In 2022, listed real estate companies have a half -year test: super 60 % of the mother's net profit decline in some regional companies to increase against the trend

Nearly 40 % of the companies involved in A shares and H -shares were "crowded" only in the last two days of August, and the performance answer sheet in the first half of 2022 was surrendered. This is the real estate industry data based on Wind Financial terminal statistics. In addition, there are a few companies' performance report "Shuangxiang".

Behind the late housing company performance report, it has nothing to do with the sluggish sales market in the first half of the year. According to Wind statistics, 107 listed real estate enterprises operating income increased negatively year -on -year, and the net profit of 136 companies declined year -on -year.

However, when the growth rate has slowed into a common phenomenon of real estate companies, the performance has risen into a minority of the industry. Some people are still insisting and continue to be optimistic about real estate. At this year's mid -term performance conference, Mo Bin, president of Country Garden, Lin Zhong, Chairman of Xuhui Holding Board of Directors, Lin Zhaoyuan, Chairman of Yuexiu Real Estate, and Zhang Yadong, chairman of Greentown Chinese Board of Directors, spoke, expressing their voice to the real estate market. The expectation of the company.

Even Yu Liang, the chairman of Vanke's board of directors who shouted "Live" 4 years ago, told a media reporter including "Daily Economic News" on September 7 that he recently surveyed more than 100 projects in the country. At the grassroots level, a little "microman". Therefore, no matter how strong the pressure is, you must stick to it.

Super 60 % of the house company performance decline

Maybe Yu Jin never expected is that the project that has won in Shanghai in the past two years has not yet played the effect of the industry cycle. The sales amount and net profit of Daiming City in the first half of the year have both declined. As the vice chairman and general manager of the board of directors of the company, Yu Jin can only explain it again and again at the performance meeting.

Compared with the same period last year, the performance of many housing companies in the first half of this year has fallen seriously, and some even from profit to losses. According to Wind statistics, about 61%of real estate companies have declined with net profit attributable to mothers, and brand companies have not been spared. Those who have declined more than 100%include Shangkun Real Estate, Jianye Real Estate, R & F Real Estate, Sunshine City, First Open Shares, Ocean Ocean Group, Zhongnan Construction, Rongsheng Development, Jinke Co., Ltd., Sanxiang Impression, Chinese Enterprise, Shimao and Shangshi Development.

From the perspective of revenue, about 52%of housing companies in the first half of the year have increased year -on -year, including beautiful home, Suzhou High -tech, CCCC Real Estate, Financial Street, Songdu Co., Ltd., Dima Co., Ltd., China Merchants Shekou, Poly Development and Huafa Co., Ltd. The best real estate industry with the highest growth rate realized operating income of about 2.615 billion yuan, an increase of 250.97%year -on -year; net profit of returning home lost about 320 million yuan.

Huatai Securities Research Report shows that in the first half of the year, the sales growth rate of real estate companies had a decline in the first half of the sales of real estate companies, and the proportion of new push value decreased, increasing the difficulty of deyction. The overall sales goods provided by the labor service to receive 34%year -on -year, of which the faucet, medium and small housing companies decreased by 31%, 40%, and 33%year -on -year, respectively. During the reporting period, the prosperity of the real estate market continued to be sluggish. Except for the incense replenishment of the epidemic and the volume of housing companies in June, the overall market showed two weak trends in supply and demand. The transactions remained low. Large pressure.

"2022 is a year of challenging the real estate industry. The expectations of the sales market, weakened demand for weakening, and decline in prices, so that every participant in the industry has a sense of pressure. The environment puts forward higher requirements for the competitiveness of the enterprise, and the participants are working hard to restore the fragile confidence of the real estate industry. They also need to work harder to every subject. "Country Garden President Mo Bin If so.

According to the data released by the Kerry Real Estate Research Center, in the first half of the year, only 8 of TOP10 housing companies' sales over 100 billion yuan, and the sales target of most enterprises was less than 40%of the year.

Liability reduction and capture money

At the mid -term performance meeting of this year, reducing liabilities and cash repayments is an unable to bypass the theme.

Judging from the index of net debt ratios, among the 100 real estate companies in A shares, China Merchants Shekou, Xincheng Holdings, Rong'an Real Estate, Daming City, and Chinese enterprises have fallen below 50%, which are 48.96%, 48.37%, 34.89%, respectively. 32.44%, 38.55%. Among the listing of real estate companies in Hong Kong, the net liabilities have fallen to less than 50%of real estate companies including Country Garden, Vanke, China Resources Land, Zhongliang Holdings, Greenland Hong Kong, Dayue City Real Estate, Ruian Real Estate Group and other.

