Joy City (000031): Performance in line with expectations Active land acquisition expansion

Joy City (000031): Performance in line with expectations Active land acquisition expansion

The event company released its 2019 performance report, and the company expects to achieve a profit of about 23 for the full year.

500 million to 25.

500 million, an increase of 69% to 84% over the same period last year before restructuring, and an increase of 14% to 24% over the same period last year, achieving approximately 0 per share.

6 yuan to 0.

65 yuan.

The short-scored performance was in line with expectations, and the sales completed the intended goal.

The report’s preliminary rapid growth in company performance lies in the following: 1. The company issued shares in 2019 to purchase Joy City Real Estate Co., Ltd., and realized the consolidation of Joy City Real Estate, which is reflected in the company’s scale growth;The growth, meanwhile, the increase in sales profit margin, has driven the company’s performance growth.

At the end of the last three quarters, the company still had advance receipts of 31.7 billion. After merging, the company plans to open four more Joy City projects in 2020. We expect the company’s performance in 2020 to maintain internal elasticity.

In terms of sales, according to Kerer’s data, the company achieved an internal sales volume of US $ 62 billion, an increase of 13 years.

3%, has fulfilled the initial sales plan of 60 billion yuan. Looking forward to 2020, the company’s current land reserve is rich, and the layout resources are in the mainstream first- and second-tier core cities. We expect the company’s sales scale in 2020 to continue further on this yearincrease.
淡水桑拿网 Land acquisition expansion is positive, and fixed increase will help improve financing.

In terms of land acquisition, the company expects to add 22 new projects with a total capacity of 498.

30,000 square meters, corresponding to a total price of 275.

500 million, accounting for 44 of the expected sales.


From the perspective of city energy level, according to the caliber of building area, the proportion of second-tier cities is 51.

1%, third-tier cities accounted for 48.

9%, the company significantly increased the layout of second-tier cities, especially the company ‘s acquisition of the Caidian District project in Wuhan in the fourth quarter was only 2377 yuan / flat, reflecting the company ‘s strong resources and Joy City brand advantagesThe ability to take land and continue to provide redundant ammunition for the company’s development business growth.

In addition, the company successfully completed the refinancing at the end of 2019, and the company’s monetary funds and net assets were replenished, which obviously promoted the improvement of the company’s debt ratio.

The company dates a strategic investor, Taiping Life Insurance Company, fully grasps the meeting point of the real estate industry and the financial industry, uses the risk of risks to match the needs of commercial real estate heavy asset operations, and strives to create a “risk capital + commercial” business model, which will further consolidateThe company’s leading edge in commercial real estate.

Maintain BUY rating.

The company’s EPS for 2019-2021 is expected to be 0.



94 yuan, the current sustainable corresponding PE for 2019/2 020 is estimated to be 10 respectively.

7x / 9.