Poly Real Estate (600048): Profitable sales in the first quarter all increased by more than 20%.

    Poly Real Estate (600048): Profitable sales in the first quarter all increased by more than 20%.

    Diluted earnings in the first quarter of 19 (0).

    20 yuan, an annual growth of 23%, in line with expectations of the first quarter 19 results of Poly Real Estate: operating income of 22.6 billion US dollars, an annual increase of 12%; net profit attributable to mothers of 2.3 billion, an increase of more than 23%, corresponding to zero profit.

    20 yuan, in line with expectations.

    The gross profit margin increased, and the gains from changes in fair value increased significantly.

    Initial operating income increased by 12% per year, and gross profit margin increased by 3.

    Five single to 33%, driving gross profit growth of 25% per year.

    The gains from changes in fair value increased from 300,000 yuan to 300 million US dollars in the same period last year (mainly due to the restructuring and implementation of new financial accounting statements and the increase in the fair value of transactional financial assets), driving net profit attributable to mothers to over 23% to 2.3 billion US dollars.

    Cash in hand increased, and net debt ratio rose slightly.

    At the end of the period, the company’s monetary funds increased by 14% from the beginning of the year to 1,289 trillion, equivalent to 3 of interest-bearing debts due within one year.

    2 times (initial 2.

    3 times), the net debt ratio increased by 3 percentage points from the beginning of the year to 90.

    5%.

    Pioneer Company to 3.

    With an issue rate of 875%, US $ 500 million of foreign debt is issued, and the issue cost is significantly lower than the industry average.

    The development trend is expected to reach 5000 trillion in 2019, corresponding to a growth rate of over 20%.

    The newly started floor space of the temporary company increased by 51% annually to 9.97 million square meters, accounting for 22% of the expected target.

    Initially the company realized a budget / sales area of 1097 ppm / 7 million square meters, an increase of 26% / 18%, respectively. We expect the company to gradually achieve USD 500 billion, an increase of 24%.

    In the first quarter, the proportion of first- and second-line supplementary soil reserves increased, and long-term investment is expected to increase slightly.

    The company’s new soil reserves in the first quarter were 2.79 million square meters, corresponding to a total cost of 15.9 billion, a decrease of 61% / 68%, of which the development amount of first- and second-tier cities accounted for 78% (74% in 2018).

    The company plans to invest 2,700 ppm in 2019, an increase of 5% over the 2018 plan (2570 ppm).

    Poly Properties intends to list in Hong Kong and is expected to accelerate its expansion.

    The preliminary supervisory board reform approved the amendment of the overseas listing plan of Poly Property.

    The area of properties under management currently exceeds 100 million square meters. Poly Property’s operating income increased by 33% in 2018, accounting for 2 of Poly Real Estate’s operating income.

    2%.

    The listing of Poly Property is expected to help improve its market competitiveness, accelerate the expansion of the property management business, and continue to advance the company’s strategy of “one main and two wings”.

    Earnings forecast We maintain the company’s 2019 / 2020e earnings forecast unchanged.

    Estimates and recommendations companies currently have a sustainable response6.

    9/南宁桑拿5.

    9x 2019 / 2020e PE ratio.

    Maintain recommended level and target price of 17.

    38 yuan, corresponding to 9.

    0/7.

    7x 2019 / 2020e target price-earnings ratio and 31% upside.

    Risk delivery progress was less than expected.

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