Vanke A (000002): First to return to the basic disk for invincible

Vanke A (000002): First to return to the basic disk for invincible

Performance summary: The company announced its annual report and achieved operating income of 2,976 in 2018.

8% ten percent, an increase of 22% per year.

6%; net profit attributable to mother is 337.

7 ppm, an increase of 20 in ten years.

4%; a dividend 杭州桑拿网 of 10 per 10 shares is proposed.

7 yuan (including tax).

The performance was basically in line with expectations, and the net interest rate rose steadily.

The company’s 2018 performance is equivalent to 95 as predicted by our Air Force.

6%, basically in line with expectations.

Real estate development business settlement gross margin increased 3.

9 up to 29.

7%, driving the company’s overall net interest rate to increase by 1.

2 up to 16.

6%.

Other factors affecting performance: 1) Minority shareholders’ equity increased 69.

2% to 155.

0 billion (and investment income from joint ventures is 62.

8 billion, an annual increase of 37.

4%); 2) RMB depreciation leads to exchange loss of approximately 13.

200 million; 3) The increase in financing scale leads to an increase in the index’s net expenditure 杭州夜网 178.

6% to 43.

400 million; 4) Withdrawal of inventory depreciation reserves affected performance by approximately 6.

0 billion.

In addition, the company has sold an outstanding amount of 5307 at the end of 2018.

10,000 yuan (+28.

1%).

The growth trend of real estate sales, land acquisition is still focused on the first and second tier.

The company completed sales of 6,069 in 2018.

5 billion (+14.

5%), the sales unit price of 15,000 yuan per square meter (equivalent to an increase in the settlement unit price of 15 in the same period.

7%), a growth rate of 45 compared to 2017.

3% obvious, market share decreased by 4.
.

1% (only 0 increase per year.

1 average).

The company paid more attention to the first and second lines, according to the amount of land acquisition equity in 2018 81.

4% of the newly added soil reserves are in the first and second tiers.

As of the end of 2018, the company’s equity in land storage (including old reforms) has reached approximately 9329.
40,000 countries (of which 26.
(7% is new in 2018).

The proportion of planned new construction and planned completion in 2019 increased by 20 respectively in 2018.

6% and 11.

6%, the company’s value distribution is still positive.

Property, long-term rental, commercial, logistics and other business performances are eye-catching.

The company’s non-residential business is large in scale, and most of them have a basis for spin-offs.

Vanke Property ranked first in the industry’s comprehensive industry for 9 consecutive years, with revenue of 98 in 2018.

100 million; “Bo Yu” long-term rental apartments covering 35 cities, gradually opening more than 60,000, is the largest centralized rental apartment in China; in terms of business, the company’s management area of 1,300 citizens); Wanwei Logistics has become the leading logistics service provider in China. In 2018, the number of new projects increased rapidly. At the end of the year, it entered 42 cities and acquired 124 logistics real estate projects. The leaseable construction area reached 971 general-purpose (about 50% ofProject in operation).

Profit forecast and rating.

The EPS is expected to be 3 in 2019-2021.

82 yuan, 4.

43 yuan, 5.

08 yuan, the corresponding PE is 7 respectively.

4X, 6.

4x and 5.

5X, considering that the company returned to the basic disk, the financial indicators are safe and stable, and the new business has the possibility of spin-off and valuation, the company is given a 9x valuation in 2019, corresponding to a target price of 34.

38 yuan, maintain “Buy” rating.

Risk warning: sales growth may be lower than expected, and the land synergy in the park may be persistent or weak.