Depth-Company-Huaxia Happiness (600340): Steady performance, warm sales, improved cash collection, improved financing

Depth * Company * Huaxia Happiness (600340): Steady performance, sales recovery, cash recovery, and improved financing

In the first three quarters of 2019, Huaxia Happiness achieved operating income of 643.

20,000 yuan, an annual increase of 42.

5%; realize net profit attributable to shareholders of listed companies.

5 ppm, an increase of 23 in ten years.

7%; gross and net profit margins are 40.

4%, 15.

2%, achieving ROE 25.

2%, an annual increase of 6.

2 units; sales refund 631.

40,000 yuan, an increase of 19 in ten years.

1%, the repayment rate increased by 14 in ten years and merged to 63%.

Taking into account the company’s sufficient saleable value, significant benefits in off-site replication, and smooth financing channels, we adjusted the company’s EPS forecasts for 2019-21 to 4, respectively.

95/6.

43/8.

04 yuan, corresponding to 19 years of PE5.

8x, maintain BUY rating.

Key points of the support level Revenue performance has grown steadily, and results in cost reductions and efficiency have been remarkable.

The company achieved operating income of 643 in the first three quarters of 2019.

20,000 yuan, an annual increase of 42.

5%, achieving a net profit of 97%.

5 ppm, an increase of 23 in ten years.

7%.

The company’s gross profit margin and net profit margin are 40.

4%, 15.

2%, achieving ROE 25.

2%, an annual increase of 6.

2 units.

As of the end of the third quarter of 19, the company received 1,350 accounts in advance.

2 ppm, covering 1 of 18 years of settlement income.

6 times, it is expected to be carried forward to income and profit in the next 2-3 years, and the performance is strong.

Management expenses in the first three quarters 6.

94%, a decrease of 5 compared with the same period last year.

0 units; selling expenses 1.

82%, a decrease of 1 compared with the same period last year.

0 average, continuous improvement in operating quality.

Sales rebounded in the third quarter, and the progress of remote replication accelerated.

In the first three quarters of 2019, the company achieved a budget of 100 billion yuan (according to Crere), a year-on-year decrease of 8.

8%; of which sales rebounded significantly in the third quarter, and the sales area and amount increased 天津夜网 by 44.3% and 47.

2%.

At the same time, the company’s remote replication has achieved continuous development, and the core business sales area outside Beijing, Tianjin and Hebei has reached 62.

4%, an increase of 16 over the same period last year.

3 units; of which, the sales area in Zhengzhou is 25.

At 7%, the area around Zhengzhou has become a new growth pole after the area around Nanjing and Hangzhou.

Repayments improve financial optimization and smooth financing channels.

In the first three quarters of 2019, the operating income was 631.

40,000 yuan, an increase of 19 in ten years.

1%, the repayment rate increased by 14 to 63% per year; of which Q3 single quarter repayment increased by 44 per year.

9%, the recovery rate is 65%.

The improvement of repayment helped financial optimization. At the end of the reporting period, the company’s asset-liability ratio was 84.

9%, compared to the earlier 88.

1% down 3.

2 averages, compared with 86 at the end of last year.

7% down 1.

8 units.

In Q3 2019, the company’s funded cash inflow reached 93.9 billion US dollars, a year-on-year increase of 66%.

Net cash flow from financing was -111 in the same period last year.

100 million, to 385.

500 million, the company’s financing continued to improve.

According to the company’s interim report, 84% of the new financing in the first half came from non-real estate projects, with optimized financing structures and smooth channels.

It is estimated that we adjusted the company’s EPS forecast for 2019-21 to 4 respectively.

95/6.

43/8.

04 yuan, corresponding to 19 years of PE5.

8x, maintain BUY rating.
Main risks faced by the rating The sales scale of the real estate industry has expanded, and the scale policy of Beijing has tightened more than expected.