Jinke Shares (000656) 2018 Annual Report Comment: Better After 100 Billion

Jinke Shares (000656) 2018 Annual Report Comment: Better After 100 Billion
Net profit increased by 94%, EPS0.73 yuan / share The company realized operating income of 412 in 2018.3 ppm, an increase of 18 in ten years.6%; net profit attributable to mother 38.90,000 yuan, an increase of 93 in ten years.8%, EPS is 0.73 yuan / share; deduct 40 for non-attributed net profit.200 million, an increase of 137% in ten years.The company intends to distribute cash red 3 for every 10 shares.6 yuan (including tax), calculated based on the closing price on March 28, 2019, converted to 5.1%.  High sales growth and positive expansion In 2018, the company’s sales volume exceeded 100 billion US dollars for the first time to reach 118.8 billion US dollars, a further increase of 80.5%.The target for 2019 is 150 billion, an increase of 26 from 2018.3深圳桑拿网%.The company adheres to the strategic layout of “three circles and one area, eight major urban agglomerations, and core 25 cities”. In 2018, the company entered Shanghai, Guangzhou, Ningbo and other cities, and has basically completed the layout of the core 25 cities.In 2018, the company added 110 new lands, with a total capacity of 20.54 million square meters, with an average floor price of about 3408 yuan / square meter; the land acquisition area / sale area was 1.5. Be positive.As of the end of 2018, the company’s saleable area exceeded 41 million square meters.  Financial optimization and good performance lock-in. In 2018, the company realized sales repayment of 1051 million, and the repayment rate reached 88%, maintaining a high level in the industry.As of the end of 2018, the company restructured its assets and liabilities after excluding advances75.5%, a decrease of 4 over the same period last year.9 ;; net debt pricing 147.7%, down 96 from the same period last year.7 units; monetary funds / (short-term borrowings + non-current debt due within one year) is 1.1 time, better short-term solvency.The company’s advance receipts at the end of 2018 were 762.800 million, which can lock 138% of wind’s unanimous expected revenue in 2019, and the performance is well-locked.  Human settlement services and technology empowerment In 2017, the company positioned itself as a “good life service provider” and established the first domestic data research center-“Jinke Apocalypse Big Data Center” to gradually realize the precise positioning of community life service needs.Through the analysis of real-time data in the field of property specialty and the data of the owner’s living environment, the customer experience is comprehensively improved.In 2018, the company’s service operating income increased by 41% per year and net profit increased by 49% per year; the renewed management area reached 2.4.3 billion square meters, has 149 cities.  Significant growth and positive goals. For the first time, a “buy” rating was given to the company with high sales growth, aggressive expansion, sound financial stability, and positive future development strategy.EPS are expected to be 0 in 2019 and 2020, respectively.9, 1.1 yuan, an annual increase of 23.7%, 22.2%, corresponding to 7 respectively.8,6.4 times, the first time to “Buy” rating.  Risks: If the industry heats up again, it will cause a new round of expectations too much, or the company’s sales growth will stall.