Minutes of the First Open Share (600376)
Basic information 1.Sales receipts: From January to March 2019, the company achieved a total contracted area of 41.650,000 square meters, an increase of 10 every year.04%; signing amount 102.7.2 billion, an increase of 2 every year.54%.From January to December 2018, the company achieved a total contracted area of 377.560,000 square meters, an increase of 27 every year.97%; contracted amount of 1007.2.7 billion, an increase of 45 per year.58%, the previous rate of removal of 65% (new push to open the opening rate of removal rate). In 2018, the area sold in Beijing was 1.24 million square meters, with a sales value of 48.6 billion yuan, accounting for 48.21%, average selling price 3.930,000 / square meter; the sales area in the northern region is 350,000 square meters, and the sales amount is 3.7 billion, accounting for 3%.72%, average selling price 1.50,000 / m2; the sales area in the southern region was 2.19 million m2 and the sales amount was 48.4 billion, accounting for 48.07%, average selling price 2.210,000 yuan / level. 2.Carry forward in advance: The balance of accounts received in advance in 2018 was 630.700 million, with 40% in Beijing.89%; the northern region accounts for 7.54%; the southern region accounts for 51.5%.The total settlement area in 2018 was 182.520,000 square meters, accounting for 44 in Beijing.09%; outside Beijing accounted for 55.91%.The settlement amount for 2018 was 395.64 billion, 55 in Beijing.21%; 44% are outside Beijing.79%.Gross settlement gross margin 32.5% (if two affordable housing projects are excluded, the estimated gross profit margin is above 40%), of which 27 in Beijing.75%, outside Beijing 38.5%.The estimated settlement amount for 2019 is 389.96 billion, 53% of the area in Beijing.53%; the northern region accounts for 0.78%; the southern region accounts for 45.69%. 3.Land acquisition and land storage: In 2018, land investment expenditures were 42.8 billion yuan, and equity expenditures were 180 billion yuan, a decrease of 65%; 23 pieces of land were acquired, and the floor area was 2.69 million cubic meters, with an equity ratio of 51%.Among them, the ground scale in Beijing area is 1.05 million cubic meters, and the equity ratio is 42%; the ground scale in the northern region is 260,000 cubic meters, and the equity ratio is 78%; and the southern area is 1.38 million cubic meters, and the equity ratio is 51%. The company’s overall unsold area is 18.45 million cubic meters, with an average value of 3.30,000 per square meter, unsold in Beijing accounted for 33%, the South accounted for 50%.Among the unsold areas, the company’s equity was 61%, Beijing’s 49%, South’s 58%, and North’s 89%.The company has 59 projects under construction in Beijing, with a total saleable area (excluding underground) of more than 10 million cubic meters, and an unsold area (excluding underground) of more than 6 million cubic meters. The estimated value is about 200 billion yuan.There are a total of 68 projects under construction in the southern region, with a total saleable area (excluding underground) totaling 1,711.20,000 cubic meters, the unsold area (excluding underground) totaled 8.48 million cubic meters, and the estimated value of the goods was 1.900 trillion yuan.In Suzhou, Hangzhou, Xiamen and Fuzhou, there are a total of 45 projects, with a total sale of more than 9 million cubic meters and unsold over 4 million cubic meters.In addition, there are 7 shed modification projects with a total land area of 974.450,000 cubic meters, with a planned total investment of 447.3.3 billion yuan; 5 reserve shed reform projects with a total land area of 614.670,000 cubic meters.Among them, it is planned that the Fengtai Wanquan Temple project in 2019 will meet the conditions for entering the market, and the Shunyi Xingfu West Street project will enter the market. 4.Business plan for 2019: The sales volume in 2019 will be kept at 100 billion yuan and it will move forward steadily.The planned sales area is 357.420,000 cubic meters, with a contracted sales amount of 1010.1.5 billion, sales of 795.5.9 billion yuan, a 53% reduction rate.It can be seen that the sales area in 2019 was 6.65 million cubic meters, and the sales task was broken down into 12%, 23%, 27%, and 38% by quarter.The key sales areas in 2019 are 1.23 million cubic meters in Beijing, 540,000 cubic meters in Fuzhou and 360,000 cubic meters in Suzhou. Question and answer 1.How will the management system change after the company’s sales scale reaches 100 billion yuan to achieve higher development goals?What is the profit of the shed reform project? After years of rapid development and scale expansion, the company has continuously researched management. This year, it has clarified the goals of the entire management structure, control 天津夜网 system, system construction, and information construction. The company also contacted the corresponding consulting agencies to start the management structure.The company is expected to realize the 13th Five-Year Plan ahead of time. The future 14th Five-Year Plan should be steadily improved in accordance with the company’s momentum of progress. As a new business sector, the shed reform business has a high degree of attention. The main considerations are: (1) policy factors: related requirements for Beijing’s population evacuation and urban master plan; (2) market factors: the improvement of the living environment of most residentsSupport for shed reform business; (3) State-owned enterprise responsibility and strong support from the municipal government. There are currently 5 shed reform projects actually started by the company. Most of the projects are expected to enter the market this