Vanke A (000002) January 2020 sales data review: sales increase steadily and cautiously

Vanke A (000002) January 2020 sales data review: sales increase steadily and cautiously

Vanke announced the company’s January sales data, and in January the company realized a contract amount of 549.

10,000 yuan, an increase of 12 in ten years.

3%; 333 contracted area achieved.

50,000 square meters, an increase of 5% in ten years.

In January, the company added 69 new construction surfaces.

70,000 square meters, an annual decline of 76.

5%; total land price 38.

200 million, down 70 a year.

6%.

  Comments: January sales of 54.9 billion, + 12% for the whole year. It is expected that sales will be stable this year. In January, the company achieved a contract value of 549.

100 million, down 4 from the previous month.

2%, an annual increase of 12.

3%; 333 contracted area achieved.

50,000 square meters, down 19 from the previous month.

6%, an annual increase of 5%; the average sales price of 16,465 yuan / flat, an increase of 19 from the previous month.

2%, a year-on-year increase of 7%.

The company’s single-month sales amount ranks first in Cree’s list.

  In our opinion, due to the recent spread of the new coronary pneumonia epidemic, the pressure on real estate market transactions may continue in the first quarter, and may even affect changes in gradual sales, but the demand for home purchases is only delayed, not disappeared, and the 夜来香体验网 first quarter accounts for a relatively small proportion. It is expectedThe overall sales revenue is under control; at the same time, the new crown pneumonia epidemic will also lead to further increase in economic and fiscal pressures, will also break the weak balance of government mergers and acquisitions that take into account real estate and a stable economy, or will further increase the contraction elasticity of counter-cyclical development.
In addition, under the background of stable sales in the first- and second-tier markets and the imminent end of the battle for Baowanfen, the company’s sales in 2020 are expected to grow steadily.

In January, 3.8 billion yuan of land was obtained, and land acquisition was prudent. The amount of land was 7%. In January, the company acquired 6 projects in Shanghai, Nantong, Taiyuan and other places in the land market. The land acquisition area was mainly concentrated in first-tier and second-tier cities and surrounding cities.ring.

In January, the company added 69 new construction surfaces.

70,000 square meters, a decrease of 42.

8%, a decline of 76 per year.

5%; corresponding to the total land price of 38.

200 million, down 67.

4%, the amount of land acquisition accounted for 7% of the sales amount, down 30pct from 37% in 2019, and land acquisition was cautiously affected by the epidemic and the Spring Festival; the average floor price was 5,482 yuan / square meter, a chain decrease of 43.

1%; land acquisition area accounts for 21% of sales area, down 78pct from 99% in 2019; average land acquisition price accounts for 33% of the average monthly sales price.

3%, compared with 37 in 2019.

8% down 4pct.

At the average selling price 1.

650,000 yuan / flat growth company in January-January cumulative value of 11.5 billion yuan, followed by sales of 54.9 billion yuan in the same period, land acquisition is still more cautious.

Investment suggestion: Gradually sell stable and the fair battle is coming to an end. Maintain “Strong Push” rating. Vanke, as a leader in the industry for 30 years, is advocating high turnover in advance, exploring residential industrialization, focusing on small and medium-sized apartment decoration products, and establishing three-level controlIts structure, layout of the three major urban agglomerations, the implementation of a large number of talent plans, the deepening of small-stock trading models, and the development of innovative business are well-deserved pioneers.Among industry-leading sound business and financial indicators.

For the future, Vanke will continue to maintain its leading position in the residential development industry during the abnormal cycle of this small real estate cycle. At the same time, the company will continue to maintain its leading position in the residential development industry.Sub-areas have also led the industry, and future performance and estimated contributions are worth looking forward to.

We maintain the company’s expected profit forecast for 2019-21 is 3 respectively.

66, 4.

41, 5.

30 yuan, maintaining the “strong push” level.

Risk Warning: The impact of the new coronary pneumonia epidemic has exceeded expectations, and real estate restructuring and financing policies have tightened beyond expectations.