Why does this real estate company have the power of crossing cycle?

Zhigu Trends (ID: ZGTREND) | Summer

"The biggest danger of the turbulent era is not the turmoil itself, but still using the logic of the past." This famous saying of the father of modern management, Peter Drucker, has been regarded as a sanctuary by entrepreneurs.

Housing companies are even more righteous.

With the concept of "three red lines" and houses that do not live in the house, the Great Chess went to the Central Bureau, and the Chinese real estate industry also ushered in a new shuffle.

In the process, the "three high models" gradually disintegrated, and housing companies moved towards the era of micro -profit, and achieved a transformation of high -quality development. This is an unprecedented consensus:

The scale will eventually allow quality and long -termism to replace short -term speculation.

Those who peep through this general trend and the physical force will eventually have the power of crossing cycle.

01

Yajule has always been a cautious "special case". This company, which believes in steady development, has a keen sense of smell. As early as 2021, it slowed down the land acquisition speed.

The word "saving money" is simple in words, but sharply breaks the living iron law of "cash king" during the turbulence period of the industry, allowing Yajule to go through the big shuffle like a storm.

This is also an important reason why it can maintain stable operation for a long time.

A list of green stalls in green stalls was announced at the end of 2021

Since the beginning of this year, Yajule refused to "lie down", actively implemented liabilities and leverage, and was on the way to actively repay debt.

On August 30, under the high attention, Yajule issued an announcement, saying that the US $ 360 million priority notes expired on August 31 will be repaid and will not have a significant impact on the company's financial conditions.

If you count the previous three debt repayment, in August just past, Agile repaid more than 5 billion yuan in debt.

Among them, many of them are repaid in advance, and injecting a stitching agent severely.

But one thing that really makes investors confidence is still that public information shows that the expiration time of a dollar debt next to Agile is:

January 2025.

This means that at least two years in the future, Agile will no longer have the pressure on the payment of foreign debt, and the security index will be further upgraded.

This safety is also reflected in the number of semi -annual reports.

Data show that the total borrowing of Yajule in the first half of the year decreased by 13.704 billion yuan, short -term lending decreased by 23.6%, and leverage further declined.

If the data in July and August is added, this number is now better.

It can be said that Yajule successfully achieved the goal two years ago, "making financial data more beautiful and stable."

Market confidence has returned to improve, which has also further reduced Agile's actual loan interest rate to 5.59%. In June of this year, Yajo also received a loan of nearly HK $ 900 million.

The dual resonance of stable operations and market feedback allows Yajule to smoothly promote the insurance intersection and implement its corporate responsibilities.

In the first half of the year, Agile completed 75 projects in 20 cities including Guangzhou, Foshan, Beijing, and Shanghai, with a total delivery of more than 27,000 households and 2.54 million square meters.

Adhering to the people -oriented concept, Yajule went further on the way to build a "century -old shop".

02

In addition to the stability of the financial end, the stability at the sales level is even more important.

At the end of August, listed real estate companies disclosed their financial reports successively and submitted the "test papers". People were surprised to find ——

The loss of housing companies is no longer news, and profit is.

According to Wind data statistics, as of August 27, nearly a hundred A -share listed real estate companies have released a semi -annual report or mid -term performance forecast in 2022. Among them, about 50 housing companies are expected to lose money in the first half of the year.

And Yajule is one of the few of them that can successfully achieve profitable real estate companies.

In the first half of 2022, Agile achieved operating income of 31.6 billion yuan and net profit of 3.354 billion yuan.

The capital market that has always been good at voting for money has also given this beautiful transcript, given real -time positive feedback-

On August 31, Yajula's single -day increase was up to 11%, and the increase of 8.66%at the time of closing was led among real estate stocks. Nine securities firms gave buying suggestions.

Behind the profit, Yajula's operating conditions are also continuously optimized.

In the first half of the year, Agile's operating cash flow was 4.3 billion yuan, which continued to be positive. At the same time, various types of costs, such as marketing, sales and administrative expenses, were decreased, a year -on -year decrease of 14.2%.

Everything shows a good trend.

If the level of security debt and strong delivery allows Yajule to survive smoothly during the cold winter, then the strong "second growth curve" is an important factor in the successful breakthrough.

The second growth curve theory was proposed by European managers Charles Hami. Its core point is that any growth curve will pass through the parabolic line, so only before the main business is found to find the second growth curve can it maintain the continuous growth of performance.

Today, when the growth of the total real estate is almost overlooking and the sales scale enters the platform period, more and more real estate companies realize that the end of the high growth era means that the importance of diversified businesses has further increased.

The Yajule, who knows that "eggs cannot put in a basket", took up the banner of transformation as early as 2016 to determine the diversified development strategy of "mainly real estate, multi -business coordinated development" Industry open up new battlefields, layout property management, and environmental protection industries.

