Vanke A (000002) July 2019 sales data review: steady growth in sales picked up significantly

Vanke A (000002) July 2019 sales data review: steady growth in sales picked up significantly

Event: Vanke announced the company’s sales data in July, and the company realized a contract amount of 481 in July.

9 ‰, an increase of 6 in ten years.

8%; Achieve contracted area of 313.

50,000 square meters, an annual increase of 2.

2%.

From January to July, the company gradually realized the contracted amount of 3,821.

8 ‰, an increase of 9 in ten years.

3%; 2,463 contracted areas were achieved.

60,000 square meters, an annual increase of 5.

2%; from January to July, the company added 2,038.

20,000 square meters, a decrease of 38 every year.

8%; total land price is 1,411.

0 billion, down 20 a year.

7%.

Opinion: The minimum budget in July increased by 7% and continued to grow. It is 南京夜生活网 expected that sales will continue to increase steadily under the background of the first and second lines. The company achieved a contract amount of 481 in July.

90,000 yuan, down 27.

4%, an annual increase of 6.

8%; Achieve contracted area of 313.

50,000 square meters, a decrease of 35.

9%, an annual increase of 2.

2%; the average selling price was RMB 15,372 / flat, an increase of 13 from the previous month.

3%, an increase of 4 per year.

5%.

From January to July, the company has accumulated a total of 3,821 contracts.

8% ten percent, an annual increase of 9.

3%, a decrease of 0 in the earlier 1-6 months.

4 points; cumulative contracted area of 2,463.

60,000 square meters, an annual increase of 5.

2%; cumulative average selling price of 15,513 yuan / square meter, an annual increase of 3.

9%.

In July, 杭州桑拿网 the company’s sales were stable, lower than the scheduled monthly growth rate of the mainstream 50 housing companies + 16%, mainly due to the high base last year, reaching 45.1 billion;Second only to Country Garden, the company’s follow-up sales are expected to grow steadily in the context of better first- and second-tier sales.

In July, the land acquisition picked up sharply, focusing on the first and second tiers and the metropolitan area. The amount of land acquisition accounted for 84% of the sales amount. In July, the company acquired 20 projects in Foshan, Zhuhai, Ningbo and other places in the land market.Cities and metropolitan areas.

In July the company added 402.

10,000 square meters, down 12 from the previous month.

3%, 54 per year.

7%; corresponding to the total land price of 403.

500 million, an increase of 41.

8%, a drop of 27 per year.5%; Land acquisition amount accounts for 83% of sales amount.

7%, an increase of 1% from the previous month and 50 from the previous year.

5% up 33.

3pct; the average floor price was 10,035 yuan / square meter, an increase of 61 from the previous month.

7%, an annual increase of 60.

1%, taking the average price of land as the average selling price of 65 that month.

3%, an increase of 0 from the previous month.

4%, compared with 36 in the previous year.

6% up 28.

7 points.

From January to July, the company added 2,038 planning areas.

20,000 square meters, a decrease of 38 every year.

8%; corresponding to the total land price of 1,411.

0 billion, down 20 a year.

7%, taking up land accounts for 36% of diesel.

9%, compared with 50 in the previous year.

5% down 13.

5pct; the average floor price is 6,923 yuan / square meter, which will increase by 29 in the future.

6%, taking the average price of land as the proportion of the average selling price of 44 in the year.

6%.

At the average selling price 1.

550,000 yuan / flat cash company from January to July to increase the value of 3159 megabytes, and then the sales amount of 3,822 trillion.

Investment suggestion: Sales should grow steadily, land acquisition will pick up significantly, and maintain a “strong push” rating. Vanke, as a leader in the industry for 30 years, is advocating high turnover in advance, exploring residential industrialization, focusing on small and medium-sized refined decoration products, and establishing a three-level control structureThe layout of the three major urban agglomerations, the implementation of a number of talent programs, the deepening of small-stock trading models, and the development of innovative business are all well-deserved pioneers. The results have also been achieved in the company’s sales and performance in the past 10 years have both increased.Achieved in the industry-leading sound operation and financial indicators.

For the future, in the abnormal cycle of the small real estate cycle, Vanke will continue to take land + increase the concentration of sales and continue to maintain its leading advantages. At the same time, the company is in property services, commercial real estate, logistics real estate, long-term rental apartments, pensionsSegments such as Golden Real Estate and Rail Property have also led the industry. Future performance and estimated contributions are worth looking forward to.

We maintain the company’s expected profit forecast for 2019-21 is 3 respectively.

66, 4.

41, 5.

30 yuan, maintain target price of 45 yuan, maintain “strong push” level.

Risk reminder: Tighter-than-expected tightening of real estate industry policies and tighter-than-expected tightening of industry financing policies.