Jinke Co., Ltd. (000656): Real Estate Sales Settlement Double Good Property Management and New Energy Business Development

Jinke Co., Ltd. (000656): Real Estate Sales Settlement Double Good Property Management and New Energy Business Development
The core point of view is that the income has increased significantly, and the profitability has increased significantly, driving rapid growth in performance. The company achieved operating income of 261 in the first half of 2019.10,000 yuan, an increase of 67 in ten years.9%, net profit attributable to mother 25.90,000 yuan, an increase of 288 in ten years.5%.The reason for the rapid growth in performance is mainly due to the increase in real estate carryover and improvement in profitability.In the first half of the year, gross margin and net profit 夜来香体验网 attributable to mothers were 30.3% and 12.1%, an increase of 7 over the same period last year.8 and 7.0 averages.Three expenses cost 10.2%, a decline of 2 per year.Seven averages, of which the management expense ratio and sales expense ratio decreased by 0 respectively.3 and 1.4 units.As minority shareholders’ profit and loss accounted for an increase from the same period last year2.3 up to 18.2%, so the increase in net interest rate is slightly higher than the net interest rate.The net profit attributable to mothers in the first half of the year was 9.9%, an increase of 5 a year.6 units. The sales amount has maintained rapid growth, and Land Acquisition actively guarantees ample value. The company achieved sales of 8.14 million yuan in the first half of the year, a year-on-year increase of 36%.The rapid expansion of sales scale benefited from both volume and price increases.The sales area is 8.39 million square meters, an annual increase of 20%, and the average sales price is 9,702 yuan / square meter, an annual increase of 16.4%. In terms of land investment, the company acquired land of RMB 42.3 billion in the first half of the year, and it will increase by 56 in the future.7%.The investment intensity (land acquisition amount / sales amount) is 52.0%, a decrease of 7 units per year compared to 2018.The company’s existing saleable area is about 56 million square meters. Based on the average sales price in the first half of the year, the corresponding value is US $ 543.3 billion, which supports the company’s continued growth. The property management and new energy sectors saw a significant increase in revenue, and their profits doubled. In the first half of 2019, the property sector added 35 million square meters of contract management area, and the contract management area gradually increased to 2.3.9 billion square meters.The company’s property sector achieved operating income in the first half of the year12.20,000 yuan, an increase of 84% in ten years, net profit1.59 million, an annual increase of 260%. New energy business achieved operating income1.700 million, an annual increase of 90%, net profit of 65.38 million yuan, an annual increase of 165%. Financial Forecast and Investment Suggestion: Maintain Overweight rating and target price of 8.91 yuan. We predict that the company EPS for 2019-2021 will be 0.99/1.32/1.72 yuan.The PE of the comparable company is estimated to be 9X in 2019, and we give the company a PE multiple of 9X in 2019, corresponding to a target price of 8.91 yuan. Risks suggest that sales in the real estate market have significantly exceeded expectations. The tightening of the real estate financing environment exceeded expectations.