Vanke A (000002) May 2019 sales data review: sales increase cautiously

Vanke A (000002) May 2019 sales data review: sales increase cautiously

Vanke announced the company’s sales data for May, and the company achieved a contracted amount of 579 in May.

90,000 yuan, an increase of 35 in ten years.

2%; the contracted area is 3.66 million square meters, an annual increase of 30.

9%.

From January to May, the company gradually realized the contracted amount of 2,676.

0 million yuan, an increase of 12% in ten years; cumulative contracted area of 1,660.

80,000 square meters, an annual increase of 4.

7%; from January to May, the company added 1,177 new construction sites.

60,000 square meters, down 30 each year.

4%; total land price is 723.

0 billion, down 17 a year.

5%.

Opinions: May sales increase steadily, + 35% per year. With the success of the first- and second-line sales, the follow-up sales flexibility can be expected to reach 579 in May.

900 million, down 3 from the previous month.

6%, an increase of 35 per year.

2%; the contracted area was 3.66 million square meters, a decrease of 1 from the previous month.

1%, an annual increase of 30.

9%; the average selling price was RMB 15,844 / flat, a decrease of 2 from the previous month.

6%, an increase of 3 per year.

3%.

From January to May, the company has realized a total of 2,676 contracted amounts.

0 ppm, an increase of 12% over a decade, and an increase of 5 from the earlier January to April.

1pct; gradually realize the contracted area of 1,660.

80,000 square meters, an annual increase of 4.

7%; cumulative average selling price of 16,113 yuan / square meter, an annual increase of 6.

9%.

In May, the company’s sales increased steadily, which was higher than the mainstream 50 real estate companies in a single month. The growth rate was + 17%. The monthly sales amount ranked second in the Kerui list, second only to Country Garden.The subsequent sales flexibility in the background may be worth looking forward to.

In May, the company focused on the first and second tiers and the metropolitan area, and remained cautious. The amount of land acquisition accounted for 31% of the sales amount.The land acquisition area is mainly concentrated 杭州桑拿网 in first-tier and second-tier cities and metropolitan areas.

In May, the company added 239 construction surfaces.

80,000 square meters, an increase of 92% from the previous month and an annual decrease of 25.

6%; corresponding to the total land price of 179.

700 million, an increase of 51.

3%, a decline of 15 per year.

3%; the amount of land acquisition accounted for 31% of the sales amount, an increase of 11 from the previous quarter.

3pct, 50 from the previous year.

5% down 19.

5pct; the average floor price is RMB 7,493 / sqm, a decrease of 21 from the previous month.

2%, an annual increase of 13.8%, taking the average price of land as the average selling price for the month of 47.

3%, down from the previous month.

2%, compared with 36 in the previous year.

6% increase by 10.

7 points.

From January 杭州桑拿网 to May, the company added 1,177 planning areas.

60,000 square meters, down 30 each year.

4%; corresponding to the total land price of 723.

0 billion, down 17 a year.

5%, land acquisition accounted for 27% of diesel, compared with 50 the previous year.

5% down 23.

5pct; average floor price of 6,140 yuan / square meter, an increase of 18 over.

4%, taking the average price of land as the average selling price of 38 in that year.

1%.

At the average selling price 1.

The 5 million US dollars / parity company added a total of 177.6 billion US dollars worth of goods from January to May, and subsequently sold 267.6 billion US dollars in the same period.

Investment suggestion: High sales growth, take local measures, and maintain a “strong push” rating. Vanke, as a leader in the industry for 30 years, is advocating high turnover in advance, exploring residential industrialization, focusing on small and medium-sized refined decoration products, and establishing a three-tiered control structure in advance.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 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 real estate industry’s policies are tightened beyond expectations, and the industry’s funds have improved less than expected.