New City Holdings (601155) December business review: steady growth in sales to maintain strength

New City Holdings (601155) December business review: steady growth in sales to maintain strength

Event: In December 2019, the company achieved sales of 242.

3.9 billion, an annual increase of 7.

6%; realized sales area of 244.

10,000 nations, a growth of 10 in ten years.

5%; Gradually in 2019, the company will gradually achieve sales of 2708.

1.0 billion, an annual increase of 22.

48%; the sales area of 2432 GM is gradually realized, with an annual increase of 34.

twenty one%.

  Opinion: Sales increase steadily.

In December 2019, the company achieved sales of 242.

3.9 billion, an annual increase of 7.

6%; realized sales area of 244.

10,000 nations, a growth of 10 in ten years.

5%; average sales price 9933.

6 yuan / square meter, which was previously reduced by 2.

7%.

In 2019, the company gradually realized sales of 2708.

1.0 billion, an increase of 22 in ten years.

48%; the sales area of 2432 GM is gradually realized, with an annual increase of 34.

21%; average sales price is 11134.

90,000 yuan / square meter, a decrease of 8 per year.

7%.

Initial sales increased steadily, and the scale of sales ranked eighth in the industry.

  In terms of settlement scale, the settlement area in 2019 is expected to be 10.91 million countries, and one year to 5.59 million countries in 2018, an increase of 95%.

  Take it steadily.

In December, 241 Universal land acquisition floor was added, and the land acquisition amount was 36.

800 million, accounting for 15% of sales.

2%.

For the entire year of 2019, 2903 land acquisitions were added.

In the 90,000 countries, 杭州夜生活网 the land acquisition amount was 791 trillion, accounting for 24% of the sales amount.

6%, the average floor price is 2724 yuan / square meter.

From the perspective of the split-line cities, the first and second-tier cities accounted for 51% of the substantial land acquisition amount, and the third- and fourth-tier cities accounted for 49%. Among them, the third- and fourth-tier cities are the Yangtze River Delta, and the Pearl River Delta has better fundamentals.

From the perspective of specific cities, the land acquisition amount is relatively high: Tianjin (8.

64%), Suzhou (7.

52%), Wuhan (6.

71%), Beijing (6.

26%), Changsha (4.

73%), Taizhou (3.95%), Changzhou (3.

86%), Shanghai (3.

86%).

  Wuyue Plaza is developing steadily.

As of the end of 2019, the company has a total leased area of 3.59 million, with an average lease rate of 99.

13%, realizing 41% of rental management fee income.

08 million yuan, an increase of 90% in ten years.

At present, most of them are in the state of unsecured freedom. In the future, they can consider operating property loans, etc., and more abundant financing channels for companies.

  Improved margins for financing.

On December 16, Xincheng Global, an overseas subsidiary of Xincheng Holdings, successfully issued 3.

500 million US dollars 2-year foreign debt, 5 times oversubscription, coupon rate 7.
.

5%.

Fitch, an international rating agency, and Standard & Poor’s lifted multiple observing entities in the Metro to replace the observing process, and readjusted the rating to “BB stable”.

  Investment suggestion: Xincheng Holdings adheres to the “dwelling + commercial” two-wheel drive, with steady sales growth and maintaining a certain degree of land grabbing.

We expect the company’s EPS to be 5 in 2019-2020.

63 yuan, 7.

91 yuan, according to the closing price on January 9, 2020, the corresponding PE is 6 respectively.

85 times and 4.

87 times, maintain “Buy” rating.

  Risk warning: Real estate sales are less than expected, and monetary policy continues to tighten.