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Gemdale Group (600383) 2019 Interim Report Comments: Carry-over to support performance growth, start of construction, boost sales gradually (20190828)
Event Gemdale Group’s semi-annual report for 2019: From January to June 2019, Gemdale Group achieved operating income of 224.8.3 billion, up 48 every year.78%; realize net profit attributable to shareholders of listed companies.32 ppm, an increase of 51 in ten years.65%; basic 苏州桑拿网 income achieved in the first half.8 yuan, up 50 from the same period last year.94%. Comments: The increase in settlement income and the gross profit margin of the real estate business promoted the growth in performance. The main reason for the growth of the company’s performance growth was the increase in settlement area and income of real estate projects and the increase in gross profit margin of the real estate business.The total reported area of the company’s real estate settlement reached 136.880,000 square meters, an increase of 8.96%, the settlement income is 200.33 trillion, an increase of 54 over the same period last year.04%; gross profit margin of real estate business is 40.37%, an increase of 2 over the same period last year.13 units. The sales performance is considerable, and the planned start-up is significantly increased by the end of June 2019. The company gradually realized a contracted area of 428.100,000 square meters, an increase of 13 in ten years.97%, with a contracted amount of 855.70,000 yuan, an annual increase of 35.68%.Sales in the first and second tier cities accounted for the highest proportion, about 70%, and sales in deep-cultivated cities were narrow and stable.The company’s revised initial new construction area was approximately 12.35 million square meters, an increase of 50 earlier.79%, it is expected that the start of the acceleration of the probability will ensure a rapid growth in sales throughout the year. Deep ploughing of first-tier and second-tier cities, the company has a reasonable layout of land acquisition with additional land reserves. The total investment in first-tier and second-tier cities accounts for 14% and 63%, respectively.From January to June 2019, the company’s total land investment amounted to approximately 55.4 billion yuan, with a total additional land reserve of 6.75 million square meters.As of the first half of this year, the company has deployed in 54 cities across the country, with equity land reserves of about 25.5 million square meters, of which about 80% are in first- and second-tier cities, and the quality value is sufficient. Earnings forecast 返回码: 500 网站打不开?重查 predicts that the main business revenue for 2019-2021 will be 692.05, 872.67, 1091.2.7 billion, net profit is expected to reach 143.25, 169.72, 198.810,000 yuan, EPS is 2 respectively.21, 2.60 and 3.04 yuan.The corresponding PEs are 5.39, 4.58 and 3.93 times.Gemdale Group is given an “Overweight” rating. Risk warning: Land reserve policy exceeds expectations, economic growth is less than expected, etc.