The "difficult" end of the real estate in the first half of the year: over 70 % of real estate companies' net profit decline in the industry for short -term pressure in the industry

10SEP

Our reporter Wang Lixin has not dispersed, and the real estate industry has intensified. In the first half of 2022, real estate practitioners lived more difficult. The epidemic situation is repeated, the property market is down, and the funds return slowly. In the future of the "Red May", the peak of two debt repayment is coming. Under the "internal and external trapped" industry pattern, listed real estate companies have surrendered a "differentiated differentiation". Answer. After excluding listed real estate companies that failed to release mid -2022 performance as scheduled, according to Leju Finance statistics, among the 169 listed real estate companies, 129 net profit attributable to mothers decreased year -on -year, accounting for 76.3%; 55 housing companies lost money, with a total loss of more than 59.5 billion yuan. The list of losses was the top of R & F Real Estate, with a loss of 6.92 billion yuan in the first half of the year; Jianye Real Estate followed closely and handed over a transcript of 5.6 billion yuan. During the same period, there were also many members of the TOP15 of the TOP15 of the TOP15 of the "profit -making loss" results; In the single, China's overseas development, Vanke, Poly Development, China Resources Land and Longhu Group are the top five. "The gross profit margin level of listed companies in the real estate industry has dropped to a low of 20%. The net interest rate level has gradually moved closer to the manufacturing industry. The profit scale has been affected by the downward of the market to the low point in recent years. The era of high investment and high return has ended." Liu Shui, the person in charge of the research department of the Enterprise Division, told a reporter from the Securities Daily that the industry has entered an era of low profits. After the industry risks are cleared, the market will enter the recovery cycle, and the gross profit margin level of listed real estate companies may still rise. Price reduction, asset impairment, etc. are the decline in the profitability of housing companies. Most of the real estate companies that appear in the losing money list are housing companies that have been in danger or facing debt repayment crisis. Judging from the statistics of Leju Finance, the losses of 15 housing companies have reached more than 1 billion yuan. In addition to R & F Real Estate and Jianye Real Estate, 8 real estate companies including Blue Light Development, Sunshine City, and Zhengrong Real Estate are 2 billion yuan Between Yuan and 5 billion yuan; from the perspective of the changes in the net interest rate of home returns, more than 70%of the real estate companies decreased year -on -year, and 84 real estate companies with a decrease of more than 50%year -on -year. According to Leju Finance statistics, in the first half of this year, of the 169 sample housing companies, 40 real estate companies returned to their mother's net profit to achieve positive growth, and half of the housing companies increased by more than 20%. During the same period, the threshold of the listed real estate company's net profit was only 1.149 billion yuan, which was 2.03 billion yuan last year; the average net profit of TOP30 was 3.773 billion yuan, a decrease of 30.8%year -on -year. The net profit of the four housing companies in China, Vanke, Poly Development, and China Resources Land have exceeded 10 billion yuan, respectively, 16.743 billion yuan, 12.223 billion yuan, 10.826 billion yuan, and 10.603 billion yuan; 15 net profit for real estate companies More than 2 billion yuan, of which Longhu Group followed the four major "net profit" real estate companies, 7.48 billion yuan. In private housing companies, Longhu Group, which pursues long -termism, and Binjiang Group, which is aggressive in the market in the market period, has increased its net interest rates at home; Showing upward trend, but the growth rate is below 10%. It is worth noting that the first half of the first half of the year of Beijing was profitable, and the net profit attributable to the mother fell by 16146.48%year -on -year, the highest decline. Due to the first loss since its establishment, at the 2022 mid -term performance briefing on September 1, Hu Yisen, chairman of the board of directors of Jianye Real Estate, apologized to all investors. "We have been carrying deep reflection. From ourselves to the reason, we will never complain about the sky, and we also refuse to" lie flat "." Liu Shui said that from the factors that affect the current net profit level in the first half of 2022, the first is to increase inventory , Investment property, long -term equity investment and other asset impairment preparations; second, the income of joint camp projects is reduced; third, in order to ensure the security of cash flow and adjust the investment layout, some housing companies dispose of non -core assets or form a loss; Fourth, it is affected by factors such as macroeconomic downlink pressure, repeated epidemic, and weakening of residents' income, which leads to weak purchasing power. However, Bi Ran, a senior investment consultant of Donggao Technology, told the Securities Daily that under the guidance of "keeping traffic" and "risk prevention", the bottom of the real estate industry is solid. From the perspective of the performance in the past two quarters, At the most difficult moment, the overall revenue, profits, expenses, and cash flows of the industry did not cause systemic risks, but gradually bottomed out. "We have reason to believe that the recovery cycle will come and promote the market to recover again." Overall, and overall In the case of, the tip of the head can still maintain the growth of the total profit, but the out -of -housing companies are thrown behind, and the loss may just start. It is not difficult to see that during the market in the upper and second half, the performance of the listed houses was further differentiated. So, what kind of real estate companies can maintain profitability for the next ability? In the future, the market size still exceeds 10 trillion yuan Although the current economic environment and the situation of the real estate industry are not optimistic, but the information released by the "Securities Daily" reporters and head benchmark housing enterprises in the mid -2022 show Most and long -term most real estate companies still have firm confidence in the market. For the prediction of the development trend of the real estate industry, Chen Xuping, executive director and CEO of Longhu Group, told the reporter of the Securities Daily, "This year is a low, bottom, and good trend. A decrease of about 30%compared to last year, but we still feel confident.

With the addition of some projects, in August, it was very confident to achieve a single monthly growth rate. "We think that the real estate industry is still the leading industry. It is estimated that the annual sales will remain at a level of 12 trillion yuan. In the long run, we are optimistic about this industry. I feel that Greentown (China) is still promising in the future. "Zhang Yadong, chairman of Greentown China Board of Directors, told a reporter from the Securities Daily that next," We will pay more attention to the quality growth of revenue and profits, and will maintain double -digit growth in the future. "Talking about the evolution of market structure in the second half, Yan Jianguo, chairman of the board of directors of China's overseas Development, proposed" three differentiation ": one is market differentiation, first, second and strong three -tier cities will be the main battlefield; second A significant decrease, the concentration of the industry will be significantly improved; third, the differentiation of enterprises, the decline in the fault tolerance rate of the industry, the strong management capabilities, and the good product and the service reputation can win in the competition. Recommended reading

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