Overseas Chinese Town A (000069)

Overseas Chinese Town A (000069)

The report reads that the company achieved operating income of 176 in the first half of the year.

54 ppm, an increase of 19 in ten years.

95%; net profit attributable to shareholders of listed companies is 28.

10,000 yuan, an increase of 39 in ten years.

52%; net profit attributable to shareholders of listed companies after deduction of 26.

5.7 billion, an increase of 45 in ten years.

3%; basic profit income is 0.

34 yuan, an annual increase of 39.


Key points of investment: The settlement of high-profit projects accelerated, and the growth of performance increased slightly faster than expected. Preliminary: 1. The settlement of high-priced projects in the first half of the year exceeded expectations, and the settlement income of real estate business in the first half of 2019 was 121.

2.6 billion, an annual increase of 22.

53%, gross margin reached 80.

57%, gross profit ratio increased by 13.

86 averages, real estate business contributed 杭州桑拿网 79 gross profit.

0.3 billion, an increase of 39 in ten years.

3%; 2. External projects in the scope of the consolidated statement entered the settlement period, contributing slightly more than expected investment income, accounting for the minority shareholders ‘non-consolidated project settlement, and contributing to the rapid growth of investment income.2.

9.4 billion, an annual increase of 206%.

The sales of unsettled projects accelerated, and the actual sales of replenishing soil storage companies increased as much as possible. Under the company’s strategy of strengthening project turnover, project launches, sales, repayments, and most growth before last year.

Funds received in advance for the first half of 2019 were 582.

7.6 billion, an increase of 47 in ten years.


Operating cash inflows in the first 苏州夜网论坛 half of 556.

53 billion, a previous sharp increase of 88.


The advantage of counter-cyclical land acquisition is obvious, and the profitability of the land is large.In addition to the sales price of new houses, the average floor price of most projects is much lower than the average local new house price. Most of the land price-to-price ratios guarantee the company’s profitability of supplementary projects.

Earnings forecast and forecast It is estimated that the company will realize a net profit attributable to the parent company 128 from 2019 to 2021.

8.7 billion, 152.

7.7 billion and 186.

18 billion, an increase of 21 each year.

68%, 18.

55% and 21.


The company currently revalues the net asset discount by about 53%.

Under the current equity, the EPS is expected to be 1 from 2019 to 2021.


86, 2.

27, the current expected PE is 4.
33 times, 3.
65 times, 3 times, think the company’s high-quality asset reserves, maintain “Buy” rating.

Risk Warning: 1.

Real estate policy tightened more than expected; 2.

Tighter financing policies than expected.