year, and the company has accumulated certain experience and advantages in shed reform and dangerous reform projects.Although the investment in shack renovation projects is boycotted, the proportion of self-owned funds is not high. About 20% will immediately support the start of the project. The remaining funds are mainly through policy financing, and leverage is relatively sufficient.The development cycle is generally about 4 years, and the profit return rate is about 12%. Considering that the basic conditions of each project are different, the final profit level cannot be completely guaranteed. The company will work hard to control the cost during the construction process to achieve the development goals.The disadvantages of the shed reform project are mainly due to the relatively high asset-debt ratio, the relatively late capital recovery and profit realization.Recently, various local governments have begun to clear up hidden debts. The operation mode of the shed reform business may change in the future. The company has a dedicated team to actively track policy changes. 2.After the group reorganizes the real estate group, will there be competition in the same industry with Shoukai, how will it be resolved in the future? The Beijing Municipal Government and the Beijing Municipal Government continued to promote the reform of state-owned state-owned enterprises in accordance with the central unified deployment. Merger and reorganization is one of the multiple models adopted in recent years. The Real Estate Group was established in 2005 and was formed after the separation of the government and enterprise of the Beijing Municipal Administration of Housing Management. The original main business was real estate development, property management and construction. About 10 years ago, the municipal government identified the Real Estate Group as non-operationSexual asset platforms, that is, assets that are not easy to generate benefits during the operation of old enterprises, are mainly dormitory areas.The Real Estate Group undertook the tasks of duplication, receipt, management, operation, and disposal of non-operating assets of municipal state-owned enterprises. The 13th Five-Year Plan was classified as a special-function enterprise.As of the end of 2018, the real estate group has total assets of about 200 billion yuan, revenue of about 60 billion yuan, a profit of about 1 billion yuan, more than 3,000 employees, the number is close to that of Shoukai Group. At present, the real estate group’s main business includes: (1) Non-operating asset platform: In addition to the city-owned state-owned enterprises, it receives asset divestitures in the three central supply and one industry (power supply, heating and property management) of Beijing central enterprises.At the end of 2018, Real Estate Group received nearly 30 million Ping non-operating assets belonging to state-owned enterprises and 10 million Ping of central SOE assets (there will be 10 million Ping in the future).(2) In the process of intervening non-operating assets, select suitable projects to start new real estate business. The main mode is shed reform, and the representative project is the demolition and reconstruction of Shunyi Vinylon Plant.(3) Property management: After receiving tens of millions of flats of assets, most residential areas and a small amount of operational assets need to be managed.(4) Real estate development: The total assets of the real estate company are about 8-9 billion yuan. The projects in hand are mainly affordable and policy housing. Two of the four projects are joint ownership projects cooperating with the first company. The revenue in 2018 was 2 billion.Around, the profits are tens of millions, which is the majority of the profits of the real estate group.(5) Architectural construction: good at the construction and maintenance of ancient buildings, and has undertaken many major ancient construction repair and construction tasks in history.The particularity of the real estate group lies in the background and origin of the Housing Management Bureau, which has caused it to undertake many tasks for the central and state agencies, including office service security, property maintenance, and so on. After the reorganization of Tongfangdi Group, the changes to Shoukai Group are mainly reflected in: (1) Positioning changes: The original Shoukai Group focused on the real estate competitive industry, positioning the city revival officer, and being the vanguard of Beijing-Tianjin-Hebei development.Operating platform belongs to non-competitive industries.After the reconstruction, the municipal government’s positioning of Shoukai Group is “serving the reform and development of state-owned and state-owned enterprises, creating a nationwide leading non-operating asset management and disposal platform; exploring new paths for the connotative development of very large cities, and striving to become a comprehensive service enterprise for urban organic renewal.Among them, for the transfer of non-operating assets, both the central and local SOEs have excessive resources, and the management and service experience of central SOEs is relatively inadequate. Therefore, all of them were transferred to local SOEs for disposal. Therefore, the municipal government requested that Shoukai Group should become the new non-financial asset management.Disposal platform.The positioning of integrated service companies for urban organic centers of connotative development of very large cities is in line with the positioning of Shoukai Group.