Electronics City (600658): The industrial platform is steadily advancing and actively expanding the national layout

I. Overview of the event I. The electronic city released the 2018 annual report, and the company achieved operating income in 201822.

34 ppm, a ten-year increase4.

71%, achieving net profit attributable to shareholders of listed companies4.

1 billion, down 19 a year.

40%.

Second, analyze and judge that the income keeps growing, and the project construction is gradually implemented. The company will realize operating income in 201822.

34 ppm, a ten-year increase4.

71%, achieving net profit attributable to shareholders of listed companies4.

1 billion, down 19 a year.

40%.

At the core of the report, the company’s industrial park platform projects in Beijing, Tianjin, Xiamen, Kunming, Nanjing, Shuozhou, and Qinhuangdao have steadily advanced, and many projects in and outside Beijing have blossomed, achieving an area of 91 resumed construction.

With an area of 20,000 square meters, the project construction in the industrial park has achieved remarkable results.

National layout, sufficient soil reserves. The company adheres to the strategy of Beijing’s national coverage. In 2018, the company actively expanded projects in Nanjing and East China on the basis of promoting Beijing, North China, South China and Southwest projects, 厦门夜网 and achieved major breakthroughs.First show.

As of the end of 2018, the company’s land reserve capacity was 153.

690,000 square meters, an annual increase of 22.

50%, 9 of the area sold in the year.

57 times, the land reserve is rich, which can fully sustainable development in the future.

Financial stability, smooth financing channels until the end of 2018, the company’s assets and liabilities decreased by 51%, after excluding the advance receipt of assets and liabilities instead of 49%, the leverage ratio is at the level in the industry; currency in hand reached 38.

88 trillion, cash short-term debt ratio reached 8.

62. Short-term debt repayment is worry-free.

The scale of the report, the company successfully issued a special plan to support property rental assets of 1.8 billion, actively expand financing channels, and laid a solid foundation for future development.

Third, investment advice The company’s income will grow steadily, the land reserve will be abundant, the nationwide layout will be implemented steadily, the finances will be stable, and the overall risk can be controlled.

41/0.

45/0.

49 yuan, corresponding to PE is 14.

7/13.

3/12.

Doubled, the highest and the lowest in the past three years, with a median PE of 28.

3/6.

2/16.

5 times, giving the company a “cautious recommendation” rating.

4. Risk warning: The real estate policy restructuring is tightened, and the development of industrial parks is less than expected.