Vanke A (000002): steady growth in sales and comprehensive services

Vanke A (000002): steady growth in sales and comprehensive services

Core point: the industry welcomes a new environment.

The real estate market has continued to shrink, housing companies have become more diversified, and the trend of the strong and the strong has become more pronounced.

In the long run, preparing for change beyond sales is key.

Real estate development and sales business: adequate soil storage and good sales.

The company took the land prudently, and the land reserve was based on the developed 淡水桑拿网 coastal areas, and gradually leaned towards the central and western regions, third- and fourth-tier cities, and abundant reserves.

The sales amount has been steadily increasing year by year, and the focus has been on reducing the risk of small apartment sales.

Property services: still maintain industry leadership, technology improvement services.

The company proposes a “Reliable Service” plan to improve property management through Internet thinking and technology.

Vanke Property’s leased and sold stores were renamed Pu Lin to accelerate its entry into the second-hand housing market.

Long-term rental apartments: The right holders have just begun to grow into large-scale apartments.

The government promotes both rental and sales, and rental demand will be released.

The company’s environment for nurturing long-term rental apartments is extra mature.

As of the first half of 2018, the company’s long-term rental apartment business covers 30 major cities, gradually acquiring more than 160,000 rooms, gradually opening more than 40,000 rooms, and the average occupancy rate of projects that have been open for more than 6 months is about 92%.

Commercial real estate: Printronix is the second largest in the area under management, with both “finance + technology” on both tracks.

The impact of financial innovation and new technologies on commercial real estate has become increasingly prominent.

After the acquisition of Printronix, the company integrated commercial real estate resources. As of the end of 2017, Printronix managed a total of 172 commercial projects with a total construction area of more than 1 square meter.

The company is accelerating the securitization of commercial assets while driving innovation with technology to create new products.

Logistics Real Estate: Wanwei focuses on high-standard warehouses and acquires ProLogis to create the world’s leading logistics real estate.

E-commerce forced the development of logistics real estate, and the supply of high-standard storage facilities was insufficient.

Vanke Logistics’ real estate business segment forms a “Wanwei” + “Pros” layout.

Wanwei is positioned at the high end and deeply cultivates cold chain logistics.

ProLogis takes the lead in China’s logistics and real estate market, while expanding its presence to Europe.

Track + Property: Vanke and Shenzhen Metro deepen the TOD model.

The TOD model realizes the “three wins” of government, business and social benefits.

Vanke and Shenzhen Railway cooperated to explore track properties with high efficiency. According to the statistics of Kerer, the Shenzhen Railway Vanke Hongshuwan Project ranked first in total real estate transactions in 2017, at 105.

700 million.

Investment Advice.

Based on the consideration of the company’s project reserves and the national real estate market, we expect the company’s earnings from 2018 to 2020 to be 3 respectively.

59 yuan, 4.

66 yuan and 5.

02 yuan (among them, the preliminary forecast of the penetration of the annual revenue increase in 2018 is that Vanke’s unsettled projects in 2017 will be completed and the penetration may be settled in 2018).

To March 4th 29.

At the closing price of 7 yuan, the corresponding dynamic price-earnings ratios are 8 respectively.

2 times, 6.

4x and 5.

9 times, the P / B ratio is 1.

7 times.

With reference to comparable company estimates, the company’s dynamic market surplus for 2018 resets8.2 times, below the mean of 9.

2 times attractive.

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