New City Holdings (601155) November 2019 sales data review: sales are picking up and restarting

New City Holdings (601155) November 2019 sales data review: sales are picking up and restarting

On December 3, Xincheng Holdings announced the company’s November sales data, and the company achieved a contract amount of 241 in November.

Nine ten percent, an increase of 40 per year.

4%; Achieve contracted area of 228.

40,000 square meters, an increase of 57 in ten years.


From January to November, the company gradually realized the contracted amount of 2,465.

5 ppm, an increase of 24 in ten years.

2%; Achieved cumulative contracted area of 2,188.

100,000 square meters, an increase of 37 in ten years.


Opinion: November sales of 24.2 billion yuan, + 40% per year, January to November sales of 246.6 billion yuan, + 24% per year, sales increased steadily in November the company signed a contract amount of 241.

900 million, -2.

0%, ten years +40.

4%; signed area of 228.

40,000 square meters, -3 chain.

5%, +57 per year.

4%, performance is expected to focus on tracking the 45 city transaction area -4.

0%; the average selling price is RMB 10,592 per square meter, which is +1.

5%, a year -10.


From January to November, the company accumulatively signed a contract amount of 2,465.

500 million, +24 per year.

2%, +1 over the previous value.

5pct, completed the initial 270 billion sales plan91.

With a cumulative sales volume of 3%, Kerui ranked eighth in the rankings; cumulative contracted area was 2,188.

100,000 square meters, +37 in ten years.

5%, +2 from the previous value.

0pct; the average selling price gradually is RMB 11,269 / sqm, before -9.


Considering that the company’s overall soil storage is still dominated by the second, third, and fourth lines of the Yangtze River Delta, the layout of the city’s inventory is generally low, and the saleable value is still relatively abundant. Benefiting from the steady increase in demand under the urban circle strategy, it has completed at most 270 billion sales plansBig.

In November, the company added 3 new plots in Tianjin and Suqian with a corresponding land price of nearly 1.9 billion U.S. dollars. The company restarted the acquisition of land. In November, the company added a new project in Tianjin, corresponding to the new construction site13.

0 million countries, one year -93.

8%; corresponding to the total land price of 6.

0 million yuan, ten years -85.

2%; Land acquisition amount accounts for 2% of sales amount.

5%; take equity 70.


The average floor price is RMB 4,609 per square meter, +137 per year.2%.

According to Sina Finance, in addition to the above-mentioned Tianjin plot, the company added two plots in Suqian, Jiangsu, at the end of November to add up to the total land price.

After suspending land acquisition for 3 consecutive months, the company resumed land acquisition in November.

From 深圳丝袜会所 January to November, the company added a total of 1,939 facets.

50,000 cubic meters, at least -13.

6%; corresponding to the total land price of 632.

600 million, ten years +4.

1%; the amount of land is 25.

7%, compared with 34 of the previous year.

4% down 8.

8pct; average floor price is 3,262 yuan / square meter, +8 over the previous year.

6%, taking the average price of land as the average selling price of 28.

9%, +4 from 18 years earlier.

3pct, land acquisition cost is still at the expected level.

Investment suggestion: sales increase rapidly, land acquisition restarts, and maintain “Strong Push” rating in 2019. In terms of residential development, the company’s sales have maintained steady growth, and the 270 billion plan has been gradually completed. Although some land acquisitions have taken place recently, soil reserves are still abundantIn terms of commercial real estate, the company became more focused and developed rapidly, and further promised that the investment real estate rental management fee income for 19/20/21 will not be lower than 40/60/90 trillion;% / 42% / 29%, bind the interests of employees, strengthen team stability, and show strong confidence.

We maintain the company’s profit forecast for the ten years from 19-21 to 5.


94, 10.

25 yuan, corresponding to only 6 in 19/20 PE.


4 times, at the same time for the company’s first-mover advantage in commercial real estate, new incentives for high-performance commitments and continued rapid growth in sales, in accordance with the 20-year target.

5 times, we raised our target price to 43.

67 yuan, maintaining the “strong push” level.

Risk warning: the real estate market adjustment policy tightens more than expected and the industry funds tighten more than expected.