Jinke shares (000656) company in-depth research report： strong incentive for alchemists to break 100 billion and climb again
Jinke shares (000656) company in-depth research report: strong incentive for alchemists to break 100 billion and climb again
Sales increased rapidly, soil reserves were abundant, and sailed after 100 billion yuan. On January 9, 2019, the company realized sales of USD 125.5 billion, a year-on-year increase of 45%, and a sales area of 12.48 million square meters, an annual increase of 29%.Since 2016, the company has actively taken the land, rationally laid out the “three laps and one belt, 25 core cities”, and achieved leapfrog development with the promotion of good products, fast turnover and strong incentives.In 2019H1, the new construction area of 11.56 million square meters and the saleable area of about 56 million square meters are worth looking forward to in the future. The growth of property management is expected, and the diversified business volume and quality are rising. The property management industry is in a period of rapid development and the industry concentration continues to rise.The contract management area of Jinke Property in 2019H1 is 2.With a scale of 3.9 billion square meters, it is in a leading position and is much larger than the company’s development area.2019H1 net profit of property management business increased by 260%.In addition, the company’s non-real estate business also increased in quantity and quality. In 2019H1, the operating income of the new energy business increased by 89%, and its net profit increased by 62%. The quality of earnings improved, and the company with a low debt ratio in the industry 武汉夜生活网 achieved revenue of 432 in 2019Q3.30,000 yuan, an increase of 60 in ten years.7%; net profit attributable to mother is 39.810,000 yuan, an increase of 81 in ten years.6%.The company’s key layout of the Sichuan-Chongqing region and other core cities has a good market development trend, with gross and net profit margins since 20 in 2016.7% and 5.6% increased to 30 in 2019Q3.1% and 10.8%, the quality of earnings improved significantly.At the same time, the company’s 2019Q3 replaced the asset and liability restructuring of advance receipts48.0%, a decrease of 2.6 units.Compared with other key real estate companies, the company’s asset-liability ratio instead of advance receipts has been reduced to a level. Risks suggest that real estate policies continue to tighten and sales are below expectations. Profit forecast and investment advice With the promotion of good product high turnover and strong incentives, Jinke Co., Ltd. has achieved leapfrog development since 16 years, and its sales scale in 2018 has exceeded 100 billion yuan.The company has ample soil reserves, a “three-circle and one-ring, core 25 city” layout, reasonable financing channels, and cost.So we will the company 19-21 EPS by 1.02/1.32/1.57 yuan increased to 1.07/1.36/1.62 yuan, corresponding to PE is 6.4/5.1/4.3 times, the level is raised from “overweight” to “buy”, and the target price is 8.89 yuan / share.