Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Event: On January 8th, Poly Real Estate announced December sales data, and in December it achieved a contracted amount of 421.

3 ‰, +15 per year.

4%; Achieve contract area 304.

30,000 square meters, +2 per year.


Another 694 was built in December.

60,000 square meters, +497 throughout the year.

9%; total land price 380.

0 million yuan, +839 a year.


Opinion: December sales of 42.1 billion, + 15% per year, annual sales of 461.9 billion, ten years + 14%, a steady increase in December, the company’s sales amount of 421.

300 million, +29.

6%, +15 per year.

4%, +18 from last month.

4pct; sales area 304.

30,000 square meters, +25.

7%, +2 per year.

5%, up from -1 last month.

2pct, slightly lower than the 45 cities in our middle school tracking the transaction area in December at least +3.

3%; average selling price of 13,847 yuan / square meter, +3 chain.

1%, ten years +12.


In 2019, the company’s total sales amount was 4,618.

500 million, ten years +14.

1%; cumulative sales area is 3,123.

10,000 square meters, previously +12.

9%; the cumulative average selling price was 14,788 yuan / square meter, an increase of 1 over the previous 18 years.


In 19 years, the company’s sales continued to increase steadily. At the same time, considering the company’s abundant land reserves, at the end of the year, the land acquisition actively turned to jointly ensure that there are plenty of resources available for sale in 20 years.Against the background of relatively stable markets, sales are expected to continue to increase steadily for 20 years.

In December, the company acquired 28% of land + 839% in 19 cities, including Guangzhou, Wuhan, Nanjing, Chengdu, Dongguan, Zhongshan, and Qingdao.
One project corresponds to the supplementary surface 694.

60,000 square meters, +113 chain.

1%, ten years +497.

9%, of which 68 are new equity.

9%; corresponding to the total land price of 380.

0 billion, +315.

8% per year +839.

4%, taking 90% of the land.
2%, an increase of 62 from the previous month.

The average floor price is 5,471 yuan / square meter, which is +95.

2%, the average land price in early 18 years -12.


In December, the company continued to focus on the nation’s balanced layout.

In 1991, the company obtained 127 new projects in the land market, and added 2,681 all-round constructions, each time -12.

9%; corresponding to a total land price of 155.3 billion yuan, a year-19.

0%; the average floor price is 5,791 yuan / square meter, -7 per year.

0%; the proportion of land area rights is 72.

1%, +4 from 18 years earlier.

8pct; Take up 33% of the land.

6%, 18-18 years earlier.

7pct, although the land acquisition is relatively cautious, the land acquisition attitude has obviously turned positive since November, and the proportion of land acquisition rights has been increasing.

Investment suggestion: Sales keep increasing steadily, 南京夜网 sprinting at the end of the year, and re-emphasizing the “strong push” rating. The company’s active transformation started in 16 years. In terms of goals, chairman Song Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of central enterprises;In 17, launched a vigorous follow-up investment plan to lead the highest level of state-owned enterprises to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of Poly Real Estate’s equity has also made breakthrough progress, highlighting the advantages of resource integration; 16-19 yearsThe company actively acquires land and focuses on the first and second tiers and urban areas. The optimization of the structure of land acquisition and the steady decline in costs mean that the company’s sales have continued to increase rapidly. The current performance has entered a bumper period.

In addition, the listing of Poly Real Estate’s Hong Kong stocks is beneficial to the company’s assessment.

In view of the company ‘s 19-year performance release beyond expectations and rich advances, we raised the company’s 2019-21 earnings to 2.

23, 2.

67, 3.

08 yuan (the original value is 2.

06, 2.

47, 3.

00 yuan), corresponding to the PE of 19-20 is 7.

0 and 5.

8 times, 18A, 19E dividend yields reached 3 respectively.

2% and 4.

5%, maintain target price of 20.

62 yuan, “strong push” level again.

Risk warning: The real estate industry’s policies have tightened more than expected and industry funds have tightened more than expected.