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Vanke A (000002) April 2019 Sales Review: Sales increase sharply with caution

Event: Vanke announced the company’s April sales data, and the company achieved a contract amount of 601 in April.

70,000 yuan, an annual increase of 43.

6%; the contracted area was 3.7 million square meters, an increase of 43 throughout the year.

6%.

From January to April, the company gradually realized the contracted amount of 2,096.

1 ppm, a six-year increase of 6.

9%; cumulative contracted area reached 1,294.

80,000 square meters, which decreases by 0 every year.

8%; From January to April, the company added 937 new construction surface.

80,000 square meters, down 31 every year.

5%; total land price 543.

300 million, down 18 a year.

2%.

Opinion: Sales increased significantly in April, + 44% per year. With the success of the first- and second-tier sales, the follow-up sales flexibility can be expected to reach 601 in April.

700 million, an increase of 4 from the previous month.

9%, an annual increase of 43.

6%; the contracted area was 3.7 million square meters, an increase of 2 from the previous month.

7%, an increase of 43 per year.

6%; average sales price of 16,262 yuan / flat, an increase of 2 quarter.

2%, 0% annual growth.

From January to April, the company gradually realized a contract amount of 2,096.

1 ppm, a six-year increase of 6.

9%, an increase of 10pct in the early January-March; the contracted area of 1,294 was gradually realized.

80,000 square meters, which decreases by 0 every year.

8%; the cumulative average selling price is 16,189 yuan / square meter, an annual increase of 7.

8%.

In April, the company’s sales increased sharply, which was higher than the mainstream 50 real-estate companies. The monthly single-month growth rate was + 24%. The single-month sales amount ranked second in the Kerui list, second only to Country Garden, and the sales in the first and second lines were goodThe flexibility of follow-up sales in the background of this year may be worth looking forward to.

In April, land acquisition focused on the first and second tiers, and remained cautious. The amount of land acquisition accounted for 20% of the sales amount.
In April, the company newly added construction surface 124.

90,000 square meters, down 59.

4%, a decline of 67 per year.

3%; corresponding to the total land price of 118.

700 million, down 22 from the previous month.

4%, a decrease of 37 per year.

2%; the proportion of land acquisition and sales amount is 19.

7%, a decrease of 0 from the previous month.

3%, compared with 50 in the previous year.

5% down 30.8pct; the average floor price is 9,507 yuan / square meter, an increase of 91% month-on-month and a long-term increase of 91.

9%, taking the average price of land as the average selling price of 58 that month.

5%, an increase of 0 from the previous month.

9%, compared with 36 in the previous year.

6% increase by 21.

9 points.

From January to April, the company added a total of 937 planned areas.

80,000 square meters, down 31 every year.

5%; corresponding to the total land price of 543.

300 million, down 18 a year.

2%, taking up land accounts for 25% of diesel.

9%, compared with 50 in the previous year.

5% down 21.

0pct; average floor price of 5,794 yuan / square meter, an increase of 19 per year.

3%, taking the average price of land as the average selling price of 35.

8%.

At the average selling price 1.

The company added RMB 407 trillion to the April-April accumulative total value of RMB 407 trillion, followed by sales of RMB 209.6 billion over the same period.

Investment suggestion: sales increase sharply, take local measures, and maintain a “strong push” rating. Vanke, as the industry leader for 30 years, is advocating high turnover in advance, exploring residential industrialization, focusing on small and medium-sized fine decoration products, and establishing a three-level control structure.Layout of the three major urban agglomerations, the implementation of a number of talent programs, the deepening of small-stock trading models, and the development of innovative business are well-deserved pioneers. The results have also been achieved in the company’s sales and performance in the past 10 years have both increased rapidly, also reflected inIndustry-leading sound operating and financial indicators.

For the future, in the abnormal cycle of the small real estate cycle, Vanke will continue to take land + increase the concentration 北京桑拿洗浴保健 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 the company’s expected profit forecast for 2019-21 is 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.