Depth * Company * Vanke A (000002): Leading Steady and Still Diversified Business

In the first half of 2019, Vanke A achieved operating income of 1,393.

20,000 yuan, an increase of 31 in ten years.

5%; realize net profit attributable to shareholders of listed companies.

40,000 yuan, an increase of 29 in ten years.

8%; gross and net interest margins carried over are 36.

2% and 13.

8%, an increase of 1 over the same period last year.

8 and 1.

1 unit.

As an industry leader, Vanke has cultivated first-tier and second-tier cities in detail and has diversified business layouts. Its sales investment has grown steadily for a long period of time.

We predict that the company’s EPS for 2019-2021 will be 3.

61/4.

04/5.

05 yuan, corresponding to 19 years of PE7.

6x, maintain BUY rating.

Key points of the support level Revenue performance has increased simultaneously, and performance security has declined.

From January to June 2019, the company achieved operating income of 1,393.

20,000 yuan, an increase of 31 in ten years.

5%; net profit attributable to mother to 118.

40,000 yuan, an increase of 29 in ten years.

8%; gross and net interest margins carried over are 36.

2% and 13.

8%, an increase of 1 over the same period last year.

8 and 1.

1 single; implement ROE7.

35%, a year increase of 0.

59 uniforms.

The proportion of the company’s settlement amount equity decreased, and the minority shareholders’ equity surged to 69.

2%, we think it will be flat in the next few quarters.

The company achieved settlement income of 1,329 in the first six months.

900 million, an annual increase of 32.

2%; as the sales scale was higher than the settlement 杭州桑拿 scale, the outstanding amount sold amounted to 6,215.

5 trillion, an increase of 908 over the end of 18.

4 trillion, covering more than double the settlement amount in 18 years, fully guaranteeing future performance growth.

Sales have grown steadily, and investment strategies have tended to be cautious.

From January to June 2019, the company’s sales amount was 3,340.

0 billion, an average increase of 9 in half a year.

6%, sales area 2,150.1 Normal.

From January to June, the company acquired 54 new projects with a total planned construction area of 1,372.

80,000 countries, 69% of the equity, 88.

4% focus on first- and second-tier cities, and investment is relatively cautious.

At the end of the reporting period, the company had no total soil reserves1.

500 million cubic meters, 61% equity; saleable 杭州桑拿网 area 1.

1 billion cubic meters, corresponding to a saleable value of about 1.

70,000 yuan, covering 2018 sales 2.

8 times.

Completion actively promoted the speeding up of settlement and low financial health debt.

The company’s accumulated new construction area from January to June was 1,019.

4 General Motors, with a decline of 16% per year, and the rate of start to increase; the gradually completed area of 1,060 GM, an annual increase of 16%, accounting for 35% of the initial completion plan. It is expected that the completion in the second half of the year will accelerate and the settlement speed will increase simultaneously.

The company’s net debt ratio was 35 at the end of the reporting period.

0%, absolutely low in the industry.

As of the end of June, the company held 1,438 monetary funds.

700 million, short cash debt ratio of 2.

16. Debt repayment ability budget.

Diversified businesses develop together, and multiple industries lead the market.

In terms of diversified businesses, Vanke Property’s revenue for the first half of the year was 52.

80,000 yuan, an increase of 27 in ten years.

1%, actively expanding project resources and supplementing the project’s saturated income21.

64 ppm, an increase of 113 in ten years.

8%; long-term lease business has covered 35 cities, and gradually opened8.

20,000 rooms, with an average occupancy rate of 91% for mature projects; commercial real estate management area exceeding 1,360 for the whole population; 97% for mall occupancy; logistics and real estate business, has settled in 44 cities, acquired a wide range of 996 leaseable properties, mature projects for leaseThe rate is 92%.

It is estimated that based on the company’s sales and investment situation, we predict that the company’s EPS for 2019-2021 will be 3 respectively.

61/4.

04/5.

05 yuan, corresponding to 19 years of PE7.

6x, maintain BUY rating.

Main risks faced by ratings The sales scale of the real estate industry has expanded and financing has exceeded expectations.