Blu-ray Development (600466): Achievement of Super Pre-Growth Growth

Blu-ray Development (600466): Achievement of Super Pre-Growth Growth
The performance exceeded the pre-annual increase, and the scale effect was obvious.The company achieved operating income of 278 in the first three quarters of 2019.810,000 yuan, an increase of 95 in ten years.27%; net profit attributable to mother is 25.350,000 yuan, an increase of 107 in ten years.83%, significantly higher than the expected growth rate of 77% in the pre-announcement announcement.The performance growth continued the excellent performance of the interim report, which was mainly contributed by the scale increase in the definition of large-scale real estate development projects, and the scale effect brought by the company’s national layout gradually became apparent.In terms of profit margins, a gross profit margin of 26 can be achieved.0%, 5 per year.6pct, net profit attributable to mother 9.1%, a year to raise 0.5 points. An advance payment 604 was recorded.370,000 yuan, an annual increase of 19%, covering 2 of the current revenue.17 times and 18 years of revenue 1.96 times, it is recognized that the settlement scale is abundant. The distribution of sales is more balanced, and land investment is targeted.In terms of sales, the company achieved sales of 715 in the first three quarters.200 million, 65% of the expected 110 billion target has been achieved, an increase of 6 in ten years.6%.The company’s six major sales regions are Chengdu, East China, Central China, Yunnan and Chongqing, Beijing, and South China, each contributing 18.9%, 23.2%, 27.9%, 8.9%, 11.1%, 10.0%, the regional contribution is more balanced, in which the Central China region increased significantly, it continued to increase by 157%.Achieved sales area of 784.30,000 countries, an annual growth rate of 31%.In terms of land acquisition, according to the company’s announcement statistics, the company’s land acquisition amount from January to August was 220.300 million, an annual increase of 23%.From 武漢夜生活網 the perspective of land acquisition, the company continued to consolidate and take a national development path, and targeted to increase the proportion of land acquisition in high-energy cities.In terms of investment, the company gradually started construction of 713 in the first three quarters.30,000 countries, increase by 5 every year.9%, with 244 completions.90,000 countries, increasing 68 each year.8%. Gerber went public successfully, increasing the company’s market value.The company’s property management platform, Jiabao Service, ranks 11th among the top 100 real estate companies in China, and is a leading property company in the Southwest.As of 2019H1, Gerber achieved revenue9.33 ‰, a 59% increase in ten years, net profit1.87 ‰, an increase of 108% in ten years, and a gross profit margin of 33.9%.The company has a 蘇州桑拿網 management area of 63.3 million countries, has been stationed in 69 cities, more than 400 projects under management, and 42 of the management area.9% comes from properties developed by Blu-ray Development, which has excellent outreach capabilities. After the listing, it raised funds to promote the company’s scale expansion.On October 18, Jiabao was successfully listed on the Hong Kong Stock Exchange, and Blu-ray’s indirect shareholding ratio was 67.48%, as of the latest close, Garbo’s market value is about 73.800 million yuan.At present, the corresponding dynamic PE is 16 times, and the estimated level is in a position among comparable Hong Kong stock property companies. It is estimated that there is potential for improvement in the future. Maintain company buy rating.It is expected that the EPS for 2019, 20 and 21 will be 1.13, 1.67, 2.23 yuan, the corresponding PE is 5.7, 3.9, 2.9 times. Risk warning: Financing environment continues to tighten, Midwest sales exceed expectations