Blu-ray Development (600466)： High-energy city expansion property listing soon
Blu-ray Development (600466): High-energy city expansion property listing soon
The core view of the October 15 performance preview shows that in the first three quarters, the company is expected to achieve net profit attributable to mothers21.6 ‰, previously + 77%; net profit after deduction is expected to be 20.8 megabytes, about 71% a year.The sustained and rapid growth in performance was mainly due to the increase in real estate settlement income and the manifestation of the scale effect of the national layout. The overall performance was in line with expectations.Maintain the company’s EPS for 2019-2021.13, 1.74, 2.Earnings forecast of RMB 09, maintain “Buy” rating. Performance continued to grow at a high 深圳spa会所 rate, and sales are expected to increase steadily in the first three quarters.600 million, previously + 77%.With the increase in the scale of land output and the appearance of the scale effect of the national layout, the first three quarters of performance have continued the high growth trend since the first half of the year, and the non-southwestern region is expected to continue to perform prominently.According to the data of Yihan, from January to September, the company achieved contracted sales of about 77 billion yuan, which is about 15% higher than the announced caliber of the same period last year.It is estimated that the saleable value in the fourth quarter is about 80 to 90 billion yuan. The sales growth rate is expected to rebound steadily, and it is likely to enter the 100 billion echelon. Proactive diversification and expansion of reserves, and the announcement of strengthening the operation of high-energy-level cities revealed that the company added 220 new land investments in January-August 2019.3 ‰, +22 a year.5%; new equity investment 167.3 ‰, +41 a year.9%; the average floor price of newly added soil storage is 3848 yuan / flat, and later +83.6%, to further strengthen the urban development energy level and the intensity of the national layout.In addition, the company’s announcement on September 25 is intended to be 17.Acquired 100% equity of Chongqing Huajingyu Company for a total consideration of US $ 800 million, and obtained Chongqing Liangjiang New District43.5 million high-quality soil storage, converted to a floor price of about 4,100 yuan / flat.Provide resources for sustainable sales growth through diversified investments. Property platform Hong Kong Stock Exchange is about to land, capital boosts high growth is expected. On October 8th, the Hong Kong Stock Exchange agreed in principle to the company’s property management platform Jiabao’s H-share main board listing application (prior to obtain the Hong Kong Stock Exchange’s final approval).According to the company’s semi-annual report and prospectus, Garbo has entered 69 cities across the country in the first half of the year, with more than 400 projects under management and a management area of 63.3 million square meters. Its business covers property management, consulting services, and community value-added.2016-2018 net profit compound growth rate 71.1%, the first half of 2019 net profit for ten years + 108% to 1.900 million.This time it is expected to raise funds13.77% of the $ 800 million (getting a growing middle price and assuming no over-allotment option) is used for the scale expansion of the property management business (50% residential property, 17% non-residential property, 10% property management related company), capitalHelp the concentrated delivery of blue-ray-doped own projects jointly support high growth expectations. Habitat Blu-ray led the expected development, maintaining a steady growth in sales and land acquisition for companies with a “buy” rating, a capital engine accelerating the development of the industry, and a high-performance growth driven by diversification to promote sustainability.In July, all five directors of the company completed the first investment exercise and strengthened the company’s development confidence.The listing of property platforms will increase market value and growth expectations.Maintain the company’s EPS for 2019-2021.13, 1.74, 2.09 yuan profit forecast.Refer to comparable companies for July 2019.PE estimates of 3 times, we think the company’s reasonable PE assessment level in 2019 is 7.5-8.5 times, target price 8.48-9.61 yuan (previous value was 7.91-8.59 yuan), maintain “Buy” rating. Risk reminders: the prosperity of the third- and fourth-tier markets is shrinking; the benefits of remote expansion need to be further tested; the risk of drug quality; the return period of 3D bioprinting replacement is shortened.