Rongsheng Development (002146): Take a series of sales receipts worthy of attention

Rongsheng Development (002146): Take a series of sales receipts worthy of attention
Performance summary: The company released the third quarter report of 2019, and achieved a total of 388 operating income in the first three quarters.4 percent, an increase of 27 per year.1%; realize net profit attributable to shareholders of the parent company.90,000 yuan, an increase of 30 in ten years.7%. Performance was in line with expectations, and gross profit margin remained stable.In the first three quarters, the company’s revenue performance increased steadily, the growth rate was in line with expectations, and the comprehensive sales gross profit margin was 31.3%, the ranking report slightly increased by 0.9 units.Since 2017, the company’s average sales price has shown a gradual growth trend, and the cost of land acquisition can be controlled, and the future settlement gross margin will still be supported.The company’s net sales margin for the first three quarters was 12.4%, a decrease of 1 per year.3 averages, while returning to the parent net interest rate of 12.6%, increasing by 0 every year.The four shareholders were mainly due to the significant decrease in the profit and loss of minority shareholders in the first three quarters.In the first three quarters, the company’s management expense ratio decreased by 0 every year.2 units, while the increase in financial expense rate is increased by 0.2 units, mainly due to the increase in expensed interest. Sales increased steadily, and the recovery rate was in a reasonable range.In the first three quarters, the company achieved this type of 678.3 ppm, an increase of 14 in ten years.0%, realized sales area of 633.70,000 countries, an increase of 10 in ten years.7%, the cumulative average sales price of 10,703 yuan / square meter, an annual increase of 2.9%. In 2019, the company’s target sales amount is 1120 trillion, corresponding to a growth rate of 10.3%.At the same time, in the first three quarters, the company sold goods and provided labor services to obtain cash of 482.9 megabytes, little change in ten years, the company’s sales and payment rate in the fourth quarter are worth paying attention to. In the third quarter, there was a slight forecast for land acquisition, and the scale of soil reserves remained moderate.The company has steadily expanded the Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta urban agglomerations.In the first three quarters of 2019, the company added 87 new projects, and added 831 planning capacity.70,000 square meters (equivalent to 1.1X, but only contributed 177 in the third quarter.50,000 countries), of which 814 were newly added.300 million, land acquisition equity ratio is about 97.9%.The total land acquisition amount is 261.1 ppm, accounting 杭州桑拿网 for 38 of the previous year.4%, the total price of equity is 259.200000000.As of the end of the first half of 2019, the company’s total land reserve is 4,060, which can meet the company’s development needs for about three years. It is expected that the annual growth of landmarks will gradually increase and the soil storage structure will continue to be optimized. Net interest rate decreased significantly, short-term interest rate denied a slight increase.As of the end of the third quarter, the company had interest to deny the total size of 654.4 ‰, an increase of 24% in ten years, but the total interest denial scale slightly decreased compared to 2019.At the end of the third quarter, the company’s net debt ratio was 98.7%, a previous significant reduction of 27.Seven averages, there is still room for improvement at the end of the year. Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 2 respectively.17 yuan, 2.63 yuan, 3.18 yuan, indicating that the dividend ratio will not change, and the current corresponding dynamic index is expected to repeat 6.We maintain a “Buy” rating with a target price of 10%.87 yuan unchanged. Risk Warning: The sales growth of the third and fourth tiers is fast, and the return of funds is slow.