Vanke A (000002): Sales are stable

Vanke A (000002): Sales are stable

The event company 杭州桑拿 released May 2019 sales data. In May 2019, the company achieved a contracted sales area of 3.66 million square meters and a contracted sales amount of 579.

900 million; From January to May 2019, the company realized a cumulative contracted sales area of 1,660.

8 flat, contract sales amounted to 267.6 billion.

Brief comment on sales continued to be stable: In May 2019, the company achieved a contracted sales area of 3.66 million square meters, +30 per year.

85%; the contracted sales amount is 579.

9 trillion, ten years +35.

24%; From January to May 2019, the company gradually realized a contracted sales area of 1,660.

80,000 square meters, ten years +11.

95%, contracted sales amounted to 267.6 billion yuan, +4 in ten years.

74%.

The company’s sales elasticity rebounded in May, and compared with April, the rebound rate has become larger. From our high-frequency data, core cities continue to pick up, and first-hand housing in key cities continues to grow11.

67%, of which first-tier cities have fallen slightly in recent years, down 6.

37%, second-tier cities increased by 35 in ten years.

17%, third-tier cities grew 0 in ten years.

94%, looking to the future, the company is currently rich in saleable resources. The new start-up plan before 19 years has reached 36.09 million square meters. The excellent management ability since the company ‘s history has been fully demonstrated. The company can follow its own rhythm in the industry adjustment period and growth period.To achieve continuous growth, we believe that the company will continue to maintain the leading division and maintain scale growth in 19 years.

The expansion speed is Zhang Youchi: the company added 12 residential projects and 1 logistics real estate project in 12 cities including Guangzhou, Wenzhou, Kunshan, and Suzhou in May, increasing the floor area by 232.

60,000 square meters, a year -18.

50%, corresponding to the land premium of 124 to be paid.

3.8 billion yuan, the 苏州桑拿网 land price / sales amount to be paid is 21.

45%, structurally still focusing on first- and second-tier cities.

At present, the company has a reasonable debt structure and abundant funding channels. Under the environment of continued loose liquidity this year, the company, as a leading real estate enterprise, will fully benefit from the loose expansion of the credit market.

Investment Rating and Profit Forecast: As an industry pioneer, it has been innovating and disrupting for the past few years.

I believe that Vanke’s future growth path is clearer, and EPS3 is expected from 2019 to 2020.

63 yuan and 4.

26 yuan, maintain “Buy” rating.

Risk Warning: The real estate industry is subject to restrictions on the downlink and the restrictions are stronger than expected.