Overseas Chinese Town A (000069) 2019 Interim Report Review: High Sales Growth

Overseas Chinese Town A (000069) 2019 北京夜生活网 Interim Report Review: High Sales Growth

19H1 revenue + 20%, performance growth rate + 40%, mainly due to the increase in gross profit margin and equity ratio. 19H1 companies achieved operating income of 176.

5 trillion, +20 for ten years.

0%; net profit attributable to mother 28.

1 ‰, +39 a year.

5%; budget benefit 0.

34 yuan, +39 a year.

5%; gross profit and net profit are 65.

4% and 15.

9%, respectively +8.

7 points and +2.

2pct, the gross profit margin increase is mainly due to the company’s high gross profit margin projects located in the first and second tier cities in the eastern and southern China regions, which are carried forward; the three expense ratios are combined.

4%, ten years +1.

1pct, where the growth rate of financial expense rate +0.

8pct, stemming from the company’s continued aggressive land acquisition, interest-based denial of +27 for ten years.

5%, resulting in an interest rate expenditure of +63 per year.


The company’s performance growth rate is higher than the revenue growth rate mainly from: 1) The gross profit margin of the real estate business has been extended significantly.

9 points; 2) Accelerated carry-over of joint ventures caused investment income for decades.

3%; 3) The increase in the equity ratio of settlement items has resulted in a continuous decline in the proportion of minority shareholders’ equity8.

8 points.

19H1 company’s return on net assets4.

7% for one year.


  19H1 land acquisition area + 88%, land acquisition / sales average price 11%, “Cultural Tourism + Real Estate” land acquisition advantage highlights the real estate business, 19H1 achieved income 121.

3 ‰, +22 a year.

5%; gross margin 80.

6%, +13 per year.

9pct, originated from the centralized settlement of first and second tier high gross margin projects in the first half of the year.

In 19H1, the company’s project launch, sales, and repayments have an average annual growth rate of 370 yuan, including 370 in cash received for sales of goods and labor services.

600 million, previously +53.

7%; sales improved to push forward the final account collection in 19H1 to 630.

200 million, +50 ten years ago.

5%, covering 130 years of total revenue 130.

9%, to ensure a steady increase in performance.

In terms of land acquisition, the company added 617 new capacity-building areas in Shenzhen, Guangzhou, Wuhan, and Nanjing in 18 years.

20,000 countries, +88 a year.

1%, of which 436 are newly added equity.

80,000 countries, +88 a year.9%, equity accounted for 70.

8%, which is basically the same every year; the corresponding equity is 181.

4 trillion, the floor price of 4,153 yuan / square meter, taking the average land price as a percentage of the average sales price is only about 11.

4%, the lowest level in the industry.

As of 19H1, the company’s inventory was 1,795.

2 ‰, +43 a year.


Gaining high growth boosted the asset-liability ratio and net debt ratio to 76 respectively.

7%, 106.

2%, respectively +3.

4pct, +35.

4pct, while the long debt ratio is 3.

1. Short cash debt ratio is 1.

2. Finances remain healthy.

  19H1 tourism revenue + 23%. The synergy between comprehensive development of the tourism area and real estate business is obvious. In terms of tourism business, 19H1 achieved income 57.

2 ‰, +22 per year.

5%, revenue accounted for 32.

1%, +0 compared to the same period last year.

3pct, accumulatively received about 17.82 million person-times, sometimes flat; among them, the Happy Valley of seven places received a small increase in the number of tourists, such Beijing, Wuhan, Chongqing Happy Valley visitors increased by more than 10%.

  The report was significant. The fifth phase of Happy Valley in Beijing and the Mayan Paradise in Nanchang opened as scheduled. The Happy Valley in Chongqing dated Super Flying Man to achieve a breakthrough in the use of high-quality cultural IP.

In the future, the company will give full play to the advantages of tourism leading brands, increase the exploration of new formats of theme parks, continuously upgrade Happy Valley attractions, and innovate and implant domestically produced animation IP elements. It is expected that the future tourism business is expected to form a scale effect and form synergy with the real estate businessEffect, radiating the real estate business with the “tourism core” and further strengthening the land acquisition advantage.

  Investment suggestion: high sales growth, prominent advantages of cultural tourism + real estate land acquisition, upgrade to “strong push” rating OCT is a unique target of tourism + real estate, tourism and real estate linkage model is clear, active land expansion in first and second tier cities in the past two yearsThe land bank and the company radiated the real estate business with the “tourism core”, strengthened the land acquisition advantage, and achieved significant profitability, which promoted the company’s performance to maintain stable growth.

Based on the current lock-in situation of the company’s advance receipts, we maintain the company’s 19-21 year earnings forecast.

49, 1.

73, 1.

96 yuan, currently totaling only 4 for 19 / 20PE.


9 times, 18A / 19E dividend yield reached 4.

4% and 5.

1%, maintain target price of 9.

00 yuan, expected performance sales outstanding performance and underestimated high earnings, raised to the “strong push” level.

  Risk Warning: Real Estate Market Sales Exceeds Expected Downward and Industry Funds Relax Less Than Expected