Blu-ray Development (600466): Stable contribution from different places to enhance the expansion of reserves to enable high growth

Blu-ray Development (600466): Stable contribution from different places to enhance the expansion of reserves to enable high growth
Core point of view The company achieved revenue of 145 in the first half of 2019.400 million, previously +81.5%; net profit attributable to mother 12.700 million, +104 per year.5%; expected average ROE exceeds +2.8 points to 6.9%.The scale of net profit in the first half of the year exceeded the expected performance, and the overall performance was in line with expectations, mainly due to the increase in carry-over income from real estate projects and the scale effect of the national layout.The company deeply cultivates in the southwest, develops the whole country, capital helps the diversified business to go forward, and maintains the company’s EPS for 2019-2021.13, 1.74, 2.Earnings forecast of RMB 09, maintain “Buy” rating. The profit structure continued to be optimized, and the contribution from different locations significantly increased the company’s return to net profit, which doubled, stemming from the increase in the scale of real estate delivery and the increase in settlement income from development business by +96.4% to 132.4 ‰; 2. The gross profit margin of development business extended slightly to 0.35 points and 27.5% high, 29.The overall gross profit margin of 4% is still the second highest point since 2016; 3, the efficiency of management and control has been greatly improved, and the expense ratio has continued to decline during the period4.6 points to 11.9%.In the first half of the year, the company’s non-southwest revenue accounted for 42.1%, among which Central China, East China and Beijing revenues respectively extended by +93.4%, +178.6%, + 13,328%, significant improvement in off-site performance contributions.The period of advance receipt at the end of the reporting period is +37.9% to 616.US $ 600 million, which is expected to help the company achieve the goal of increasing its net profit attributable to mothers by more than 50%. Sales increased steadily, and investment in expanding energy storage returned to high-energy cities. In the first half of the year, the company achieved contracted sales of 465.300 million, previously +12.5%; signed sales area of 514.80,000 square meters, +34 a year.0%.The non-southwestern region sales amount is +114.0%, the nation’s balanced layout continued to materialize.In the first half of the year, the company started a new construction area of 483.30,000 square meters, +6 per year.3%, accounting for 26% of the expected new construction.9%, need to pay attention to the company’s push in the second half of the year, long-term sales growth is expected to pick up.In the first half of the year, the company added 506 land capacity.10,000 square meters, +19 a year.0%, increase the amount of equity investment by 145.1 ‰, one year +103.6%.Investment in land acquisition has continued to maintain a high level of intensity, and the adjustment of the resource structure has gradually returned to high-energy cities. The establishment of an international capital platform, smooth financing, and financial stability The company’s property management platform, Jiabao, has submitted an IPO application to the Hong Kong Stock Exchange and passed the hearing of the Hong Kong Stock Exchange. We believe that the listing will be completed in the second half of the year.The semi-annual 南京夜生活网 report shows that Garbo has settled in 69 cities across the country, with more than 400 projects under management, and achieved revenue 9 in the first half of the year.300 million to achieve net profit1.900 million.We expect the centralized delivery of own real estate projects and the potential boost of overseas capital to gradually increase the scale of management and accelerate the expansion of profit growth points.In the first half of the year, the company newly obtained 20 trillion private debt approvals and completed 7.5 billion US dollars of bonds, 11 billion of corporate bonds issued, smooth financing; the asset-liability ratio to replace advance receipts decreased by 2 compared with 2018.4 points to 48.At 4%, leverage remains solid. “Habitat Blu-ray + Life Blu-ray” dual engine drive, maintaining “buy” rating company’s sales and land acquisition high growth, capital engine to accelerate industrial development, diversified drive continued high performance growth.In July, all five directors of the company completed the first investment exercise and strengthened the company’s development confidence.Maintain the company’s EPS for 2019-2021.13, 1.74, 2.09 yuan profit forecast.Refer to comparable companies for June 2019.8 times the PE estimate, we think the company’s reasonable PE estimate for 2019 is 7-7.6 times, target price 7.91-8.59 yuan, maintain “Buy” rating. Risk reminders: the prosperity of the third- and fourth-tier markets is shrinking; the expansion and improvement in different places need further testing; the risk of drug quality; the payback period of 3D bioprinting is shortened.