Huaxia Happiness (600340): Financial stability stabilized, payment improved, and quality growth maintained
Revenue is steadily growing with quality.
The company’s operating income in Q1 2019 was 643.
20,000 yuan, an annual increase of 42.
5%, net profit to mother 97.
5 ppm, an increase of 23 in ten years.
In terms of expenses, the company’s three expenses (sales expenses, management expenses, and financial expenses) were approximately US $ 6.5 billion, a continuous decrease of 11%, and the effect of reducing fees and increasing efficiency was significant.
In terms of profit margin, the company’s overall gross profit margin in Q1 2019 reached 40.
4%, at least 2018Q1-3 replaced 4.
97 averages, 2019Q1-3 overall net margin is 15.
2%, at least 2018Q1-3 reduced by 2.
3 averages, ROE is about 25.
19%, an increase of 6 per year.
The financing was smooth, and the efficiency of operating repayment was improved.
As of the third quarter of 2019, the company’s total assets were 4,453 trillion, an increase of 8 compared with the end of 2018.
69%, the net assets attributable to the mother is about 4.77 million yuan, an 南宁桑拿 increase of 8 year-on-year.
The company’s pre-receivables of USD 135 billion, we expect to gradually carry over to the company’s operating income and profits within the next three years, which will help lock in the company’s future operating performance.
From the company’s cash flow statement, in the first three quarters of 2019, the company cumulatively sold goods and provided labor services with cash received of approximately US $ 63.1 billion, an increase of 19%. In the third quarter of 2019, cash receipts in the third quarter of approximately US $ 23.4 billion, exceedingUp 45%.
As of the third quarter of 2019, the company’s total asset-liability ratio was approximately 84.
9%, a decrease of 1 from the end of 2018.
7 single, excluding the advance account debt ratio of 78.
4%, a decrease of 1 from the end of 2018.
In 2019Q1-3, the company’s cash 杭州夜网 inflow from fund raising activities was about 93.9 billion US dollars, a year-on-year increase of 66%.
Overall, we believe that the company has steadily reduced its leverage, maintained smooth financing channels, and continuously improved the efficiency of its operating repayments.
Sales rebounded, and the results of expansion in other places continued to show.
The company’s budget for the third quarter of 2019 was approximately US $ 36.1 billion, an increase of 33% year-on-year, and the sales area was 3.6 million square meters, an increase of 44% year-on-year.
As of the third quarter of 2019, the company has gradually listed 1006 in the first three quarters.
45 ‰, ten years ago 6.
56%, with a sales area of 9.11 million square meters, adjacent to 5.
From the perspective of sales distribution, the company’s sales area in Q1 2019 accounted for about 38% of the sales area in the Central Beijing area, and about 62% of the sales area in the non-Beijing area. The expansion of sales in different locations gradually became significant.
The real estate sales carry-over area of the company in Q1 2019 accounted for about 73% of the total sales volume in Beijing, and about 27% in non-transit Beijing. The regional distribution of sales and carry-over was different, and gradually replaced the sales in non-round Beijing areas.Initial adjustments will be made and future performance releases are still expected.
Continue to explore and deepen cooperation with Ping An.
In August 2019, the company and China Ping An Life Insurance Co., Ltd. launched a real estate project cooperation: the company took 53.
87 billion yuan transferred 100% equity and debts of Beijing Wusheng Technology Co., Ltd. to Ping An Life, Ping An Life entrusted its subsidiaries to build properties on its behalf to provide subsequent property management services to the properties.We think this is not only a sign of the company’s active exploration in commercial and related businesses, but also shows that the company and Ping An continue to expand and complement each other’s resource advantages.
Investment suggestion: “Budget market”.
We predict that the company’s EPS in 2019 will be about 4.
93 yuan, giving the company an 8-10 times PE estimate for 2019, the corresponding market value is about 1185-1482 trillion, and the corresponding reasonable value range is 39.
33 yuan, corresponding to 0 for PEG in 2019.
Risk reminder: The industrial park has a large amount of business investment, a long business cycle, and complex business interruptions.