New City Holdings (601155): The basic market is consolidated, and the performance is released.

New City Holdings (601155): The basic market is consolidated, and the performance is released.

Due to the settlement rhythm, the company’s revenue and profit were negative compared to the first quarter of 2018 and lower than expected.

The company achieved total operating income of 43 in 2019Q1.

300 million, a growth rate of -16.

4%, net profit attributable to mother 2.

100 million, a decade of growth -42.

6%, net of non-attributed net profit1.

700 million, the previous growth rate -52.


The company’s weaker-than-expected performance was initially due to the company’s settlement rhythm. The completion of the project in the first quarter resulted in a decrease in revenue and the settlement area in the first quarter.

0 million square meters, a decline of 15 in ten years.

6%, which is 2 of the pre-completion plan.

7% is not very forward-looking for expected revenue.

At the same time, investment income decreased by 77.29 million, mainly due to the decrease in the amount of settlement income of cooperation projects compared with last year.

2019-20 is the company’s expected project carry-over period, with a gross profit margin of 38 in 19Q1.

4%, an increase of 2pct compared to the same period last year, and high gross margin is still expected to be maintained.

The top 10 rankings are consolidated, and the layout of soil storage is concentrated in the metropolitan area.

In 2019Q1, the company gradually realized a contract amount of 467.

10,000 yuan, Kererui ranked ninth, with an annual increase of 23.

4%; Achieving a progressive contract area of 415.

30,000 square meters, an increase of 36 in ten years.


In 2019Q1, the company added a total of 640 new land reserves and construction area.

50,000 square meters, the average floor price is 3522 yuan / square meter, which is 31% of the average sales price.

Land acquisition cost / budget is still at the expected level.

At the end of 2018, the company’s soil storage was about 1.

100 million cubic meters (accumulated unresolved caliber), 41% / 59% of the first two / three / fourth lines divided by the energy level of the city, 50% / 5% / 17 divided by the Yangtze River Delta / Pearl River Delta / Bohai Rim / Midwest% / 28%.

Commercial real estate expanded at a high speed, and the results of the two-wheel drive strategy were realized.

The company’s Wuyue Plaza opened in 2018 and ranked second in the country.

Wuyue Plaza insists on refined management and service. It has realized the layout of 80 large and medium cities and 96 mixed-use projects. It has gradually opened 42 Wuyue Plazas with a total area of 390.

400,000 countries, an annual increase of 72.

25%, realizing rent and management fee income 21 in advance.

160,000 yuan, an increase of 107 in ten years.

44%, with an average occupancy rate of 98.


Exceeded the 2018 rent management fee income target (2 billion).

The company’s commercial management gross profit margin is stable at more than 65%. The steady growth of commercial management revenue is an excellent complement to cash flow. The commercial + residential two-wheel drive strategy is very effective.

The leverage ratio remained stable, and the certainty of performance was further enhanced.

The company’s asset-liability ratio excluding contractual debt was 85.4%, a slight increase of 0 from the end of 2018.

9pct, a decrease of 0 compared with the same period last year.

8 points.

Money funds in hand 433.

0 million yuan is due within one year of non-current debt and short-term loans3.

2 times, abundant short-term liquidity.

The three rates have increased, an increase of 4 over the same period last year.

2pc, sales expense ratio and management expense ratio increased by 2.

0pct and 4.

9 points to 8.

45% and 13.

52%, under the environment of loose financing this year, the financial expense ratio has dropped significantly1.

7pct to 0.


However, due to the rapid increase of the sales and management expense ratio, the overall expense ratio rose4.

6pct to 22.


2019Q1 contract debt + advance receipts totaled 1406.

10,000 yuan, an increase of 18 from the end of 2018.

6%, which is 2 of 2018 revenue.

6 times, the performance certainty is further enhanced.

Maintain Overweight rating and maintain profit forecast.

The results of the company’s commercial and residential two-wheel drive strategy gradually emerged. Soil storage is mainly distributed in the Yangtze River Delta, the Midwest, and the Bohai Rim. The land acquisition cost / average selling price continues to be low among leading real estate companies, which is conducive to the maintenance of high gross profit margins.

After entering the top ten camps, the company’s control is still easy, and its growth continues to shine.

Maintain Overweight rating and maintain profit forecast.
It is 成都桑拿网 estimated that the net profit attributable to the parent company for 2019-2021 will be 135.

4 ppm / 177.


500 million, net profit growth was 29.

0% / 31.

2% / 28.

7%, corresponding to EPS: 6.

00 yuan / 7.

87 yuan / 10.

13 yuan.

The current price corresponds to PE.

7X, 5.

1X, 3.