First Capital Holdings (600376) 2019 First Quarterly Report Review: Steady increase in performance and increase in gross profit margin

First Capital Holdings (600376) 2019 First Quarterly Report Review: Steady increase in performance and increase in gross profit margin
19Q1 revenue quarter + 35%, 杭州桑拿网 performance growth + 15%, gross profit margin and minority shareholders’ equity significantly increased in 19Q1 to achieve revenue 83.2 ‰, +35 per year.2%; net profit attributable to mother 3.600 million, +15 for ten years.3%; deduct non-net profit 2.9 trillion, +87 a year.9%; gross and net profit margins are 38.1%, 4.3%, respectively +18.3pct, -1.0pct.Three expenses cost 10.7%, +0 per year.6pct, mainly because the company’s financial expense ratio has increased; the company’s revenue has reached 0.10 yuan, +23 a year.0%; the high revenue growth was mainly due to Q1’s settlement area of 37.70,000 countries, +48 a year.1%, of which 87% are projects outside Beijing.8%, +44 per year.3pct, the carry-over of foreign projects with higher gross profit margins increased sharply, and the gross profit margin of Q1 settlement increased sharply 北京桑拿洗浴保健 by 18.3 points.The company’s performance growth rate is lower than the revenue growth rate, mainly due to the Q1 minority shareholders’ equity accounted for 70.5%, +59 per year.6pct, corresponding to the amount of 8.600 million.In view of: 1) The company plans to complete 465 in 19 years.30,000 countries, +35 per year.9%; 2) The final receipt in 19Q1 reached 633.400 million, previously +20.4%, covering 18 years revenue reached 1.6 times, will jointly guarantee the stable release of subsequent performance. Sales in 19Q1 were 10.3 billion, a decade of + 3%. The proportion of foreign companies in Beijing continued to increase, which will help improve gross profit margins and achieve signing amounts of 102 in 19Q1.7 trillion, +2 for ten years.5%, complete the initial plan 10.2%; sales area 41.70,000 countries, ten years +10.0%, complete initial plan 11.7%, by region, 9 in Beijing.80,000 countries, +55 per year.4%, accounting for 23.6%, sales outside Beijing 31.80,000 countries, one year +0.9%, accounting for 76.4%, the proportion of sales outside Beijing continued to increase.Considering that the proportion of 17-19Q company’s sales area outside Beijing continues to increase, due to the proportion of equity in projects outside Beijing, the gross profit margin is higher than that in Beijing. It is expected that the proportion of minority shareholders’ equity in 19-20 will be relatively low, and the gross margin may be lowSlightly improved.The company plans to sell 10.1 million yuan in 19 years, +0 in ten years.3%, considering: 1) The planned start of 19 years is 4.35 million, which was -41 in the past.1%, but still higher than 18 years of sales, plans to resume work 15.62 million, up and down +34.1%, plans to resume work 1,997.60,000 countries, +4 a year.9%, 17% and 18% plan completion rates are 166% and 173%, indicating that 19 years of saleable resources are still relatively abundant; 2) Continued recovery of the first and second lines will promote the 19 year sales rate increase; will jointly ensure 19 years of salesContinue to grow steadily. Land acquisition / investment accounted for 61% in 19Q1, and continued to expand outside Beijing. The profit contribution of future shed reform projects will soon be increased by 19Q143.0 million countries, +8 a year.2%, of which there are no new construction sites in Beijing, and the new construction sites outside Beijing are located in Suzhou; the corresponding land acquisition amount is 62.5 ‰, at least -1.0%; take the average price of 14,543 yuan / square meter, ten years -8.5%.The proportion of land acquisition is relatively 61%, and land acquisition outside Beijing continues to expand.As of 19Q1, the company had not completed 2,000 earth reserves, of which 76.3% are in strong first- and second-tier cities (Beijing accounts for 32.0%), excellent soil storage structure to ensure continued sales growth in the future.Q1’s new construction area was 73.70,000 countries, at least -24.3%, completed the initial plan 16.9%; area completed 47.Ten thousand countries, ten years -47.7%, completed the initial plan 10.1%; The company’s asset-liability ratio and net debt ratio at the end of 19Q1 were 81.4%, 180.7%, double +0 respectively.0pct, +7.1pct; 18-year comprehensive financing cost 5.36%, ten years +0.21pct, still at the allowable level.In addition, it is expected that the company will have 7 shed reconstruction projects under construction in the next 4 years that will contribute revenue of nearly 5.5 billion to 6 billion. Among them, 2 shed conversion projects are expected to enter the market this year, which will additionally help the company’s performance to grow steadily. For the important targets of the Beijing State Reform, actively explore diversified incentive mechanisms. The advantages of the integration of state-owned assets in Beijing have been outstanding for 18 years. The Beijing Municipal Government has successively issued three-year action plans and supporting documents for the State Reform.With the introduction of the incentive budget, Beijing’s national reform has accelerated significantly.At the same time, Shoukai has launched two rounds of cash incentive programs, which are among the state-owned enterprises that earlier explored diversified incentive mechanisms. It can be said that the company survives in the market-oriented reform gene; instead, the company has total assets and net assets.Indicators such as operating income and net profit are far ahead of other Beijing state-owned housing companies, giving them a clear advantage in the horizontal integration of 14 Beijing state-owned housing companies. The recent opening of the first merger of the real estate group or heralded the beginning of the integration, the companyIt is expected to further expand the quality soil reserves in Beijing. Investment suggestion: steady increase in performance, increase in gross profit margin, and important targets of the Beijing State Reform, re- “strongly promote” the first opening of shares as Beijing state-owned housing enterprises, in the context of the acceleration of the Beijing State Reform, make full use of rich experience in incentive plans and BeijingThe significant advantage in the integration of domestic capital is expected to be an important target of the national reform. Since the company was reorganized and listed in 2007, the company has actively changed, deeply cultivated in Beijing, and actively expanded outside Beijing to promote rapid sales growth, becoming the first domestic 100 billion local state-ownedReal estate companies; the company’s current layout is mainly strong first-tier and second-tier, and is the king of Beijing’s land reserve. Recovery of first-tier and second-tier transactions can use its supplementary sales flexibility.We maintain the company’s annual revenue for 2019-201.41, 1.63 yuan, corresponding to 19 years of PE is 6.3 times, the net asset value discounted to 55%, according to the 19-year target PE9.0 times, maintaining target price of 12.67 yuan, again “strong push” level. Risk Warning: Tighter-than-expected tightening of real estate development policies and weaker-than-expected improvement in industry funds