Poly Real Estate: Poly January Sales and new projects reviews

Event company January to achieve sales area of 493,800 square meters, sales amount of 4.93 billion yuan, respectively, compared with the same period in 10 22% and 48%.　　January, the company added 5 items, an increase in the rights and interests of 1.929 million square meters, the total premium section of 5.94 billion yuan. Comments on the best January data, but the chain decline is larger: The company sales area and the absolute amount of sales to create a history of the January single month sales record; On the one hand the fall is in line with seasonal factors, on the other hand the January push volume is smaller.　　Considering that February is still off-season and fewer workdays, sales figures are unlikely to rebound this month, and sales are expected to rise in March as the number of push volumes picks up.　　January, the company's project sales average price of 9984 yuan/square meters, up 21%, higher than the annual sales of 10 4%; New project margin 41%, slightly lower than the level of reserves: the company January new projects 5, increase the rights of 1.929 million square meters of construction area (including Qingdao project with the construction of affordable housing 55,000 square meters), the total premium paragraph 5.94 billion yuan, the floor price of 3079 yuan, compared to 10 annual increase in the average floor land price %。　　Estimate the price of each new item separately, calculate the average gross profit margin is 41%, slightly lower than the current reserve average of 45% margin level. Strong ability to land is still the main aspect: the company's new project rights and interests of the construction area and the land premium for 10 year 14% and 13%, the year-on-year growth of 303% and 185%. The pace of corporate land use has not been affected by slower sales.　　It is expected that the future company will continue to maintain a faster pace of land use: On the one hand, some companies are under the influence of financial pressure, the competitiveness of the land is declining, and the company itself as a state-owned enterprises in financing and communication with local governments have advantages; On the other hand, as a means of regulation, land supply will also increase. Regulation and upgrade, leading companies have a comparative advantage: the country eight to expand the scope of limited purchase, the future liquidity is expected to continue to tighten, compared to small companies, the main advantages of leading enterprises are: First, the project is widely distributed, effective diversification of risks, and can be based on market conditions in each city to adjust the progress of the project push, the market control more powerful;　　Strength, in the financing of more advantages, poly Real Estate state-owned enterprises to strengthen the background of this advantage; third, large reserves, can support rapid turnover of the sales strategy. The investment proposal expects the company 10-12 year earnings per share is 1.07, 1.40 and 1.67 yuan, the dynamic P/E ratio is 12.4, 9.5 and 8 times times, has the certain attraction in the industry company, considers the company's rapid expansion ability and the positive turnover sales strategy, maintains the company buys the rating.