Sunshine City (000671): The sales scale stands on a new stage and the investment equity layout is double optimized

Sunshine City (000671): The sales scale stands on a new stage and the investment equity layout is double optimized

Sunshine City (000671): The sales scale stands on a new stage and the investment equity layout is double optimized
The event company announced the sales and land acquisition from January to December. 南京桑拿网 In 2019, the cumulative sales amount has reached 2110.300 million, 1,713.30,000 countries, an increase of 29 in ten years.6%, 35.3%.The investment amount in December was 154.5 ‰, an increase of 316 per year.1%, equity consideration of 91.700 million, an increase of 664 every year.5%. Core point of view Sales have continued to grow, and the scale has reached a new level of 200 billion yuan.The company achieved a budget of 2110 in 2019.3 ten percent, an increase of 29 per year.6%; realized sales area of 1713.30,000 square meters, an annual increase of 35.3%. Among them, the monthly sales amount in December was 291.100 million, down 2 a year.2%, an increase of 64% from the previous quarter. Sunshine City exceeded the 200 billion mark for the first time this year. In the 2019 real estate company sales ranking released by 西安耍耍网 Kerer, Sunshine City ranked 13th, and the growth momentum was stable and good, prompting the continued attack on the first echelon. The investment scale and equity both rebounded, and the urban layout was further optimized.The cumulative investment amount in 2019 is 594.200 million, an increase of 50 every year.7%, investment area is 1245.2 In general, the average floor price is 4772 yuan / square meter.With fewer opportunities in the auction market, the company expanded mergers and acquisitions and gained project strength to acquire more high-quality soil reserves.Initially replenish the proportion of soil reserves that were acquired through mergers and acquisitions.4%.The company’s investment intensity in 2019 (land acquisition amount / sales amount) is 28.2%, an increase of 4 units over last year, and investment is relatively stable.At the same time, the company’s investment equity ratio increased from 63% in 2018 to 73% in 2019. The equity ratio is higher, which guarantees that it will have more income in the future.This year, the company’s investment ratio in first-tier and second-tier cities increased from 45% to 64%, and the third-tier and fourth-tier ratios were reduced from 55% to 36%, which reduced risks and achieved necessary guarantees for future performance. Financial forecasts and investment recommendations maintain a BUY rating with a target price of 9.04 yuan.We forecast the company EPS to be 1 in 2019-2021.13/1.41/1.83 yuan.The PE of the comparable company is estimated to be 8X in 2019, and we give the company a PE multiple of 8X in 2019, corresponding to a target price of 9.04 yuan. Risks suggest that sales in the real estate market have significantly exceeded expectations. The tightening of the real estate financing environment exceeded expectations.