Blu-ray Development (600466) First Coverage Report: Sales of 100 Billion Arrows Penetrate on the Strings to Open Long-Term Growth Space

Blu-ray Development (600466) First Coverage Report: Sales of 100 Billion Arrows Penetrate on the Strings to Open Long-Term Growth Space
Sales of 100 billion arrows on the strings, regional penetration opened up long-term growth space, and for the first time, the coverage was given a “buy” level.We estimate that the company’s operating income from 2019 to 2021 will be 38 billion / 48.9 billion / 61.2 billion, and the net profit attributable to the mother will be 33.4 ppm / 50.1 ppm / 68.500 million, EPS is 1.12 yuan / 1.68 yuan / 2.3 yuan, the current sustainable corresponding PE is 5.8 times / 3.9 times / 2.8 times.Target price 8 for the first time.4 yuan, give “buy” rating. A large amount of value drives short-term sales growth, and the penetration of six regions opens up long-term growth space.In the short term, the company plans to start an area of 18 million square meters this year, an annual growth of 67%, which strongly promotes the release of value and drives short-term sales growth; in the long term, the company has basically covered major urban agglomerations and economic belts, and the region has continued to penetrate and open up the longGrow ceiling.The company’s existing soil storage (undeveloped area) is about 14 million square meters. We believe that the company will be more aggressive in acquiring land in the future. It is estimated that the amount of land acquisition 北京桑拿洗浴保健 will gradually reach 400 trillion, and the supplementary value will be about 1,400 trillion, which will strongly support sales next year. Delivery of housing drives the release of short-term results, and the repair of net profit margins boosts long-term results.In the short-term, accounts received in advance in 19Q1 were 56.4 billion, and the coverage ratio for the previous year’s operating income reached 1.83 times, sufficient resources to be settled, and a high completion growth rate this year will effectively promote the release of performance; in the long run, the company’s net profit margin is significantly lower than the industry average. Through product structure improvement, cooperative development, and deepening of OEM and construction,Net profit repairs are expected to boost long-term results. The proposed listing of Garbo Property brings opportunities for asset revaluation.The company is actively promoting the listing of Blu-ray Garbo Hong Kong shares.After Garbo’s listing, the scale can hire more investors to provide ammunition for mergers and acquisitions. The reorganized Blu-ray Garbo is still on the list of listed companies, bringing opportunities for reassessment of assets of listed companies.According to the general estimated level of Hong Kong property companies, conservatively estimate that Jiabao’s price-earnings ratio will remain at 10 times after listing, corresponding to a market value of at least US $ 3 billion, and Blu-ray Development’s current market value is only US $ 18.7 billion. The degree of property listing for listed companies is worth looking forward to. High dividends are underestimated, leverage is reasonable, and equity incentives lock in performance.According to the company’s stock budget exercise conditions, the attributable non-net profit from 2019 to 2020 will be 3.3 billion and 5 billion, respectively, and the exercise price will be 6.84 yuan / share, higher than the market price; the company’s five core executives have fully completed the first exercise, the total exercise amount1.800 million, showing strong confidence in the company’s future development.The estimated budget is only 5 for the current year.8 times, lower than the plate average. Risk warning: the project completion and settlement progress are less than expected; the settlement gross margin is less than expected; the company’s sales are less than expected; the Blu-ray Jiabao Hong Kong shares are listed less than expected.