Huaxia Happiness (600340) 2018 Annual Report Review: Ping An’s Ideal 南京桑拿网 Growth in Growth and Shares Improve Quality
Investment highlights: Event: Huaxia Happiness (600340) published its 2018 annual report showing that it achieved operating income of 837.
99 ppm, an increase of 40 in ten years.
52%; net profit attributable to shareholders of listed companies 117.
46 ppm, an increase of 32 in ten years.
88%; basic profit income 3.
Comment: The growth of settlement performance in 2018 was in line with expectations.
In 2018, the company’s main business achieved steady and rapid growth, and achieved operating income of 837.
9.9 billion, an increase of 40 over the previous year.
52%; realize net profit attributable to shareholders of listed companies.
4.6 billion, an increase of 32 over the previous year.
Basic income 3.
79 yuan, the performance is in 西安耍耍网 line with expectations.
The company plans to distribute a cash dividend of 12 to every 10 shares for all shareholders.
00 yuan (including tax).
As of the end of the reporting period, the company’s total assets were 4,097.
12 ppm, net assets attributable to shareholders of listed companies 437.
7.6 billion, up 9% and 17 respectively.
The relatively stable sales cost control ability was improved.
The company achieved a profit of 1627 in 2018.
61 ppm, an increase of 6 over the same period last year.
93%, of which, the settlement income of the Industrial Park was 310.
39 trillion US dollars, the real estate business contracted amount of 1292.
68 ppm, other businesses (property, hotel) such as 24.
The company signed a contract to sell a total of 1502.
850,000 square meters; the planned construction area of reserve development land at the end of the period is approximately 9.17 million square meters, and the unsold area under construction is approximately 4.81 million square meters.
During the year, the company also vigorously optimized its organizational structure, reducing fees and increasing efficiency, and the company’s sales expenses as a percentage of the company’s operating income decreased by one.
For one unit, the ratio of management expenses to the company’s operating income decreased by three units, and the company’s operating quality continued to improve.
The layout focuses on the core metropolitan area.
The company has deployed 15 core metropolitan areas throughout the country, forming a strategic layout of “3 + 3 + 4”.
The company continues to intensively cultivate the Beijing-Tianjin-Hebei metropolitan area, densely distribute the Yangtze River Delta (Nanjing, Hangzhou, Hefei) metropolitan area, and quickly deploy the three high-energy core metropolitan areas of the Guangdong-Hong Kong-Macao metropolitan area.Three high-potential core metropolitan areas, and four potential core metropolitan areas in Changsha Metropolitan Area, Xi’an Metropolitan Area, Guiyang Metropolitan Area and Shenyang Metropolitan Area.
The 18 new industrial cities originally added were all outside Beijing, mainly located in Hangzhou, Hangzhou, Zhengzhou, Hefei, Wuhan, and Guangzhou.
As of the end of the reporting period, 77 new industrial cities were gradually established.
Excellent site selection ability has become the moat of Huaxia Happiness Operation Industry New City.
The financing environment and capabilities have been continuously improved.The company’s excellent and stable operation and the excellence of its business model have formed smooth and diversified financing channels and enhanced financing capabilities.
During the year, we made full use of the territorial bond market, continued to develop overseas bond markets, and issued various types of bond products, including US $ 12 billion in public placement bonds and 46 in private placement.
US $ 100 million, short-term financing bonds of US $ 5 billion, and the company issued a total of 13 long-term.
US $ 700 million overseas bonds; bank credit holdings are high. At the end of the year, a total of 3683 trillion bank credits were granted, 605 trillion has been used, and the remaining balance was 3078 trillion.
With the development of the company’s strategic cooperation with Ping An, the company’s financing environment and financing structure have improved.
Period-end asset and securities trading 86.
65%, an increase of 5 from the end of 2017.
55 shares per share; after deducting the advance payment, the compensation is 53%, and the negative level is appropriate.
Starting from the fourth quarter of 2018, the company’s financing net cash flow turned positive, and the end of the period ended with a monetary capital surplus of 47.3 billion US dollars, an increase of 25% over the third quarter, covering interest-bearing debts due within one year1.
8 times, the company’s capital security is guaranteed.
Ping An’s shareholding strategic cooperation continued to develop.
Ping An Life took a stake in Huaxia Happiness and was transferred by Huaxia Holdings.
70% company shares.
On September 26, 2018, the company signed a strategic cooperation agreement with Ping An of China. The two parties launched a comprehensive strategic cooperation in station-style integrated financial services and industrial coordinated development.
In February 2019, Ping An Life continued to increase its holdings5.
69% of the company’s shares.
At the end of the disclosure date of this report, Ping An Life Insurance and Ping An Asset Management jointly held the company.
The above changes in equity and strategic cooperation reflect Ping An’s continued optimism about the company’s future business development.
Summary and investment suggestions: The company’s achievements are consistent, based on the 17-year vested net profit as the base, and the 18-, 19-, and 20-year vested net profit indicators are not less than 30%, 65%, and 105%, respectively.Up to 27%.
Future performance is expected to continue to grow rapidly.
It is predicted that the company’s EPS in 2019 and 2020 will be 5 respectively.
13 yuan and 6.
95 yuan, corresponding to the current sustainable PE is 6 respectively.
5x and 5x, which are estimated to be cheap, maintain the company’s “recommended” investment rating.
Risk Warning: Tighter property market policies, sales exceed expectations.