Dima Co. (600565) First Coverage Report: Coordinated Development Performance of Real Estate Military Industry Incentives In Place

Dima Co. (600565) First Coverage Report: Coordinated Development Performance of Real Estate Military Industry Incentives In Place
Real estate + military industry, two major industry two-wheel drive companies were established in 1997, mainly engaged in special vehicle manufacturing business.It went public in 2002 and entered the real estate sector in 2006. In 2015, it merged and acquired property companies owned by major shareholders, and has now formed two major industries: military industry and real estate.The major shareholder Chongqing Dongyin Holdings is a diversified investment holding group with the main development directions of machinery manufacturing, real estate, mineral energy and financial investment. Net profit increased sharply, and cash flow improved significantly.46 billion +38.87%, net profit attributable to mother 10.17 billion +51.87%, net profit of non-attributed mothers7.3 billion +13.91%, mainly due to the recognition of investment income of 300 million yuan in Chongqing Xuyuan Exhibition.Gross profit margin rose to 29.92%, ten years +4.68.18-year operating cash flow 68.$ 29 trillion + 292%.Dividend rate is 65.24%, +32 per year.7 only. In 2018, the accounts received in advance for ten years + 188%, and the area under construction for half a year + 44% 18 years real estate business income 121.6 ten percent + 40.16%, mainly due to accelerated completion and delivery.Launched in 18 years, 54 of the projects on sale, 21 new projects, of which 16 are located in Chongqing, Wuhan, Chengdu, Shanghai and other cities.Funds received in advance 232.5.4 billion + 188%, and the revenue coverage of advance receipt reserve reached 1.76, +0 per year.91. Subsequent settlement is guaranteed.20 new soil deposits in 18 years, construction area of nearly 248.86 million years ago + 46%.New construction started in 383 in 18 years.50,000 square meters, with an area of 663 under construction at the end of the period.790,000 square meters before +44.26%, follow-up sales are guaranteed. The growth rate of the net debt ratio went down, which motivated the company’s net debt ratio to reach 27 by the end of the year.09%, ten years -69.26.Cash / short-term debt rose by 0.99 to 1.66.On March 29, the company agreed to award 38.8 million stock budgets and 69.2 million shares of incentive objects. According to the company’s performance assessment requirements, the net profit growth rate 北京体验网 for 2019-2020 will be 21 respectively.09% and 33.33%. Profit forecast The company’s budget for advance receipts has increased sharply, and subsequent settlement has been guaranteed; new construction has accelerated, and the value of goods in hand is sufficient, and subsequent sales are guaranteed.Equity incentives and common growth plan to achieve the benefit of the company and employees.Forecast the company’s net profit for 2019-2021.27, 20.02, 24.160,000 yuan, corresponding to three years EPS0.59, 0.82, 0.99 yuan.The current highest corresponding PE for 2019-2021 is 7.9, 5.6,4.7 times. Give 10 times PE in 2019, corresponding to a target price of 5.85 yuan, the first coverage given a “buy” rating. Risk reminder: the progress of the launch may be less than expected, and the military and green decoration business may 北京spa会所 be less than expected.