(2) Non-operating platforms and building construction were added to the main business.The construction scale of the Real Estate Group is not large, with an annual revenue of about 30 billion and a profit of about 18 million.In the future, the Group will make further efforts in the balanced development of various main business sectors.(3) Explosion of the scale of property management: The original scale of property management of the first Kaikai Group is about 20-30 million square meters. The property management area of the Real Estate Group + non-operating assets is about 70-80 million square meters.The scale of Yiping is mostly in Beijing.Even if many of them are dormitories of municipal state-owned enterprises and central enterprises, or old quarters, the location and living conditions are relatively good, and most of the residents are retired employees with stable income and relatively stable future services.In the face of significant potential resources, Shoukai Group will make great efforts to improve service and management levels. The spin-off and listing of other company’s properties will also give some inspiration to the development of the company’s relevant sections, so the company will also explore the value-added service space of major resources.(4) Areas that are likely to generate more real estate business: Communities with relatively poor living conditions in non-operating assets (dormitory areas, old communities from the 50s and 60s) have examples of successful transformation, and the Group will reviewA large number of non-operating assets are likely to form resources for new real estate projects. In principle, the related resources will be used by the stock company to do preliminary work in the future.However, the transfer of resources has just been completed and it is still in the process of finding out, and the detailed comparison and combing of the projects still takes a long time. The problem of competition in the industry may indeed exist. Some of the real estate business of the Real Estate Group, the shed reform business, and the holding property are similar to the first opening. The group also sorts out related businesses and assets at the same time. As the major shareholder of the first opening share, the group will strictlyThe market promises to properly resolve the market division of labor and technical arrangements.The Group will do more work in the transition period of urban renewal. In the future, it will spend more energy and funds for research, and will more turn to the stock market to develop stock assets. 3.The company has obvious advantages in resource integration at the Beijing State-owned Assets Supervision and Administration Commission. Is there any possibility of other resource integration in the future? At present, the reform of Beijing-owned state-owned enterprises is still in accordance with the deployment of the Municipal Party Committee and Municipal Government and the State-owned Assets Supervision and Administration Commission, and some new reform programs are introduced every year.At present, many schemes are still in the process of progress, and the integration of the real estate industry may be an option for the municipal government and the municipal SASAC.The Group and Real Estate Group have just merged and reorganized for one month. It takes a long process to adjust the management mechanism and management structure. Therefore, we have not heard of any further developments about the reform of the state-owned enterprises of Shoukai Group.However, from the perspective of the company, the efforts to promote the reform of state-owned enterprises in Beijing Municipality are still relatively large. The ladder had some guiding and programmatic opinions during the meeting. 4.What is the carry-over gross margin of more than 60 billion advances in the table?What is the scale of advance receipts for off-balance sheet items and what is the corresponding gross margin? At the end of 2018, the advance receipts of 63 billion US dollars basically corresponded to 380 billion in 2019, 140 billion in 2020, and 106 billion in 2021.Some projects such as the flash of the original, the first carry China Resources City in 2018 carry forward higher gross profit, the corresponding gross profit level in 2019 is also considerable. For non-consolidated enterprises, there were 60 project companies accounted for under the equity method in 2018, and the corresponding off-balance-sheet advance receipts were in the tens of billions. Most of the investment income in 2018 was contributed by 15 of them, and the investment income of most projects was alsoQuite impressive.At present, the scope of consolidation of the entire company is about 110. 5. What are the reasons for the difference between the completed and carried-over areas?After the first reorganization of the same real estate group, will it reduce the company’s profit margin and the space for future old renovation projects? The differences between completion and carryover are mainly: (1) some projects are transferred to existing home sales, and more than 30 billion of the more than 160 billion inventories at the end of 18 were developed products; (2) there is a time lag between completion and delivery, and some projects require about half a year after completionFine decoration or structural modification. The main body of the reorganization of Tongfangdi Group is Shoukai Group, not Shoukai Shares, so there is no direct substantial impact on Shoukai Shares.Compared with the old reform space of non-operating assets, most projects are exceptionally large, and it is difficult to determine quantitatively at present, and the first-level and second-level linkages of projects included in shed reform may be very small, basically based on the first level.There is no necessary relationship between first and second levels.More opportunities lie in property management and nurture opportunities in the community.Beijing as a whole is at a new stage of urban renewal and development. The value of community resources is more reflected in the asset-light maintenance management platform. 