Vanke A (000002): Sales growth replaces land acquisition and focuses on metropolitan area

Vanke A (000002): Sales growth replaces land acquisition and focuses on metropolitan area

The main points of the report describe the company’s sales area of 489 in June.

30,000 square meters, an increase of 8 in ten years.

8%; realized sales amount of 663.

10%, 9% increase every year.

twenty one?
The cumulative sales area in June was 2,150.

10,000 square meters, an increase of 5 in ten years.

6%; realized sales amount of 33杭州夜网论坛40.

0 ppm, an increase of 9 in ten years.

6%.

Event Comment: Sales area growth rate forecast in June.

Vanke achieved sales of approximately 663 in June.

90,000 yuan, an increase of ten years.

2%; sales area is 489.

30,000 square meters, an increase of 8 in ten years.

8%; the average selling price for the month was 13,568 yuan / square, down 14.
.

36%.

In the first half of the year, the sales amount was about 3340.

0 ppm, an increase of 9 in ten years.

6%; cumulative sales area is 2150.

10,000 square meters, an increase of 5 in ten years.

6%.

The company’s sales area growth rate in June narrowed significantly to 8.

8%, the average sales price range broke through, and sales were under pressure.

The decrease in land acquisition area in June expanded month-on-month, and land acquisition in the first half of the year was cautious.

The company took about 458 to build land in June.

50,000 square meters, a decline of about 36 in ten years.

8%; in the first half of the year, about 1563 of land was gradually built.

60,000 square meters, down about 29 a year.

9%.

In terms of land price, the company’s total land price in June was about 284.

500 million, a decline of about 16 a year.

6%; the total price of land in the first half of the year is about 993.

7 trillion, down about 15 a year.

6%.

In terms of land acquisition intensity, the company gradually acquired land area / cumulative sales area ratio of 72.

7% (compared with 109 last year).
6%).

On the whole, the company tended to be cautious in acquiring land in the first half of the year, increasing the intensity of land acquisition and attenuation.
Focusing on land acquisition in urban areas, the cost of land acquisition has increased year by year.

The company’s total construction area in June was approximately 458.

50 thousand square meters, of which about 34 in first-tier cities.

50,000 Ping (Guangzhou project, accounting for 7.

52%), second-tier cities are about 376.

40,000 square meters (occupies 82.

09%), and 47 in third-tier cities.

60,000 square meters (proportion 10).

38%), the company’s land acquisition is still dominated by metropolitan areas.

In terms of land acquisition costs, the company gradually obtained land and floor prices of approximately 6355 yuan / square in the first half of the year, an increase of 20.

48%, or related to the increase in land acquisition in first-tier cities this year, resulting in higher land prices.

The leading operation is stable and the configuration value is prominent.

The company’s broad research and judgment capabilities at the strategic scale will enable it to flexibly respond to market changes and conduct business transformation in the short to medium term, and it is expected to open up new growth space in the context of rapid industry growth.

The company strengthened the control of sales and financing on the tactical framework, stabilized the basic development of residential development and obtained alpha benefits that surpassed those of its peers.

We forecast the company’s EPS for 2019-2021.

64, 4.

37佛山桑拿网, 5.

24 yuan, the growth rate is 20%, 19%, 19%, the corresponding PE is 7 respectively.

77x, 6.

47x, 5.

40x; Maintain Buy rating.

Risk Warning: 1.

Macroeconomic changes and industry adjustment policies store certain uncertainties or have an impact on the company’s operations; 2.

Changes in the liquidity environment may have a certain impact on the company’s performance.