"We hope that the medium -term net debt ratio can tend to be 50%, and even want to drop to about 30%." At the Xuhui Holdings performance meeting on August 30, Xuhui Holdings CFO Yang Xin said that through the efforts of many parties in the first half of the year, the company's territory of the company's territories The proportion of liabilities has increased. "With the planning of company management in the future, domestic and foreign liabilities may further balance, thereby effectively hedging the influence of exchange rate fluctuations."

The semi -annual report shows that Xuhui Holdings achieved revenue of 29.72 billion yuan, net profit attributable to her mother was 730 million yuan, and the contract sales amount reached 63.14 billion yuan. As of the end of June, the company's net debt ratio was 78.5%, an increase of 15.7 percentage points from the end of the previous year.

In terms of cash flow and debt, as of the end of June, the net debt ratio of Greentown China was 71.5%, the asset -liability ratio of the assets and liabilities after excluding the pre -receivables was 71.8%, the cash short debt ratio was 2.3 times, and the book bank deposits and cash were 63.221 billion yuan.

In the first half of the year, Greentown China ’s sales repayment was in good condition. In 2022, the conversion rate of the new project of the new project reached 60%. The comprehensive repayment rate increased by 4 percentage points to 110%compared with the end of 2021, which was at a high level of industry. "The sales task issued by the board of directors is: 310 billion yuan in the Bao Bao, the challenging version of 330 billion yuan," Li Jun, executive director and vice president of Greentown China, said at the performance meeting on August 26. "Absolutely confidence to complete 310 billion yuan The target of the bottom, if the market can be further recovered in the second half of the year, it is better to recover the situation, and it is expected to complete the target of 330 billion yuan. " Cashback is regarded as a key part of real estate companies as a key to development and operation. It is like the "blood return" in the character of e -sports. There is no return on sale, which is equivalent to invalid sales.

No longer the only way to talk about heroes

However, it is worth noting that, under the continued decline in the real estate industry in the first half of the year, although some regional real estate companies are not large, they show strong toughness.

Taking Zhongan Group, founded in Hangzhou, as an example, Wind statistics show that the net profit of the home of Zhongan Group in the first half of the year reached 1007.47%year -on -year, ranking second among 122 housing -related companies in Hong Kong stocks; The rate is 146.79%, and the sales gross profit margin is 33.99%, which is higher than many brand housing companies in the industry.

According to the semi -annual report, Zhongan Group achieved revenue of 50.078 billion yuan and gross profit of 1.726 billion yuan; the confirmation sales amount was 4.744 billion yuan, an increase of 188%year -on -year. From the perspective of sales in various regions, Hangzhou is the main contribution area of ​​sales growth, and sales account for 26.51%. The rest of the regions include Zhejiang Yiwu, Shaoxing, Wenzhou, and Huaibei, Anhui.

It is worth mentioning that in Hangzhou's first batch of centralized land supply this year, Zhongan Group won a total of 5 land, second only to the two other Hangzhou real estate enterprises Binjiang Group and Greentown China. In the first half of the year, Zhong'an Group won a total of 7 land, added 523,900 square meters of new land reservoirs, and 10.5 billion yuan in newly added goods, of which 6 were located in Hangzhou.

According to data from the middle finger research institute, the total sales amount of Zhongan Group was 27.3 billion yuan in 2021, ranking 113rd in the national real estate enterprise. However, in the research report on August 31st this year, the Central Finger Research Institute mentioned that at the moment that the hero is not on the scale, the "fine and beautiful" Zhongan Group is undoubtedly an outstanding representative of medium -sized real estate companies.

Taking Shanghai's local state -owned enterprise in the real city development as an example, in the first half of the year, a total of HK $ 6.809 billion achieved revenue, an increase of 48.74%year -on -year; net profit attributable to Mother was HK $ 126 million, an increase of 134.04%year -on -year. Among them, the revenue in the two projects of Beijing West Diaoyutai and Shanghai Investment accounted for about 73%.

According to the development of Shangshi City, the company's investment in the first half of the year was large. A total of 6 new plots were added, all of which are located in the new area of ​​Shanghai Lingang, with a construction area of ​​281,000 square meters and a total investment amount of 3.89 billion yuan. Based on the full -caliber sales amount, the investment and sales ratio reached 85.3%. As of the first half of this year, the company's projects were distributed in 11 first -tier and second -tier cities in the Mainland, and the soil storage was relatively sufficient, enough to develop in the next 3 to 5 years.

On September 14, Lu Wenxi, a analyst of Shanghai Zhongyuan Real Estate Market, said in an interview with the reporter of "Daily Economic News" that compared to the previously pursuing real estate companies, regional housing companies in this round of market adjustment period, relying on their own advantages, with their own advantages And the degree of familiarity with the region is less affected.

Daily Economic News

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