Vanke A (000002) Annual Report Comments: Steady Basic Disk Expands New Direction

Core point of view: stable performance, profitability and shareholder return performance have further improved. In 18 years, Vanke A achieved net profit of 337.

7 ppm, an increase of 20 in ten years.

4%, dividend payout ratio is 34.

9%, the dividend rate is close to 4%, in addition to the increase in settlement scale, the company’s full-caliber gross profit margin of 37.

5%, an increase of 3 per year.

4 units, of which the Shanghai region has the most outstanding profit performance.

The short-term company’s financial expenses have increased, the increase in the proportion of direct financing channels and the investment in new business development have reduced the proportion of interest capitalization, and the ROE has further increased to zero in 17 years.

5 averages, reaching 21.

7%.

The main business grew rapidly, and the sideline business expanded steadily in 18 years. Vanke achieved actual sales of 607 billion yuan, an increase of 15%, ranking first in 24 markets, and the other 18 entered the top three, first and second tier core cities.And the project contribution efficiency is basically stable.

In terms of new business, property management revenue is 9.8 billion. At present, the only property management team in the industry that realizes tens of billions in revenue, logistics real estate has 北京夜网 increased its holding area to 494 GM, and has initially formed a logistics network covering key cities across the country.

Expected land investment expansion is not strong, leverage slightly increased 18 years Vanke supplemented land resources 4681 is common, is 116% of the sales area, basically maintained the principle of “lose within the limits”, in the second half of the land market after the downturn, but the strengthHas picked up.

The capital expenditure required for new business expansion has improved Vanke’s financial leverage, and the overall financing channels remain smooth.

It is expected that the company’s EPS in 19 and 20 will be 3 respectively.

56,4.

05 yuan, maintaining the “buy” rating industry leader position and the layout and land reserve of first-tier and second-tier cities, coupled with the long-term 杭州桑拿 development of the industry’s forward-looking layout investment, so that Vanke continues to achieve industry average estimated performance, and to be careful, we giveThe 19-year dynamic PE11x estimated target of A shares, corresponding to a reasonable value of 39.

6 RMB per share, 19 years of dynamic H9 PE9.

5x estimated target, reasonable value 38.

7 outputs / share.

Risk reminders continued to decline, and new business development returns did not meet expectations, affecting the company’s performance.