Blu-ray Development (600466): Rapid growth in sales and steady growth in sales

Blu-ray Development (600466): Rapid growth in sales and steady growth in sales
Event Overview The Blu-ray Development Announcement states that the company’s net profit attributable to shareholders of listed companies in 2019 increased by approximately 11.7593 million yuan from the same period of the previous year, and increased by approximately 53% year-on-year; the net profit of non-recurring gains and losses was the same as last yearThe ranking has increased by about 88,138 million, which has increased by about 36% each year. Analysis and judgment: rapid profit growth, national breakthrough in depth According to the pre-increasing performance report, the company achieved net profit attributable to its parent of approximately 3.4 billion yuan in 2019, a growth rate of approximately 53%; non-net profit deduction of approximately 33.500 million, an increase of about 36% in ten years.The rapid growth of performance was mainly due to the increase in the carry-over income of the company’s real estate projects.In addition, in terms of the scale of the report, the company has fully realized the nationwide in-depth layout, and the scale effect has gradually emerged, laying a solid foundation for rapid development in the future. Sales are steadily moving forward, and investment relaxation has a degree 重庆耍耍网 that the company will achieve sales of 1015 in 2019.40,000 yuan, an increase of 18 in ten years.7%, realized sales area of 1095.30,000 square meters, an increase of 36 in ten years.6%, ranked 33rd in the Kerer sales list.According to the company’s supplementary project briefing, the company will gradually take the total land price of 357 in 2019.6 ppm, a 45-year increase of 45.6%, accounting for 35 of the sales amount.2%, an increase of 6 over the same period last year.5pct, the holding strength has been strengthened. The leverage ratio was optimized and the financing channels were unblocked. As of the end of the third quarter of 2019, the company’s asset-liability ratio and net debt replacement were 80.43% and 102.14%, a decrease of 1 over the same period last year.1pct and 19.51pct, financial leverage continued to decline.Against 杭州桑拿 the backdrop of tightening industry financing channels, in the fourth quarter, the company successfully issued 7 trillion private placement bonds with a coupon rate of 7.5%, maintaining the industry average level, absorbing the advantages of the capital market platform to promote the steady development of the business. Investment suggestion: Blu-ray Development’s sales and performance are increasing rapidly, with sufficient soil reserves, diversified financing channels, good financial conditions, and significant national layout. Maintain the previous profit forecast unchanged. EPS is 19-21 years.15/1.71/2.24 yuan, corresponding to PE 6.3/4.3/3.2x, maintaining the company’s “Buy” rating. Risks suggest that real estate policies continue to tighten and sales are below expectations.