Zhongnan Construction (000961): Settlement and conversion results are fulfilled and continue to grow rapidly

Zhongnan Construction (000961): Settlement and conversion results are fulfilled and continue to grow rapidly

Core point of view: Settlement scale and profit 南京夜网 margin increased, performance growth increased 18 years, Zhongnan Construction achieved net profit 21.

930,000 yuan, an increase of 263 in ten years.

9%, the first quarter of 19 achieved performance4.

8.2 billion, up 27 previously.


With the increase in settlement scale and profit margin, the company’s overall settlement performance has improved significantly.

The company’s overall gross profit margin for 19 years was 19.

6%, an increase of 3 from the same period in 2017.

Three averages, the gross profit margin in the first quarter further increased.

Sales receipts continued to grow. Land investment actively stabilized in 18 years. The sales value of Central South Africa was 146.6 billion, an increase of 52%. In the past 15 years, a compound growth rate of 83% in the past three years has been achieved.

700 million, an increase of 25%.

In 18 years, the company added 15.59 million countries in the planned construction area of soil storage, 111 new projects, and the average construction area of a single project was 14.

4 GM, and the 17-year miniaturization of rating projects is continuing. The scale of land investment by large-scale companies is 69.3 billion U.S. dollars. With careful investment, the scale of control resources has been continuously improved.

The financing cost is stable, and the operating leverage has been further improved until the end of 18 years. The company has an interest rate of 579.

40,000 yuan, an average increase of 9 over the same period last year.

4 averages, average financing cost 8.

77%, an increase of 110 basis points in about 17 years, the scale of interest-bearing debt is relatively stable, 杭州夜网 but operating leverage has increased slightly.

The company’s EPS is expected to be 1 in 19 and 20 respectively.

10, 1.

90 yuan, maintain “buy” rating is expected to vest at 40-40 in 2019-2021.



500 million US dollars, as a high-speed development performance and sales development enterprises, in the loose phase of industry policy and credit policy trends, Zhongnan Construction upward error elasticity.

We believe that the company’s assessment in 19 will rise to 10.

0XPE, the reasonable value is 10.

78 yuan / share.

Risks suggest that the industry’s fundamental prosperity is declining, and the city is entering a new trend of urbanization.