Strong sales performance in 1H2015. The Company achieved RMB4.37bn of contracted sales during 1H2015, which represents 39.7% of its salestarget. We think that its 2015 annual sales target is achievable and weestimate the revenue in 2015 to grow rapidly.
The Company has completed its strategic distribution of land reserves.In 2014, the total landbank amounted to 4.48 mn sqm. Its landbank is mainlyin Beijing, Shanghai and provincial cities in central China. We believe itslandbank distribution will support its future home sales.
2014 underlying net profit decreased 10.1% YoY, missing ourexpectation. Total revenues increased 17.6% YoY to RMB4.079 bn in 2014.The gross profit amounted to RMB1.655 bn, up 20.8% YoY. The GPMincreased 1.1 ppts YoY to 40.6%.
Maintain ‘Accumulate’. We have revised down our target price to HK$1.53to reflect the diluted effects of share placing and bonus issue. The Companyhas more saleable resources in 2015-2017, leading to the rapid growth ofhome sales. However, the implied underlying PER in 2015, 2016 and 2017 is3.3x, 3.1x and 2.9x, respectively. We think the Company’s valuation isattractive. Therefore, we maintain its investment rating at ‘Accumulate’. Itstarget price implies a 45% discount to its 2015F NAV per share, 3.8xunderlying 2015 PER and 0.6x 2015 PBR.
2015 年上半年销售强劲。 公司 2015 年上半年实现人民币 43.7 亿元的合约销售,相当于销售目标的 39.7%。 我们认为公司 2015 年的销售目标是可实现的且预测 2015 年收入会快速增长。
公司已经完成土地储备的战略布局。 2014 年,公司的土地储备达到了 448 万平米。公司的土地储备主要位于北京,上海和中国中部地区的省会城市。我们认为公司的土地储备布局将会支持公司未来的房屋销售。
2014 年核心纯利同比下降 10.1%, 低于我们的预期。 公司 2014 年营收同比上升 17.6%至 40.79 亿人民币。毛利为人民币 16.55 亿元,同比上升 20.8%。毛利率比上年同期上升1.1 个百分点至 40.6%。
维持“ 收集” 。 我们调低我们的目标价至 1.53 港元来反映配售和发放红股的摊薄效应。公司在 2015-2017 年有更多的可售资源,引致房屋销售的快速增长。 但公司 2015, 2016和 2017 年的内在核心市盈率仅为 3.3, 3.1 和 2.9 倍。我们认为公司的估值是有吸引力。因此, 我们维持其“收集”投资评级。 其目标价较 2015 年 NAV 有 45%的折让,相当于3.8 倍 2015 年核心市盈率和 0.6 倍 2015 年市净率。