Overseas Chinese Town A (000069): Sales Expediting Speed Up Continues to Extend

Overseas Chinese Town A (000069): Sales Expediting Speed Up Continues to Extend

Core point of view The company achieved revenue of 79 in Q1 2019.

20,000 yuan, an annual increase of 25.

0%; achieve net profit attributable to mother 12.

0 ppm, an increase of 6 per year.

9%; net profit after deduction is 11.

4 ppm, an increase of ten years.

9%; expected reduction in average ROE beyond 0.

08 averages to 1.

97%, the company’s overall performance as a whole as expected.

The company’s area development model has obvious profit advantages in terms of resource acquisition costs and product premium prices, and its comprehensive gross profit margin remains high in the industry, maintaining its EPS for 2019-2021.

59, 1.

92, 2.

Earnings forecast of RMB 30, maintain “Buy” rating.

The gross profit margin maintained a high level in the industry, and the growth performance was still likely to grow steadily. The company’s carry-over scale grew steadily during the reporting period. The main reason for the slower growth in net profit than in revenue was: 1. Gross profit margin decreased by 1.

4 up to 62.

2%, still higher than the lowest 60 in 2018.

4% level, maintaining the industry’s high level; 2, some high gross profit carry-over projects led to a significant increase in local tax increase, taxes and additional additional 36.

5% to 20.

9 trillion; 3. Some cooperative development projects have entered the carry-over period, and the minority shareholders’ profit and loss turned positive, increasing from 88.36 million yuan in 2018Q1 to 50.62 million yuan.

In the first quarter, the reform of the company’s system and mechanism and the “Trinity”杭州桑拿 comprehensive incentive system gradually came into effect, and the expense ratio decreased during the period.

Five single ones. Considering that the first quarter’s quarterly performance accounted for a relatively low quarter, and scheduled advance receipts were carried forward one after another, we expect the company’s performance to continue to grow steadily with a high probability.

The pace of sales investment is stable, and the resource map continues to expand. In the first quarter of 2019, the company strengthened the control of sales receivables, realized the sales of goods, and provided cash services for labor services.

6% to 218.

10,000 yuan, leading to an annual growth of 75 in advance receipts.

8% to 557.

700 million, sales rebates continued to grow at a rapid rate.

In the first quarter, the company supplemented the soil storage plan 342.

70,000 countries, mainly located in Shenzhen, Jinan, Xi’an, Shenzhen-Shanshan Cooperation Zone, Chaozhou, Maoming, etc., while consolidating the base of South China and continuing to expand the geographical resources of other places, this year, Xi’an and other areas are expected to promote expansion.

At the end of 2018, the company’s tourism comprehensive and real estate development projects under construction were completed, with a construction area of 1406.

80,000 square meters, 2378 land reserves to be developed and built.

70,000 square meters, with the top three regions accounting for 11% in Chongqing, 10% in Wuhan, and 8% in Nanjing.

Cultural tourism has a steady pace and continues to consolidate its leading position in the industry. In 2018, the Theme Entertainment Association (TEA) and AECOM jointly released the global theme park group rankings. OCT ranked No. 4 in the global theme park group and continued to lead Asia.

At the end of 2018, the company had 13 attractions, 23 hotels, and 1 travel agency. In 2018, it received 46.96 million tourists, an increase of 16%.

The comprehensive tourism business income in 2018 increased by 6 every year.

1% to 196.

6 ppm, gross margin increased by 4 in ten years.

0 averages to 46.

At 3%, tourism comprehensive development continues to maintain a stable and good development trend, and the area development model’s profit advantages in terms of resource acquisition costs and product premiums continue to appear.In 2019, the company plans to open Nanjing Happy Valley Water Park and Shunde Happy Coast smoothly to accelerate the development and construction of new landing projects in Zhengzhou, Xiangyang and Xi’an.

Cultural tourism + real estate leading companies, maintaining the “Buy” rating company’s unique “cultural tourism + real estate” model continued to improve the performance of profitable space, which has been translated into a comparatively strong industrial ecology and financing advantage in the background of Toto central enterprises.The efficiency and space of remote replication of the model, maintaining the company’s EPS for 2019-2021 is 1.

59, 1.

92, 2.

30 yuan profit forecast.

Reference comparable companies averaged 6 in 2019.

8x PE estimates, maintaining the company in June 2019.


0 times PE estimate, maintain target price of 9.


13 yuan, maintain “Buy” rating.

Risk warning: The cultural tourism project is facing competition from global theme park brands; the recovery of key first- and second-tier cities is uncertain.