Zhonghua Enterprise (600675) Company Quarterly Review: First-quarter performance growth, growth, transformation, and efficiency gains

Zhonghua Enterprise (600675) Company Quarterly Review: First-quarter performance growth, growth, transformation, and efficiency gains

event.

The company announced the quarterly report for the first quarter of 2019.

In the first quarter of 2019, the company achieved operating income of 67.

700 million, an annual increase of 342.

5%; net profit attributable to shareholders of the listed company.

$ 100 million, a sharp increase of 227 previously.

97 times; achieve a fully diluted gain of 0.

26 yuan.

In the first quarter of 2019, driven by the increase in carry-over of property, the company’s revenue increased by 342.

At the same time, the gross profit margin of real estate carryover was higher, which increased the company’s net profit by 227.

97 times.

On April 26, 2019, the company announced that from January to March 2019, the company had 31 major development projects, one newly started project, one newly completed project, and no new project reserves.

In the first quarter of 2019, the company gradually realized contracted sales area7.

950,000 square meters, the contracted sales amount is 49.

300 million.

At the end of the first quarter of 2019, the company’s rental income1.

4.8 billion.

Investment Advice.

Transition to real estate development and integrated service providers, with a “continuous market” rating.

The company’s main business is real estate development and operation, and it has gradually transformed from a traditional real estate developer to a real estate development and comprehensive service provider.

Through the implementation of asset reorganization, the company solved the problem of interbank competition that has invaded the company for many years; through the introduction of China Resources Land Holdings, Ping An Real Estate as a strategic investor, optimized the company’s operation and management level and governance structure; by injecting high-quality assets, especially in ShanghaiReplenish company project reserves.

We expect the company’s EPS to be 0 in 2019 and 2020, respectively.

60 yuan and 0.

71 yuan.

We give the company a dynamic PE at November 14, 2019, corresponding 北京夜网 to a reasonable value range of 6.

60-8.

40 yuan, maintaining the company’s “preliminary market” rating.

Risk warning: The company faces two major risks of interest rate hikes and policy reductions.