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                                                                                                                                                                          奥斯卡赌场:新城控股:销售靓眼 投资积极

                                                                                                                                                                          2019年06月09日 13:30 来源:合肥市新闻资讯站

                                                                                                                                                                            销售规模持续高增。2019年5月份公司实现合同销售金额247.59亿元,同比增长48.78%;销售面积203.27万平米,同比增长49.89%;销售增长靓眼。公司虽然三四线布局城市较多,但多集中在基本面较好的长三角区域。2018年公司开工规模较大,未来供货节奏有保障,公司2019年销售仍然能保持快速增长。

                                                                                                                                                                            投资积极,拿地成本保持低位。新城5月在重庆、台州、青岛、烟台等19个城市获取20个项目,新增拿地面积394.4万平米,同比增长50%;拿地金额122.7亿元,同比增长33%;拿地金额占当期销售金额的50%;公司严格控制楼面成本,单月拿地均价仅3112元/平米,占同期销售均价的25.5%,有效保障公司未来毛利率。从累计数据来看,公司1-5月累计拿地金额545亿元,同比增长89%;新增建面达1364万平米,同比增长44%;从各线城市分布看,公司在二、三线拿地金额分别占比53%、47%,公司持续加大重点一二线城市的土储布局。

                                                                                                                                                                            优质商业出租率高位,全国布局均衡拓展。截至2019年一季度末,公司吾悦广场总建面393.33万平米,出租率高达98.02%,目前已出租面积238.24万平米,实现租金收入8.67亿元。公司以建设“有情怀、不复制、具规模”的高品质购物中心为目标,目前已实现“以上海为中枢,长三角为核心,并向珠三角、环渤海和中西部地区进行全国扩张”的全国布局均衡战略。

                                                                                                                                                                            投资建议:新城控股秉持“住宅+商业”的双轮驱动模式,公司以长三角为核心,完成了全国重点城市群的布局。公司近年来销售规模持续扩张,新增土地储备充沛。我们预计公司2019-2021年EPS分别为6.00、7.74、9.32元,对应PE分别为6.25、4.85、4.03倍,维持“买入”评级。

                                                                                                                                                                            风险提示:行业销售波动;政策调整导致经营风险(棚改、调控、税收政策等);融资环境变动(按揭、开发贷、利率调整等);企业运营风险(人员变动、施工、拿地等);汇率波动风险。