Lujiazui (600663) Dynamic Tracking Report: Low short-term sales, substantial volume, long-term benefits of core stock assets

Lujiazui (600663) Dynamic Tracking Report: Low short-term sales, substantial volume, long-term benefits of core stock assets
In 2018, revenue increased by 35% per year, and gross profit margin increased by 4.17pc 18 years revenue 126.39 billion +35.54%, net profit attributable to mother 33.500 billion +7.04%.  The growth rate of net profit is rapidly lower than the 17-year low base of revenue and 18 years of total investment income.Net income from operating activities is +80 per year.95%, accounting for + 27pc.Overall gross profit margin increased by 4.17 to 53.97%.  Real estate sales: low sales volume, SN1 office project provides settlement termination settlement: 18 years real estate settlement income.07 billion +104.04%.Affected by the 17-year sales, residential settlement is weak, SN1 office building project settlement provides support, and gross profit margin increases by 17.77 to 49.56%.In terms of sales: 18 years of residential contracted area of 12.70,000 square meters ten years ago + 55,456%, the amount of residential contract was 65.49 percent ten + 6449%.Accounts received in advance at the end of 1860.4.1 billion miles + 125%, 19 pre-sale of Building 22 of Lujiazui Financial Plaza.600 million, subsequent housing settlement is guaranteed.The average residential sales price in 2018 rose by 18% to 5.160,000 square meters, the gross profit margin of subsequent settlement is supported.The Suzhou project has 返回码: 500 网站打不开?重查 entered the development cycle, with new land acquisition in Shanghai, and subsequent sales resources are supported.  Real estate leasing: Leasing rate is under pressure, supply is heavy, and income still supports 18 years of real estate leasing income32.19 megabits +4.The decrease of 65% was mainly due to the decline in office occupancy rates in Shanghai.Three new office buildings were added in 18 years, and three new buildings are expected to be completed in 19 years.  Net interest rate fell, financing advantage continued to highlight the decline in net interest rate at the end of 18 years.41 to 121 84%, short cash debt ratio rose slightly to 0.02.The long-term credit rating of the company’s shareholders is AAA, and the bond issuance interest rate has continued to decline since 18 years.95%, financing advantages continue to highlight.  12-month target price of 22.71 yuan, raised to “buy” rating company sales volume, gross margin increased, real estate business entered a new round of development cycle; new projects in the leasing business entered the market, rental income under the circumstances of heavy supply has been supported.Net interest rate fell, and financing cost advantages.Participated in the establishment of the Shanghai Pudong Science and Technology Innovation Investment Fund and fully benefited from the integration of the Yangtze River Delta and the development of science and technology.Increase the company’s forecast EPS for 2019-2020 to 1.20, 1.40 yuan (was 1).19/1.38 yuan), dating 2021 forecast EPS is 1.63 yuan.The current highest corresponding PE for 2019-2021 is 15.7, 13.5, 11.6 times.Give 19 times PE in 2019, corresponding to a target price of 22.71 yuan, raised to “Buy” rating.  Risks indicate that the company’s push progress may be less than expected; the project settlement progress may be less than expected.

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