Overseas Chinese Town A (000069): Increased performance and accelerated land acquisition to help optimize land reserves

Overseas Chinese Town A (000069): Increased performance and accelerated land acquisition to help optimize land reserves


The event company released its semi-annual report for 2019.

At the core of the report, the company achieved operating income of 176.

5.4 billion, an annual increase of 19.

95%; the company realized net profit attributable to shareholders of the listed company.

100,000 yuan, an increase of 39 in ten years.

52%, net profit attributable to shareholders of listed companies after deduction is 26.

5.7 billion, an annual increase of 45.

30%; the company’s basic earnings are zero.

3425 yuan, an annual increase of 39.



Our Analysis and Judgment (I) High gross profit scale helps performance improvement The company’s performance increased rapidly in the first half of 2019. The development and operation capabilities of the main business of real estate and tourism have been comprehensively improved, and the revenue scale has increased.

The report initially achieved operating income of 176.

5.4 billion, net profit attributable to mother 28.

100,000 yuan, an increase of 19 each year.

95% and 39.


From the perspective of business classification, the operating income of the real estate business was 121.

2.6 billion, operating income of tourism integrated business was 57.

25 trillion, an increase of 22 each year.

53% and 22.


Judging from the geographical distribution, the operating income of South China is 153.

6.9 billion, accounting for 87% of total operating income.

At 06%, OCT’s performance mainly expanded in South China, which has a traditional geographical advantage.

In terms of profitability, OCT continued to maintain the momentum of growth.

Reported volume, the company’s gross sales margin was 65.

4%, an increase of 8 per year.

68 units 成都桑拿网 with a net sales margin of 16.

5%, increase by 0 every year.

88 units.

The reasons for the improvement in performance and profitability are firstly that the company’s real estate carry-over projects in the first half of the year were concentrated in first- and second-tier cities with higher gross margins; secondly, operating costs were effectively controlled, which decreased by 4.

05%; the third is the company’s acquisition of land at a relatively low cost in the industry. The report indicates that 12 of the 16 newly acquired projects were transacted at a reserve price, which not only controlled the current cost, but also protected the high gross profit margin of future real estate projects.

As of the end of the reporting period, the company’s advance receipts were 582.

7.5 billion, covering 121 of last year’s 杭州夜网论坛 revenue.

05%, rich settlement resources, future performance guarantee potential.

(II) Industry indicators accelerated land acquisition, and the quality of the land storage quality layout optimization report indicators. The company actively innovated marketing methods under severe policy environment, real estate projects were launched, sales, and repossessions all achieved growth.In terms of land resource reserves, the company has been aggressive in counter-cycles, accelerating land acquisition at low prices, and constantly optimizing the resource reserve structure.

In the first half of the year, the company implemented a total of 18 projects with a total investment of 181 in equity.

400,000 yuan, with an increase of 436 equity buildings.

780,000 square meters, a 90% increase in one year.

In terms of the layout of soil storage, the company’s supplementary reserves are still mainly in first- and second-tier key cities, while development is in third- and fourth-tier cities, and several new projects have been implemented in the Guangdong-Hong Kong-Macao Greater Bay Area to grasp the policy development potential.

The company used the advantages of the cultural tourism brand in the counter-cyclical period to save a lot of high-quality land. The report caused 12 of the 16 newly acquired projects to be transacted at a reserve price and obtained significant significant cost advantages, which will help future real estate projects to achieve profit and quality.Breakthrough.

(3) Leverage level rises, debt repayment ability is stable. Report scale The company’s assets have expanded, with total assets reaching 334.6 billion yuan, an increase of 14% over the beginning of the year.

At the same time, the level of leverage of the first-tier company was reported to increase slightly, and the asset-liability ratio was 76.

7%, an increase of 3 per year.

42 mergers; assets and liabilities after excluding pre-sale accounts were recombined 59.

29%, 1 increase every year.

37 shareholders; equity ratio (total budget / shareholder equity attributable to parent company) is 3.

29%, 0 per year.

55 units.

The increase in leverage is primarily due to the company’s initial report to actively acquire land and increase spending, especially in the short term.

At the end of the monthly reporting period, the company held 280 short-term loans.

1.6 billion, an increase of 129 over the same period last year.

37%; holds long-term loans of 755.

5.9 billion, an increase of 13 from the end of the same period last year.

5.7 billion; the proportion of short-term borrowings in total assets has increased for many years.

61 averages, the proportion of long-term borrowings in total assets decreased by 3.

33 units, the debt maturity structure has been significantly adjusted.

The company reported an improvement in total cash flow and a gradual increase in the sales recovery rate.

As of the end of the reporting period, the company held a total of 351 monetary funds.

2.9 billion.

The company’s main credit rating and bond rating reached AAA, the overall debt repayment ability remained stable, and credit risk was replaced.

(4) The tourism business maintained its leading position. Other businesses were stable. The tourism business, as the company’s main business tied with real estate, continued to lead the industry.

The report totals that the company has a total of 19 attractions, open leisure tourism areas, resorts and independently operated performing arts projects, 24 hotels and 1 travel agency.

The company gradually received 17.82 million tourists in the first half of the year, which was flat for the year.

The number of visitors to Happy Valley in the Seven Places increased slightly; Beijing Happy Valley, Wuhan Happy Valley, and Chongqing Happy Valley all increased their visitors by more than 10%.

In June 2019, according to the “2018 Global Theme Parks and Museums Report” jointly issued by AECOM and TEA, OCT continued to be ranked among the top four theme park groups in the world.

In terms of other businesses, the company’s hotel and property business segments are operating stably, and the two hotels have gradually realized revenue of US $ 700 million, an increase of 7%.

The hotel group signed a new contract to manage 3 hotels and added 650 new rooms; Wushang Group and private enterprises established Yangzhou Company to actively explore regional markets.


Investment suggestion The high gross profit margin of the overseas Chinese city carry-over project in the first half of the year helped the performance and profitability to grow steadily. The company took large land in the counter-cyclical period, the land reserves increased, future sales were expected, and the leverage and financing structure remained at a reasonable level.

Based on the consideration of the company’s high-quality land resource reserves and the company’s layout of market sales, we expect the company’s revenue from 2019 to 2020 to be 1.

52, 1.

85 yuan.

Take September 2nd.

At the closing price of 95 yuan, the corresponding dynamic price-earnings ratios are 4 respectively.6, 3.

8 times.

With reference to comparable company estimates, the company’s dynamic urban surplus for 2019 is reset4.

6 times, lower than the average of 8.

11 times attractive, we continue to maintain the “recommended” level.


Risk warning policies restrict risks, and house prices significantly reduce risks.