6.Beijing’s population policy has always been focused on control. Recently, the NDRC proposed that mega and mega cities should also be included in the streamlined settlement policy. Will it also affect Beijing? At present, only banned policies are immediate. Other NDRC, MEP and other policies need time to reflect.Even if medium-sized cities are settled, the ability of localities to attract population is still sufficient to make up for competitive advantages such as affordability and technological environment.At present, for the core areas of very large cities, it is not possible to settle down, but some marginal areas are possible, and the specific policy effects still need further observation. For Beijing, the Standing Committee of the Political Bureau of the People ‘s Republic of China passed Beijing ‘s new master plan last year. The red line of 23 million people still exists. At present, the spirit of Beijing is still being reduced, and all districts and counties are responsible for guaranteeing Beijing.The population is below the red line, so overall policy principles are not expected to change. 7 The company’s 19-year sales target was 108 billion, which is basically the same as last year. The company’s current saleable value is relatively rich. The main cities are first- and second-tier cities. The recent sales sentiment has improved. What is the assumption behind the relatively flat sales target? Recently, the media suggested that the industry should not speculate on Xiaoyangchun, and the understanding of the rebound in the sales market is still different.The company observes that the policies of more than 30 cities have been fine-tuned. The rise in sales data is that the market believes that housing prices continue to have limited downward space, leading to the belief that demand is real, and that the demand control in the previous stage is indeed too strict. Policy formulation and market conditionsThere are obvious delay effects in itself. According to the sales target, the phenomenon of stockpile development will no longer exist in the industry. The company can sell 120 billion and never sell 110 billion.The current sales target is mainly based on the fact that the initial market and policies have not changed. If the market conditions improve, no company will sell goods.Last year, the company’s sales curve was under pressure, but it insisted on not adjusting its sales target.The company’s primary goal this year is to continue to stabilize the current size. As expected by industry companies, it hopes to make the market active with a basic profit. 8.How sure is the time to market for the company’s shed reform project? At present, 4 of the 5 shed reform projects are relatively sure to enter the market this year. One project is in the final stage (there are some collection lawsuits). The government has also made up for the cost and material resources in the collection process in the early stage.Enter the market. 9.Beijing East-West City merger, the planning details and follow-up progress of the central government district? The company can provide several facts for reference. (1) At the beginning of January or February of this year, General Secretary Xi visited Beijing twice to inspect work, and once in his speech he proposed to promote the reorganization of the old city.The secretary did not explain, there should be a lot of signs called the old city, the leader’s speech needs to be judged by himself.(2) The zoning plan is continuously publicized. Everyone pays attention to when there is publicity. The publicity of the area of interest in the market is in a certain state, and who will publish the publicity.(Combined with the policy consultation of the United Nations Development and Reform Commission, “Beijing has some special zoning plans that require central approval. The planning of such Tongzhou administrative deputy centers is also discussed by the Standing Committee of the Political Bureau of the Central Committee, and other regions and counties are usually responsible for the Beijing Municipal Government.”(3) At present, the Beijing Central Axis Road is applying for a legacy, and the Municipal Party Committee and Municipal Government attach great importance to it.It is possible that there is another area in the central axis road called the plan, and what area it may be in, which deserves attention.However, there has never been an official language for the merger of the East and the West or the central government district, mainly folk rumors. 10.The company accumulates more than 600 million yuan in inventory depreciation reserves. What are the main problems of the project and is it possible to switch back in the future? The company’s Shanghai Yangxi project was acquired in the second half of 2017, which was a relatively sought-after parcel at that time, with a floor price of 5.About 50,000, the upper limit is expected to be more than 90,000, but due to the restrictions, the upper limit price is 6.About 50,000 to 70,000, so some products have fallen in inventory, and whether the price limit policy will loosen in the future still needs to be observed, but the project has not yet achieved opening sales, and the losses have not really formed.The Wuhan project is mainly at a price that the loft product market can accept at 2.About 10,000, but the project cost is about 20,000, so there is a problem of market acceptance, and other products can still be recognized by the market.