Poly Real Estate (600048) 2018 Annual Report Comments: Steady Growth in Revenue Performance and Continuous Optimization of Resource Structure

Highlights of the report The event described the company’s revenue in 1945 in 2018.

140,000 yuan, an increase of 32 in ten years.

66%; net profit attributable to mother was 189.

40,000 yuan, an increase of 20 in ten years.


Event commentary performance achieved steady growth and profitability continued to improve.

In 2018, the company achieved operating income of 1945.

140,000 yuan, an increase of 32 in ten years.

66%; net profit attributable to mother was 189.

40,000 yuan, an increase of 20 in ten years.


The steady growth in performance was mainly due to the continuous improvement of profitability: gross profit margin and net profit margin were 32 respectively.

48%, 13.

44%, of which gross profit margin increased by 1 compared with last year.

43 points.

In 2018, the company’s return on net assets (net of deductions) was 16.

63%, an annual increase of 0.

29 units.

As of the end of 2018, the company received advance funds of 2,997.

950,000 yuan, the ratio of funds received in advance / operating income 154.


The company’s settlement area in 2018 was 1518.

740,000 square meters, with a completed area of 22.17 million square meters and a settlement area / completed area of 68.

5%, before 89 in 2017.

The 1% drop was obvious, and the company’s subsequent performance was a deterministic replacement.

Sales grew steadily, and rich soil reserves supported future development.

In 2018, the company realized sales of commercial housing of 4,048.

170,000 yuan, an increase of 30 in ten years.


Achieved sales area of 2766.

110,000 square meters, an increase of 23 in ten years.


In terms of land acquisition: The company expanded 132 projects in 2018, with an added plot area of 31.16 million square meters, which is 114% of the annual contracted area.

As of the end of 2018, the company has a total of 103.9 million square meters of construction area and 91.54 million square meters of development area in 100 cities at home and abroad. The rich land reserve will help the company’s future performance.

The fund management ability is outstanding and the asset structure is stable.

In 2018, the company’s finances became stable.

1) In terms of receivables: the temporary 武汉夜网论坛 sales return rate remains above 85%, providing excessive operating cash flow protection.

2) In terms of financing: 32.6 billion equity financing instruments were gradually issued, and about 51 billion various types of direct debt financing instruments.3) In terms of debt: At the end of 2018, the company’s interest-based compensation scale was 263.7 billion yuan, of which direct financing accounted for over 15%, and the comprehensive cost of interest-resistant resistance was 5.

03%, with a 2017 increase of 0.

21 units, which remained stable overall.

Investment suggestion: Focus on first-tier and second-tier cities and maintain “Buy” rating.

The company insists on focusing on first- and second-tier cities and core city clusters.

The company’s performance in 2018 has achieved steady growth, with rich soil reserves 合肥夜网 and layout in the Pearl River Delta region, which aims to fully benefit from the rise of the Guangdong-Hong Kong-Macao Greater Bay Area.

It is expected that in 2019 and 2020, the EPS will be about 1.

89 yuan, 2.

27 yuan, corresponding to 7 for the current sustainable PE.

6 times, 6.

4x, maintain “Buy” rating.

Risk Warning: 1.

There may be some uncertainties in industry norms and policies; 2.

Macroeconomic fluctuations may have an impact on the company’s operations.

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