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Rongsheng Development (002146): Steady operation, guaranteed growth, growth leverage, reduced release risk

Rongsheng Development (002146): Steady operation, guaranteed growth, growth leverage, reduced release risk
In the event of 2019, the company achieved operating income of 709.500 million, net profit attributable to owners of the parent company.0 million yuan, an increase of 25 over the same period last year.9%, 20.3%. Core point of view Performance continued to grow and operating efficiency was stable.The company achieved first-class 杭州桑拿网 operating income of 709.50,000 yuan, an annual increase of 25.9%, net profit attributed to mother 91.0 million yuan, an increase of 21 in ten years.4%, the net profit attributable to the parent is calculated at 12.8%, profit growth and revenue growth basically synchronized, the profit margin maintained a high level in the industry.The company’s ROE for 2019 is 24.4%, a decrease of 0 from 2018.Four averages, the first is a reduction in leverage. Sales have grown steadily, and future settlement resources are abundant.The initial cumulative sales volume exceeded 100 billion for 1153.60,000 yuan, an annual increase of 13.6%, with a cumulative sales area of 1098.10,000 square meters, an increase of 11 in ten years.At 7%, the sales volume and price went up, and 100 billion real estate enterprises were consolidated.Ranked 30th on the 2019 full-scale real estate sales list released by Kerer, which is the same as 2018 Financial indicators are stable and investment continues to expand.As of the end of 2019, the company’s total assets were 2519.0 trillion, total debt 2072.10,000 yuan, attributable to the owner’s equity 408 of the parent company.7 trillion, asset-liability ratio 82.2%, the company’s financial status is good.Gradually add 1024 new soil reserves in 2019.80,000 square meters, an increase of 29 every year.2%, the amount of land taken gradually is 287.9 trillion, an annual increase of 63.4%, investment intensity increased by 17 compared with the same period last year.Most of the three are mainly due to new entry into some key cities around Shanghai or the Greater Bay Area. The unit price of land has improved and the quality of land reserves has increased. Financial forecasts and investment recommendations maintain a BUY rating and target price adjusted to 12.54 yuan (original target price of 13.20 yuan).According to the company’s performance report, we adjusted the company’s EPS forecast for 2019-2021 to 2.09/2.63/3.26 yuan (the original EPS was 2.20/2.77/3.54 yuan).The PE of the comparable company is estimated to be 6X in 2019, and we give the company a PE multiple of 6X in 2019, corresponding to a target price of 12.54 yuan. Risks suggest that sales in the real estate market have significantly exceeded expectations. The financing environment has tightened and interest rates have risen more than expected.