Gemdale Group (600383) March 2019 sales data review: Sales continue to grow relatively positively

Gemdale Group (600383) March 2019 sales data review: Sales continue to grow relatively positively
Event: Gemdale Group announced March sales data, and the company achieved a contract amount of 162 in March.6 ppm, an increase of 21 in ten years.3%; Achieve contract area of 82.40,000 square meters, an annual increase of 3.8%.From January to March, the company gradually realized the contract amount of 338.20,000 yuan, an increase of 29 in ten years.5%; Achieve gradual contract area of 161.60,000 square meters, a year-on-year increase of 6%; from January to March, the company added 134 new construction areas.50,000 square meters, down by 1 every year.6%; total land price 118.300 million, down 1 year.2%. Opinion: Sales continued to grow steadily in March, + 21% per year, first-tier and second-tier layout + a large number of available sales to promote sales elasticity coefficient 3 companies to achieve a contracted amount of 162.600 million, 佛山桑拿网 an increase of 134.6%, a year-on-year increase of 21.3%; Achieve contract area of 82.40,000 square meters, an increase of 150.5%, an increase of 3 per year.8%; the average selling price of 19,733 yuan / flat, down 6 chain.3%, an increase of 16 per year.8%.From January to March, the company has realized a total of 338 contracted amounts.2 ten percent, an increase of 29 per year.5%, an increase of 8% from January to February.7pct; gradually realize the contract area of 161.60,000 square meters, a year-on-year increase of 6%; the gradual sales average price of 20,928 yuan / square meter, an annual increase of 22.2%.Since the company’s total soil reserves only increased by about 300 per year in 14-16, the current round began to replenish stocks vigorously in 2017H2, and the land acquisition amount accounted for 74% in the second half 北京夜生活网 of the year. Therefore, 18H1 started to accelerate, and 18H2 available for sale gradually accumulated.Acceleration has accelerated, and the company’s sales have continued to rise since September 18.Under the expectation of loosening the industry’s policy adjustment margins in 2019, the company’s adherence to first-tier and second-tier cities and active construction will result in a comparative advantage in terms of saleability and sales flexibility. In March, the amount of land acquisition accounted for 46% of the sales amount. The land acquisition was relatively active, focusing on the first-tier and second-tier cities. In March, the company acquired 7 projects in the land market in Hefei, Xi’an, Ningbo, Foshan, and Shenyang.The focus is still on first- and second-tier capital cities and metropolitan areas.In March, the company added 84.70,000 square meters, an increase of 152.5%, an annual increase of 11.2%; corresponding to the total land price of 75.100 million, an increase of 111.8%, an annual increase of 114.9%; Land acquisition amount accounts for 46% of sales amount.2%, a decrease of 0 from the previous month.1%, compared with 50 in the previous year.8% down 4.7pct; the average floor price is 8,866 yuan / square meter, a decrease of 16 from the previous month.1%, an annual increase of 93.3%, an increase of 7% over the previous year’s 9,529 yuan / square meter, and the average land price accounted for 44 of the average monthly sales price.9%, a decrease of 0 from the previous month.1%, compared with 51 the previous year.5% down 6.6 points.From January to March, the company added a total of 134 planned areas.50,000 square meters, down by 1 every year.6%; corresponding to the total land price of 118.300 million, down 1 year.2%, the proportion of land taken up diesel accounted for 35%, compared with 50 the previous year.8% down 15.8pct; average floor price of 8,795 yuan / square meter, an increase of 0 in ten years.4%, the average land price accounted for 42% of the average sales price in the year, compared with 51 the previous year.5% down 9.5 points.At the average selling price 2.30,000 yuan / flat annealing company in the first three months increased the value of 281.600 million, followed by sales of 338 in the same period.200000000. Investment suggestion: Sales continue to grow, land acquisition is relatively positive, and maintain a “strong push” rating. Gemdale Group, as one of the leading property developers, has a 30-year stable history and a high percentage of insurance capital holdings to demonstrate the past balanced development and high dividend dividend tradition.Point 1 or 2 line + 18-year low sales base + start of construction actively promotes abundant saleability, the company’s 19-year sales flexibility is better.At the end of 18H1, 89% of the unsettled area is on the first and second tiers. The advance receipts cover twice as much and replace high-priced projects in 16-17 years to ensure that the future settlement volume will rise.We maintain the company’s profit forecast for 2018-20 as 1.77, 2.22 and 2.65 yuan, corresponding to 19 years of PE only 6.4 times, TTM dividend yield is as high as 4.2%; and we believe that the company’s ability to release future results is still strong, according to the 19-year target PE 8 times, raise the target price to 17.76 yuan, maintaining the “strong push” level. Risk warning: The real estate market sales fell more than expected and the industry funds tightened more than expected.