Analysis of the company's operation: the sales area and sales amount maintained double growth. In the first half of the year, the company achieved a sales contract value of 2176 million yuan and a sales area of 267 1 10,000 square meters, up by 5.8% and 3.3% respectively. Among the four leading real estate enterprises, Poly Real Estate was the only one that achieved positive growth in sales area in the first half of the year, with outstanding sales capacity. Actively take land and expand land reserves. In the first half of the year, the company still actively expanded, with new projects 15 nationwide, with an equity construction area of 5.06 million square meters, which is still radical compared with peers. By the end of the reporting period, the planned project 1 15 was under construction, covering an area of 26.4 million square meters and a plot ratio of 44 million square meters.

Profit forecast and investment advice. In the next two years, the company should continue to maintain a relatively fast growth rate. It is estimated that the company's earnings per share are 10,1.04, 1. 19 yuan, corresponding to the closing prices on August 9, respectively, 12. 1 and 65438. However, the overall rebound of the real estate sector in July was large, and the current market environment made us pay more attention to the short-term adjustment risk. Poly Real Estate is a variety with both growth and stability among leading listed real estate enterprises. It has a strong background of central enterprises and good performance support, while maintaining the momentum of rapid development. At present, it is still a good strategic configuration variety in real estate enterprises. On the whole, it still maintains its previous "overweight" rating on the company.