Blu-ray Development (600466): Rapid growth in performance and significant national distribution benefits
I. Overview of the event Blu-ray Development announced a semi-annual performance pre-announcement announcement. The company expects that the net profit attributable to shareholders of listed companies for the first half of 2019 will increase by approximately 6 from the same period last year.About 2.5 billion, an increase of about 101% each year; the net profit of alternative non-recurring gains and losses attributable to shareholders of listed companies increased by about 5 compared with the same period last year.About 90 ‰, an increase of about 98% each year. Second, analysis and judgment of performance growth and growth, scale effect performance The company expects to achieve net profit attributable to its mother by about 12 in the first half of 2019.500 million US dollars, an increase of about 101% a year; non-net profit deduction of about 1.2 billion US dollars, an increase of about 98% a year.The growth of the company’s net profit was mainly due to the substantial increase in the carry-over income of the company’s real estate projects during the reporting period.At present, the company has achieved a national strategic layout. Through the continuous expansion of sales scale, the future development is expected to go to the next level. Sales increased steadily, accelerating the nationwide distribution According to data from Kerer, the company achieved sales of USD 48.3 billion in the first six months of 2019, an increase of 10.4%, continued to maintain stable growth, ranking 30th in the industry.As of the end of 2018, the company’s land share in Central China and South China increased from 5% and 13% to 26% and 23%, respectively, and the 上海夜网论坛 proportion of Metropolis and East China decreased from 45% and 21% to 16% and9%, a national breakthrough in depth. Diversified financing, controllable financial risks As of the end of 2018, the company’s asset-liability ratio and net debt ratio after excluding advance accounts were 48.24% and 102.7%, an increase of 1 over 17 years.22 and 11.17 foreign exchange, while the cash short-term debt ratio was 1 from the previous year.62 increased to 1.74. The short-term solvency has continued to improve. Generally speaking, the company’s financial position remains stable.The report summarizes that the company successfully issued perpetual medium-term tickets, short-term financing bonds, ABS for home purchases, private placement bonds, and US dollar bonds. The average financing cost was 7.54%, the overall cost is controllable. Third, investment recommendations Blu-ray development performance has grown at a high speed, sales have steadily increased, the nationwide layout has been deepened, finance has remained stable, and financing channels have been diversified.The company’s EPS is expected to be 1 in 19-21.17/1.78/2.14 yuan, the corresponding PE is 5.0/3.3/2.7 times, the highest and lowest in the past three years, with a median PE of 22.8/7.0/15.1x, giving the company a “Recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.