading the industry.From 2011 to 2017, the six-year compound productivity reached 26.3%; the six-year compound average of attributable net profit amounts to 24.7%.Operating income increased by 45 in 2018.64%; Attributable net profit increased by 31.31%; performance continued to grow rapidly.As of the end of the first quarter of 2019, advances on accounts were as high as 918.56 billion, which is 1 settlement in 2018.6 times, high performance guarantee.The scale of sales reached has also continued to increase rapidly.In 2011, the sales area was 1.81 million square meters and the sales amount was 113 billion yuan. By 2018, the contracted sales area was 9.83 million square meters, which was 5 in 2011.4 times; the contracted sales amount was 101.5 billion yuan, and the promise of 100 billion yuan was fulfilled, which is also about 9 times the overall sales amount in 2011. Regional positioning is constantly improving and land reserves are abundant.The company has basically formed a “two horizontal, two vertical, three accumulation” project layout.As of the end of 2018, Rongsheng Development had a land bank of 3613.540,000 square meters, which is 4 times the area started in 2018, and also about 3 of the expected sales.6 times, the land reserve can meet the development needs of the company. The company’s cheap valuation attracts dividends.The company is currently estimated to be cheap, while yields are relatively attractive, and it remains safe.Take 2018 EPS1.Estimated at 74 yuan, the current sustainable corresponding PE is about 5.4 times; forecast EPS in 2019 is about 2.25 yuan; corresponding to the current sustainable PE of about 4.2 times, which is lower than the overall PE level of the industry.Since listing, the average dividend rate has reached 19.13%.In recent years, the dividend payment rate has also increased significantly, and investors are actively rewarded.The 2018 annual report shows that it intends to distribute cash deposits to every shareholder for every 10 shares4.50 yuan (including tax), corresponding to the current highest dividend yield of about 4.8%, with some appeal. risk warning.Lower than expected sales, policy tightening