到今年，雅居乐的第二增长曲线已然步入收获期——2018年至2021年，雅居乐的多元化业务营业额占比一路上涨，从7%，10%，13.3%，再到2021年的20 %, The turnover of 14.625 billion yuan.

In the first half of this year, Agile's diversified business revenue accounted for further climbing to 24.9%, which continued to provide stable income for Agile.

Among them, the "Ya Life" performance of the real estate management company that has been listed independently is very eye -catching.

In the first half of this year, Ya Life has obtained a number of high -quality non -residential business projects, including the service level of major international competition venues such as the Beijing Winter Olympics, and the service level has been unanimously recognized.

Earlier, in the "2022 Chinese Property Services List of Enterprises in the 2022", Ya Life was among TOP3, showing a strong strength.

In addition to the upstream and downstream business of real estate, Yajule is also constantly exploring new growth curves and pioneering new tracks with growth potential.

The interim report shows that the new track of the new energy vehicle and condiments industry has become a shareholder of Weimar Motor Automobile and Guangdong Zhujiang Bridge Biotechnology Co., Ltd., respectively.

The multi -business effort is an important guarantee for Yajule to be stable and far away.

03

Back to the main business of the real estate, the abundant and high -quality earth storage is still the best "moat" in Yajule.

Right now, the inflection point of the negative growth of China's population has come quietly.

The data was announced in 2021 that the net growth of the country was only 480,000. This has reached a new low in 60 years, and it can be called a big change in a century.

According to the joint research data recruited by Zeping and Zhilian, more than 330 cities across the country have only 20%of the population inflows.

It can be said that China's population flow into the area has changed from the original four or six division and three seven division to 28.

This means that the biggest test of China's property market is about to be largely divided by cities.

With the intensification of the population outflow in some places, the phenomenon of "Heganghua" is sweeping China. From Heilongjiang to Liaoning, Ningxia, Gansu, Yunnan, Guangxi ... houses in many small cities have sold cabbage prices.

But on the other side, "Heganghua" and "Hong Kongization" are also coexisting. Housing prices in small cities are like green onions, and the rising core asset prices in large cities are the general trend that cannot be blocked.

In the future, it is destined to be the victory of the urban circle and big cities, especially the Yangtze River Delta and the Pearl River Delta and regional central cities.

The "2021 China Urban Vitality Research Report" shows that in the TOP10 of the national population of the country, the Greater Bay Area accounted for 4 seats, the Yangtze River Delta accounted for 3 seats, almost "slaughter list".

This is the opportunity of China's real estate in the future.

The place where the betting population flows into the place, investing in multiple key urban agglomerations is the profit password of Yajule through the cycle.

As of June 30, 2022, Agile's total soil was stored 43.49 million square meters, distributed in 81 cities, which can support the development of the next four to five years.

Specifically, Yajule has 51 projects in the Greater Bay Area, with a land reserve area of ​​about 10.55 million square meters, accounting for 24.3%of the overall soil storage, which can meet the development of the next 5-6 years;

There are 47 projects in the Yangtze River Delta, with an area of ​​5.29 million square meters, accounting for 12.2%;

In Hong Kong, there are two high -quality real estate projects, including the British Dao Pothels Mountain Road Project and the Jiulongtang Yishang Road Project. The total land reserves are about 20,389㎡.

The layout of this high -quality asset will provide long -term and stable sales and revenue support for Agile.

04

The times are still changing, and the vane of the policy has also quietly turned. Since the second half of this year, the increasingly dense statements are still happening:

On July 28, the Politburo meeting proposed to stabilize the real estate market, because the urban policy used a good policy toolbox to support rigid and improved housing needs;

On August 18, the State Council Executive Committee proposed to improve the formation of market -oriented interest rate formation and conduction mechanisms, give play to the guidance of the loan market quotation interest rate, support the recovery of valid demand for credit, and promote the reduction of comprehensive financing costs of enterprises and personal consumer credit costs.

Shortly after the words, on August 22, the central bank announced the third time to reduce interest rate cuts during the year, with a one -year period of 3.65%, only 5 basis points; 4.3%of the five -year period, 15 basis points.

One -year is a short -term loan, mainly for real economic enterprises. Five -year loan is a medium- and long -term loan, and the main force is residential mortgage. The latter is higher than the former, and it is a very rare "asymmetric interest rate cut".

This means that the policy toolbox has been opened, and a new policy for real estate is brewing. The "stable property market" on the road to "steady growth" is also constantly speeding up.

On August 31, the Executive Meeting of the State Council pointed out that the local "one city, one policy" should be used to make good use of the policy toolbox, and flexibly apply the phased credit policy and special borrowing of the insurance.

Its expressions have a lot of imagination.

Du Dao is "Rui Xue Zhaofeng Nian". After the cold winter, the spring rain went into the night, and after a storm, it was baptized, and the return was still a tough Chinese private enterprise.

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