Greenland Holdings (600606): Leverage drops during trials

Greenland Holdings (600606): Leverage drops during trials
Both economies of scale are moving forward steadily.On January 9, 2019, the company achieved a total operating income of 2,940.21 ppm, an increase of 26 per year.10%; Net profit attributable to mother is expected to be 118.1.3 billion, an annual increase of 32.83%; EPS 0.97 yuan.The reasons why the short-term company performance growth rate is higher than the scale growth rate are: 1. Realizing the gains from changes in fair value.600 million, a negative 8 in the same period last year.US $ 200 million, mainly due to 青岛夜网 the floating surplus generated by trading financial assets; 2. Realizing net investment income of 37.100 million, an annual increase of 46.6%. Sales fell, but receivables improved, and completion was enhanced to ensure future carryover.In the first three quarters of 19, the company achieved a contract sales amount of 2345.5.3 billion, a year-on-year decrease of 12%, and contracted sales area of 2117.10,000 square meters, a reduction of 13 per year.2%.However, the quality of receivables has improved significantly, gradually reaching 2045 trillion, and the repayment rate reached 87%, which can increase up to 5 goals.Pioneer achieved a new start of 3559.10,000 countries, an increase of 34 in ten years.0%, 1079 completed.10,000 square meters, an increase of 63 in ten years.5%, the growth gap between completion and new construction continued to narrow compared with the previous period.We expect to gradually expand the scale of construction since 17 years. In the future, the company’s completion growth rate will gradually increase, providing protection for carry-over scale and performance. At the time of the trial, the leverage was lowered, and the equipment was lightly upgraded.The company implemented a strategy of focusing on the third and fourth lines to narrow the land expansion strategy for acquiring a large number of new projects.In the first three quarters of 19, a total of 82 land projects were acquired, and 2,623 new equity sites were added.520,000 countries, a 36% reduction each year, the equity land price is 649 million, and the average floor price of soil storage is 2474 yuan / square meter.The low premium strategy on the land investment side combined with the diversification of financing channels drove the company’s net rejection rate down by 18.9% to 173%, short-term debt pressure fell by 13.1% to 109%.In September, S & P adjusted the company’s BB rating outlook from stable to stable.In line with our judgment that officials-oriented companies can rely on diversified financing channels and alternative financing costs in the context of state-owned enterprises, the future asset and liability structure will continue to be optimized and will be limited by the urgent impact of industry financing receipts. Earnings forecast and investment rating: We expect the company’s EPS in 19 and 20 to be 1, respectively.18 yuan, 1.41 yuan, maintaining the company’s “overweight” rating. Risk Warning: The real estate industry is subject to restrictions on the downlink and the restrictions are stronger than expected.