Golden Land Group (600383) cumulative net profit will increase significantly year by year

The company has real estate concept, market concept, Shanghai and Shenzhen 300 concepts, transfer concept, margin concept, equity incentive concept. Company July 10, 2010 announcement, the company 2010 1-June Cumulative implementation of the contract area of 482,900 square meters, the cumulative contract amount of 5.376 billion yuan, respectively, compared with a year earlier decline 42.8%, 37.3%.　　In July-August, the company's new or additional projects include: Guangzhou She city, Foshan Jiu Bi, Beijing Yang Shan, Hangzhou Free City, Nanjing Free City, Wuhan Greenchun Bank, Wuhan West Bank story, Shenyang International Garden Four, Shenyang Riverside international community, Shenyang Tan County, push disk area of about 294,000 square meters. The company expects the cumulative net profit in the end of 2010 to grow significantly year-on-year, mainly because of a significant year-on-year increase in the carry-over amount.　　April 9, 2010 announcement, the company and UBS Group jointly launched a real estate fund, the first issue of the first recruitment has been formally completed, the contract amount of about 100 million U.S. dollars. The company intends to be no less than 12.4 yuan/share to not more than 10 specific objects in the private issue of no more than 400 million shares, raise the net amount of money not more than 4.8 billion yuan investment in Shanghai Jin Tian Royal, Hangzhou gold from the city 24-25 plots, Nanjing Gold from the city in 1-2, Wuhan Golden land West Bank story, Fossan project,　　Ningbo Golden Land East Royal 6 projects.　　The company won the sixth consecutive "blue-chip Real Estate" award awarded by economic Observer, and the seventh consecutive year was ranked as the "10 strong comprehensive strength of Chinese real estate listed companies" by the Development Research Center of the State Council, the Institute of Real Estate, Tsinghua University and the three Institutions of China Index Institute. July 2010, the company 383 million yuan through the equity cooperation of the party to obtain the Yantai of 51% of the Agricultural project and Zhuhai Xiangzhou Mei North China residential area 3rd block Project 51% stake, The construction area of the two plots of land is 132,600 and 108,500 square meters respectively, and are all commercial and residential uses, of which the commercial public construction of Yantai project accounted for 45,000 square meters; The residential part of the land use right was sold for 70 years and the commercial public was built 40 years; March 2010, Company with 1.069 billion acquired Shenyang Tiexi tx2009-92 land. The project is located in the northern region of Tiexi District, east of Ciphans Street, south of the North Two road, the west of the city, an environmental protection workers street, north of the north, planning a net land area of 205,000 square meters, the volume rate of not more than 2.2-2.7, land use for residential business, business ratio is not　　The lease of tenure is 50 years of commercial 40. Xiang Treasury securities to the company "overweight" rating. The company is expected to achieve earnings per share in 2010-2012 of 0.49 yuan, 0.62 yuan and 0.90 yuan, the current price corresponding to the next 3-year P/E is 13.25 times times, 10.35 times times and 6.93 times times respectively.　　For the first time, the company "overweight" rating, to give the target price of 7.5 yuan. Galaxy Securities Maintenance Company "cautiously recommended" rating. The company is expected to 2010 mainBusiness income of 17.2 billion yuan, net profit of 2.24 billion yuan, earnings per share of 0.50 yuan, multiples of 13 times times; 2011 The company's main income is expected to reach 22.9 billion yuan, the net profit attributable to the parent company will reach 30.31, the earnings per share 0.67 yuan.　　Maintain the company's "prudent recommendation" rating. Credit securities maintain a "cautious recommendation" rating. Forecast the company's performance in the next three years is expected to maintain a stable growth, according to the existing share of equity diluted, 2010-2012 earnings per share is 0.54 yuan (11.7 times times), 0.67 yuan (9.4 times times), 0.92 yuan (6.9 times times), the annual composite growth rate of more than 30%, RNAV7.55 dollar, undervalued value, maintain cautious recommendation.