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Sunshine City (000671) Company In-Depth Research Report: Panyang’s Core Metropolitan Area Continues to Write High-Growth Sunshine

Sunshine City (000671) Company In-Depth Research Report: Panyang’s Core Metropolitan Area Continues to Write High-Growth Sunshine
Fujian started its business and established a national company in Fujian. It has adopted a variety of methods such as bidding, auctioning, mergers and acquisitions, and cooperative development to achieve a national layout.Beginning in 2017, the company has clearly defined the strategic development goals of “upscale and quality benchmarking”, using the “three-round” investment strategy as the engine and the “five-round” model as the driver, entering a new era of rapid development. Sales have grown by leaps and bounds, with the focus on core cities on January 11, 2019, and the company achieved sales of 1819.20,000 yuan, an increase of 36 in ten years.5%, the company’s sales amount from 2015 to 2018 was 300.100 million to 1628.6 trillion, annual compound strength of about 75.7%, ranking 13th in the industry.The company adheres to the development strategy of “Three Quans” and “3 + 1 + X”. As of the end of the first half of 2019, the company’s land reserve available for sale is 4,396.40,000 square meters, about 3 of the sales area in 2018.47 times, the soil reserves are abundant; the proportion in the first and second-tier cities reaches 76.2%, among which the cities with the most project layout include Chongqing, Changsha, Taiyuan, Nanning, Xi’an, Kunming and other key second-tier cities; the continued advancement of urbanization in the future, the company’s revenue in core first- and second-tier cities is worth looking forward to. The performance maintained a high growth, and the finance continued to be optimized. In the first three quarters of 2019, the company achieved net profit attributable to mothers22.50,000 yuan, an annual 南宁桑拿 increase of 42.6%, the company’s attributable net profit compound growth rate reached 56 in 2016-2018.6%, outstanding performance; net debt ratio from 181 at the end of last year.51% excellence dropped to 142.16%, leverage has improved significantly.The company increased the control leverage to a higher scale, and the overall overall financial security was greatly improved. Earnings forecast and investment recommendations Sunshine City’s sales and performance have grown rapidly, the core metropolitan area is rich in soil reserves, financial optimization has continued, and financing costs have improved.We maintain the company’s profit forecast unchanged. It is expected that the company’s EPS in 19-21 will be 1.03/1.41/1.87 yuan, corresponding PE is 8.3/6.1/4.6 times, maintain the company’s “overweight” rating and give a target price of 9.87 yuan / share. Risk Warning Real Estate Policy Keeps Tightening, Sales Are Less Than Expected

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