Sunshine City (000671): Sales are relaxed due to external complications

Sunshine City (000671): Sales are relaxed due to external complications
Event Overview Sunshine City released its January business briefing, and the company achieved sales of 101 in January 2020.6 trillion, sales area 86.70,000 square meters. Analysis and judgment: The sales are slightly tiered, and the average price slightly increased. The company achieved a sales amount of 101 in a single month in January.600 million, a year-on-year decrease of 14% and a month-on-year decrease of 65%.1%, sales area per month is 86.70,000 square meters, down by 16 every year.1%, down 64% from the previous month.2%; the average monthly sales price is 11,708.8 yuan / square meter, an increase of 2 every year.5%, down 2 from the previous month.5%.Taken together, the company’s sales in January showed a certain extent, mainly affected by the Spring Festival holiday and the epidemic situation; if the recent epidemic situation is effectively controlled, the impact on sales can be controlled. Land intensification has been strengthened, and companies in key metropolitan areas have acquired 6 projects in Hangzhou, Taizhou, Fuzhou, Changsha and other regions in one month. In addition, the total land area has reached 870,000 square meters, an increase of 47.2%, down 66% from the previous month.2%; the amount 夜来香体验网 of land taken in a single month is 39.800 million, a year-on-year increase of 38%, a month-on-month decrease of 61.8%, accounting for 39 of the sales amount for the month.2%, up 3 from last month.4pct, investment strength has increased.Judging from the structure of land acquisition, the company’s land acquisition areas are located in the areas of Fujian and the Yangtze River Delta in the early days, and continue to adhere to the “3 + 1 + X” strategic layout. 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 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 to PE is 6.5/4.8/3.6 times, maintaining the company’s “overweight” rating. Risks indicate that the epidemic situation has exceeded expectations, real estate policies have continued to tighten, and sales have fallen short of expectations.


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