东吴证券:1900亿销售目标已完成47% 维持旭辉控股“买入”评级

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On July 8, Dongju Securities released a research report saying that Xuhui Holding Group is deeply rooted in the core cities, with a large amount of land reserves and a relatively high proportion of first- and second-tier cities. The company is good at grasping land investment opportunities and diversifying. The counter-cyclical land acquisition keeps the land cost low; the company's sales scale grows rapidly, and its future performance is highly locked. It is estimated that the company's EPS will be 0.90, 1.16, 1.47 yuan in 2019-2021, respectively, corresponding to 5.42, 4.20, 3.30 times PE, maintaining a "buy" rating.

According to the research report, Xuhui Holding Group's sales growth in June was dazzling. In June 2019, the company achieved contract sales of 22.34 billion yuan, a year-on-year increase of 47.0%; contracted sales area of 1,235,200 square meters, an increase of 20.9%, the average selling price was 18,100 yuan/square meter, the average selling price rebounded mainly due to push The structure has changed. From the accumulated data, the company's accumulated sales amount from January to June was 88.44 billion yuan, a year-on-year increase of 34%; sales area was 5.088 million square meters, an increase of 18%; according to CRIC's list of top 100 real estate sales, the company ranked first 14 people, the industry rankings have risen steadily. In the first half of the year, the company has completed 47% of the annual sales target of 130 billion yuan. With the acceleration of the pace of the second half of the year, the company is able to complete the annual sales target with great probability.

xx新增土地储备比例有所回升,土地资源丰富。公司2018年新增93个项目,征地768.68亿元,同比减少29%。股权比例为53%,同比上升11.7个百分点;新建土地面积1240万平方米,同比下降6%。口径权益比例为57%,同比增长15.6个百分点。公司平均楼面价仅为6190元/平方米,占平均售价的39%,有效保证了未来项目的毛利水平。截至2018年底,公司覆盖50多个城市,土地储备总建筑(确认口径)达到4120万平方米。充足的土地储备为公司的未来发展奠定了基础。