Vanke A (000002) June 2019 sales data review: sales steadily picked up slightly on a high base

Vanke A (000002) June 2019 sales data review: sales steadily picked up slightly on a high base

Event: Vanke announced the company’s June sales data, and the company achieved a contract amount of 663 in June.

90,000 yuan, an increase of ten years.

2%; Achieved contracted area of 489.

30,000 square meters, an annual increase of 8.

8%.

From January to June, the company gradually realized the contracted amount of 3,339.

9 ‰, an increase of 9 in ten years.

6%; cumulative contracted area of 2,150.

10,000 square meters, an annual increase of 5.

6%; from January to June, the company newly added 1,636.

10,000 square meters, a year-on-year decrease of 33%; total land price is 1,007.

5 ‰, a decrease of 17 per year.

6%.

Opinion: The sales in June are stable, + 1% per year, stemming from the high base. The first- and second-line sales are good, and the subsequent sales flexibility can be expected to achieve the contracted amount of 663 in June.

900 million, an increase of 14.

5%, an increase of 1 per year.

2%; Achieved contracted area of 489.

30,000 square meters, an increase of 33.

7%, an annual increase of 8.

8%; the average selling price was 13,568 yuan / flat, down 14 from the previous month.

4%, a year down 7%.

From January to June, the company has realized a total of 3,339 contracted amounts.

10%, an increase of 9 per year.

6%, down from January to May 2.
.

3pct; 2,150 contracted area gradually realized.

10,000 square meters, an annual increase of 5.

6%; cumulative average selling price of 15,534 yuan / square meter, an annual increase of 3.

8%.

In June, the company’s sales were stable, lower than the mainstream monthly growth rate of 50 real estate companies, which was + 10% every month, mainly because the base last year was as high as 65.6 billion, which was the second highest level in 18 years.The second place on the list, second only to Country Garden, is that the subsequent sales flexibility in the first and second tier sales is good or worth looking forward to.

In June, the land acquisition focused on the first and second tiers and the surrounding metropolitan area, which slightly rebounded. The land acquisition amount accounted for 43% of the sales amount.In first and second tier cities and metropolitan areas.

In June, the company added 458 facets.

50,000 square meters, an increase of 91.

2%, 39% per year; corresponding to the total land price of 284.

500 million, an increase of 58.

3%, a decrease of 17 per year.

7%; the amount of land acquisition accounted for 42% of the sales amount.

9%, an increase of 0 from the previous month.
4%, compared with 50 in the previous year.
5% down 7.

6pct; average floor price is 6,205 yuan / sqm, down 17 from the previous month.

2%, an annual increase of 35%, the average land price is 45% of the average monthly sales price.

7%, a decrease of 0% from the previous month, compared with 36 the previous year.

6% increase by 9.

1pct.

From January to June, the company added 1,636 planned areas.

10,000 square meters, a year-on-year decrease of 33%; corresponding to a total land price of 1,007.

500 million, a decrease of 17 per year.

6%, taking up land accounted for 30% of diesel.

2%, compared with 50 in the previous year.

5% down 20.

3pct; the average floor price is 6,158 yuan / square meter, and it will increase by 23.

1%, taking the average price of land as the average selling price of 39.

6%.

At the average selling price 1.

550,000 yuan / flat growth company from January to June accumulatively added value of 25.41 million yuan, followed by sales of 334 billion yuan in the same period, land acquisition is still more cautious.

Investment suggestion: sales are stable under a high base, land has picked up slightly, maintaining 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, leading the establishment of threeLevel management structure, layout of three major urban agglomerations, implementation of a large number of talent plans, deepening small-stock trading models, and innovative business development are all well-deserved pioneers. The results have also been reflected in the company’s sales and performance in the past 10 years have both increased rapidly.It is also reflected in the industry-leading sound operation and financial indicators.

For the future, in the abnormal 杭州桑拿网 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 forecasts that the company’s estimated earnings for 2019-21 will be 3 respectively.

66, 4.

41, 5.

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

Risk warning: The adjustment policy of the real estate industry has tightened more than expected and the industry funds have improved less than expected.

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