129784668119272500_134Beijing urban construction: good sales slightly increased funding
Performance overview 2011, company revenues 5.246 billion yuan, an increase of 12.92%; operating profit of $ 1.756 billion, fell by 5.03%; vested in the owner of the parent company net profit of $ 855 million, down 28.78%; basic earnings per share of $ 0.9621/share. Weighted average rate of return on equity15.19%, an 7.16%. 2011 cash dividend distribution plan for each 10 shares of the company distributed $ 2 (plus tax). Company is a real estate development company fundamentals-oriented brand of real estate business. Company mainly involved in real estate development, land development, and sewage treatment business, among them, real estate projects mainly located in BeijingTianjin, Chongqing and other regions; wastewater treatment business mainly in Anhui, Hebei region. For Beijing urban construction group company's largest shareholder, stake for 50.41%, human Beijing State-owned assets supervision of actual control. Settlement growth in revenue, profit margin has increased during the reporting period, company sales revenues of 5.032 billion yuan, an increase of 10.31%, the main settlementProjects international, the shihuashui Bank and the North of the city, led by garden homes project, business profit margin reached 58.35%, an increase of 17.57% property management revenues of $ 120 million
tera gold, an increase of 41.5%, business profit margin amounted to 29.19%, end of business property area of 139,000 square meter; sewage treatment business revenue17 million Yuan, an increase of 45.06%, business profit margin reached 43.18%, an increase of 1.39%. Expenses increased during the reporting period, company expense ratio is 11%, an increase of 3.4%, where the 3.49% sales cost rate, an increase 0.62%; management costsRate of 6.31%, an increase of 2.14%; 1.19% rate of finance charges, an increase of 0.63%. Money well, advance accounts payable accounts for high end of company money after removal of advance funds/accounts payable as well as monetary assets/current liabilities (non-current liabilities short-term borrowings due within one year) respectively and 80.92%742.64%, coverage is higher than the industry average, less short-term financial pressure. In addition, in the context of last year's market downturn, remained positive growth sales
tera power leveling, amount sold 6.507 billion yuan, increased slightly by 1.34% per cent. End advance $ 6.521 billion accounts payable, an increase 31.44%, 2011 annual revenue share124.29%. Project reserve increase the company's total invested 3.241 billion yuan during the period, increasing the reserves built surface of 1.4429 million square meters, an increase of 28.96%, clear of falling market expansion. Project company reserves are mainly located in three areas of Beijing, Tianjin and Chongqing. Companies currently clearing resources of approximately 5 million square meters, over the same period last year with greaterBoost. Profit forecasts and investment grade expected 2012 earnings per share of $ 1.2 and $ 1.46, corresponding to Dynamics corresponding dynamic price-earnings ratio of 11 times and 9 times times. Robust performance growth, equity investment gains, valuations lower. In addition, the product structure to ordinary goods and most projects related to housing guaranteedHousing project
tera gold, as the areas of Government support, project financial support were more likely, mainly for the capital of the company is good, therefore maintained its "overweight" rating on investment. Risk market risk; risk of falling sales.
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