Vanke A (000002) 2019 Interim Report Comments: Revenue and Performance Increase Rapidly and Pre-receipt Locks on to Continuously High Levels

19H1 revenue was + 32% ahead of schedule, performance growth was + 30%, gross profit margin and lock-in rate of advance receipts continued to be high. 19H1 companies achieved operating income of 1,393.

2 ‰, +31 a year.

5%; net profit to mother 118.

4 trillion, +29 a year.

8%; basic income 1.

06 yuan, +28 a year.

8%; settlement area is 846.

30,000 square meters, ten years +20.

7%; land settlement income 1,329.

9 trillion, +32 a year.

2%; settlement average price 1.

570,000 yuan, ten years +9.

5%; gross margin, net interest rate and net profit attributable to mothers are 36.

2%, 13.

8% and 8.

5%, +1 each year.

8pct, +1.

1 and -0.

1pct, the decrease in net profit attributable to mothers was mainly due to the significant increase in profit or loss of minority shareholders69.

2%; three fees cost 8 per second.

6%, -0 per year.

3cpt; investment income 13.

0 million yuan, +65 a year.

8%; for the first time since 2011, no impairment loss on assets has been accrued.

At the end of 19H1, the outstanding amount of 6,216 trillion had been sold, and it was +19 in ten years.

5%, covering 18 years of real estate settlement income2.

0 times, the highest level in the industry; unsold area of 44.04 million square meters sold, ten years +19.

2%; 5,673 trillion accounts received in advance, +9 in ten years.


19H1 sales were 334 billion, more than + 10%. Start-ups declined and completions increased steadily. However, maintaining the initial low growth plan, 19H1 companies achieved a contract value of 3,340.

0 ‰, +9 for ten years.

6%, the development business in 41 cities is scheduled to be among the top three in the region; the sales area is 2,150.

10,000 square meters, +5 for ten years.

6%; average selling price 1.

550,000 yuan, +3 a year.


19H1 company newly started 19.53 million square meters, 16% a year, accounting for 54% of the previous start plan (18H1 66%); 19 years plan to start 36.09 million square meters, a year -28%; 19H1 completed 10.6 million square meters, in the past + 16%It accounts for 35% of the initial completion plan (35% in 18H1); it is planned to complete 30.77 million square meters in 19 years, +11 over the same period.

6%, and it is clear that the early completion plan is unchanged; 19H1 settlement completion ratio is 79.8%, considering the restoration of the completion ratio of settlement in the future will promote the steady increase in settlement volume.

And comprehensively consider the completion plan of 19 years +11.

6%, 19H1 settlement average price +9.

5%, implied long-term revenue growth rate may be + 22%.

19H1 added 1,372 new land acquisitions.
Take care carefully, the value of goods is relatively abundant, the debt rate is at the lowest level in the industry, and the repayments have increased steadily.

80,000 square meters, 69% equity; according to the announcement, plus logistics land acquisition, 19H1 total land acquisition area of 1,445.

30,000 square meters, ten years -36.

1%; corresponding to the total land price of 961.

0 million yuan, at least -11.

0%, taking up 28% of diesel.

8%, taking land favorably.

At the end of 19H1, the company had not settled its total land bank 1.

500 million flats, 61% equity; saleable area 1.

100 million flats, according to 1.

50,000 yuan / flat extrapolation to obtain the saleable value1.

7 trillion, covering 18 years of sales2.

8 times.

At the end of 19H1, the asset-liability ratio was 85.

3%, ten years +0.

6pct; net debt ratio is only 36.

8%, +6 per year.

0pct, low in the industry; 19H1 interest rate capitalization ratio 35%, ten years +0.

5 points.

The report summarizes that the on-balance sheet sales receipts were 1,981 megabytes, +9 per year.


The diversified business has developed steadily. Property, long-term lease, commerce, logistics and other fields continue to lead the operating income of Vanke Property in 19H1 52.

800 million, previously + 27%; contracted revenue for new projects21.

600 million yuan, 114% per year, of which commercial-owned properties account for 38%.

19H1 leased residential business newly opened 101 projects, 2.

06 thousand rooms; as of 19H1, it covers 35 cities and gradually opens.

20,000 rooms; the average occupancy rate of mature projects is 91%.

At the end of 19H1, the total construction area of the company’s commercial projects under management exceeded 13.5 million square meters (of which 68% of the printing power was accounted for), and a few were second only to Wanda.

In 19H1, Wanwei Logistics acquired an area of 740,000 miles; at the end of the period, it has entered 44 cities and acquired 127 projects with a building area of 9.96 million square meters of leaseable properties.

Investment suggestion: Revenue and performance increase rapidly, advance income locks in at a high level, and maintain a “strong push” rating. Vanke, as the industry ‘s 30-year leader, is advocating high turnover in advance, leading the establishment of a three-tier management and control structure, laying out three major city clusters,Numerous talent plans, deepening small-stock trading models, and innovative business development are well-deserved pioneers. The results have also been reflected in the company’s high sales and performance growth over the past 10 years, and also reflected in industry-leading stable operations and financial

The company has also led the industry in sub-fields such as property services and commercial real estate. Future performance and estimated contributions are worth looking forward to.

We maintain the company’s EPS forecasts for 19-21 are 3 respectively.

66, 4.

41, 5.

30 yuan, maintain target price of 45 yuan, maintain “strong push” level.
Risk warning: The real estate market sales fell more than expected and the 成都桑拿网industry funds tightened more than expected.