Huafa (600325): Obvious advantages in resource endowment, growth flexibility

Home / Huafa (600325): Obvious advantages in resource endowment, growth flexibility

Huafa (600325): Obvious advantages in resource endowment, growth flexibility

The company achieved operating income of 237 million in 2018, a year-on-year increase of 18.

8%; net profit attributable to mother 22.

80,000 yuan, an increase of 41 in ten years.

9%, earnings per share is 1.

08 yuan.

More sales have blossomed, and the ROE level has increased significantly: the company’s profit growth rate is significantly higher than revenue, mainly due to long-term equity investment income and a substantial increase of 295.

6 times to 6.

08 million yuan, ROE is expected to increase significantly from 20174.

9 up to 17.


The company achieved a budget of USD 58.2 billion in 2018, an annual increase of 87.


New construction area of 513.

60,000 square meters, with an 南京夜网 average annual increase of 133%. The increase in the scale of construction will further increase the saleable volume. It is expected that the company will exceed 80 billion yuan in 2019.

The layout has been expanded, and soil reserves in core areas are abundant: the company plans to add about 310 new building areas in 2018.

60,000 square meters, an increase of 11 in ten years.

9%, the total land value of equity is about 18 billion, accounting for 30% of the set.


The company newly entered Dalian and Qingdao in 2018, and won the Beijing Fangshan plot through bidding and auctioning. At present, the company has formed 6 major areas in Zhuhai, South China, East China, Central China, North China, Shandong, and Beijing Company’s “6 + 1Area layout.

As of the end of 2018, the company’s land reserve scale was 7.5 million 北京桑拿洗浴保健 square meters.

Among them, Wuhan, Shanghai, Nanjing, and Hangzhou are the core areas of Central China. The land reserve in East China accounts for 47%, and the Guangdong-Hong Kong-Macao Greater Bay Area with Zhuhai, Guangzhou, and Shenzhen as the core.
The financing channels were widened, and the net debt ratio was still at a high level: the increase in the scale of sales carry-over and the expansion of the company’s monetary funds increased by 71% to 191.

4 trillion, the average net debt ratio decreased by 48 from 2017.

The two averages reached 215%, but they are still relatively high, and the short-term debt pressure has also increased.

In terms of capital operations, the company issued a plan to support the purchase of securities through the stock exchange.

500 million US dollars, long-term rental apartment real estate investment trust funds, supply chain ABS financing business and other innovative product businesses have been approved, the expansion of financing channels significantly optimized the capital structure, the company’s comprehensive financing costs remained at 5.

87% level.

Earnings forecast and rating: The company’s EPS for 2019-2020 is expected to be 1.

45 yuan, 1.

75 yuan, maintain “Buy” rating.

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