Leju Finance Li LiOn January 10, Kaiyuan** released the Poly Development (600048) research report.
The leading central enterprises with excellent operation and management capabilities maintain the "** rating."
Poly Development released its December 2023 business briefing. The company has a solid leading position in the industry, active investment in land acquisition, continuous optimization of land storage structure, smooth financing channels, and obvious capital advantages, and will continue to benefit from the relaxed real estate policy and the optimization of the industry pattern. Affected by the sluggish sales of the industry and the decline in the company's sales scale, we have lowered our profit**, and it is expected that the company's net profit attributable to the parent company in 2023-2025 will be400 million yuan (original value of ..)2、 325.300 million yuan), EPS were 176、 2.05、 2.33 yuan, the current stock price corresponds to a PE valuation of 52、 4.4、 3.9 times, the company's sales rank first in the industry, the investment intensity has increased against the trend, and the company's market share will continue to increase in the future, maintaining the "** rating."
The monthly sales data was under pressure year-on-year, and the leading sales position was stable
In December 2023, the company achieved a contracted area of 12850,000 square meters, a year-on-year decrease of 622%；The contract amount was 227300 million yuan, a year-on-year decrease of 602% (down 15. year-on-year in November.)6%), down 272%, which was the company's lowest December sales since 2016. From January to December 2023, the company achieved a contracted area of 238610,000 square meters, a year-on-year decrease of 132%；Achieved a contract amount of 4222400 million yuan, down 77%, The sales scale has shrunk, but it still maintains the top position in the full-caliber sales amount of CRIC, and the leading position in the industry is stable.
There were 20 new land acquisitions in a single month, and the investment intensity remained high
In December, the company acquired 20 land parcels in Beijing, Guangzhou and other core cities, with a total construction area of 26930,000 square meters, corresponding to 329 land amounts700 million yuan, the ratio of land acquisition to equity is 832%, and the intensity of land acquisition in a single month reached 1450%。From January to December, the company acquired a total construction area of 107460,000 square meters, corresponding to a total land payment of 1631900 million yuan, a year-on-year increase of 27% and 12%, the equity ratio of the amount of land acquired is 833%, land acquisition intensity 386%, of which the amount of land acquired in first-, second- and third-tier cities accounted for 349%、 59.6%、 5.6%, land acquisition** up to 086. The soil storage structure was continuously optimized.
Financing channels are unimpeded, and repurchase + increase in holdings strengthens confidence in development
As of the end of the third quarter of 2023, the company's monetary fund balance was 14267.2 billion yuan, in November, the company's two phases of medium-term notes totaling 10 billion yuan were approved for registration, and the financing channels remained unimpeded. In December, the company plans to repurchase the company's shares of no more than 2 billion yuan and not less than 1 billion yuan, and as of December 29, the cumulative repurchase payment funds reached 2$500 million;At the same time, in December, Poly Group, the company's major shareholder, planned to increase its holdings of the company's shares by no more than 500 million yuan and not less than 2500 million yuan, as of December 22, a cumulative increase of 100000000000000000000000000000000000000000
Risk Warning: The recovery of the industry is less than expected, the policy relaxation is less than expected, and the company's sales recovery is less than expected.
Related companies: Poly Development SH600048, open source**.