According to the data, as of February 22, five listed real estate companies in A-share disclosed the performance express of 2021, and only one achieved year-on-year growth in net profit; 64 listed real estate companies disclosed the performance forecast for 2021, and more than 30% of the companies were pleased, with obvious performance differentiation.
performance differentiation is obvious
According to the data, as of February 22, a total of five real estate companies disclosed the performance express of 2021. Only Huafa Industrial Co.Ltd.Zhuhai(600325) net profit increased year-on-year, and the net profits of Gemdale Corporation(600383) , Tianjin Guangyu Development Co.Ltd(000537) , Greenland Holdings Corporation Limited(600606) , Poly Developments And Holdings Group Co.Ltd(600048) 4 companies decreased to varying degrees.
According to the performance express in 2021, the company achieved a total operating revenue of 51.408 billion yuan in 2021, a year-on-year increase of 0.79%; The net profit attributable to shareholders of listed companies was 3.195 billion yuan, a year-on-year increase of 10.1%. During the reporting period, the company’s business scale increased steadily, its total assets increased by 10.97% year-on-year, and achieved sales of 121.89 billion yuan, with a sales area of 4.688 million square meters. At the same time, the company’s sales collection increased significantly, with an annual total of 70 billion yuan, a year-on-year increase of more than 30%.
In terms of performance forecast, up to now, a total of 64 listed real estate companies have disclosed the performance forecast for 2021, and 22 are in advance, with a proportion of about 34.38%.
In terms of net profit, it is expected that 21 companies will realize the lower limit of net profit attributable to shareholders of listed companies exceeding RMB 100 million in 2021, and 9 companies are expected to exceed RMB 300 million. Zhejiang China Commodities City Group Co.Ltd(600415) , Jiangsu Zhongnan Construction Group Co.Ltd(000961) , Shanghai Zhangjiang Hi-Tech Park Development Co.Ltd(600895) , Neoglory Prosperity Inc(002147) , Beijing Capital Development Co.Ltd(600376) , Tianjin Songjiang Co.Ltd(600225) 6 companies expect the lower limit of net profit attributable to shareholders of listed companies to exceed 500 million yuan in 2021.
In terms of net profit growth rate, excluding the impact of loss reversing companies, it is expected that in 2021, the net profit attributable to shareholders of listed companies will increase by more than 10% year-on-year and 11 more than 50%. Shahe Industrial Co.Ltd(000014) , Vantone Neo Development Group Co.Ltd(600246) , Tianjin Jinbin Development Co.Ltd(000897) it is expected to realize the lower limit of net profit attributable to shareholders of Listed Companies in 2021, with a year-on-year increase of more than 100%.
carry forward affects performance
The reporter of China Securities News found that during the reporting period, the project carry forward income was the main reason for determining the performance of listed companies.
The carry over amount of key projects of some listed companies increased year-on-year, resulting in a significant boost to the performance during the reporting period. For example, Shahe Industrial Co.Ltd(000014) is expected to realize a net profit of 30 million yuan to 38 million yuan attributable to shareholders of Listed Companies in 2021, with a year-on-year increase of 586.5% to 769.57%. The main reason for the performance change is that during the reporting period, the carry forward income of Changsha Shahe City project and Xinxiang century new city project increased year-on-year, and the gross profit increased year-on-year.
Companies with poor performance generally disclosed in the performance forecast that there were few carry over items during the reporting period and the selling price was lower than expected. Langold Real Estate Co.Ltd(002305) it is estimated that the net profit attributable to shareholders of Listed Companies in 2021 will be – 1.15 billion yuan to – 900 million yuan. The main reason for the change in performance is that during the reporting period, in order to speed up the return of funds, the sales price of the real estate projects carried forward by the company did not meet the expectations, and the gross profit of project sales decreased; In addition, due to the periodicity of the carry over income of the real estate industry, the newly acquired real estate projects in key cities such as Shenzhen, Guangzhou and Nanjing have not yet met the conditions for interest settlement and have not contributed to the profits of the current period.
Some companies also said that the cost of acquiring land is high, resulting in low gross profit margin. Greattown Holdings Ltd(600094) it is estimated that the net profit attributable to shareholders of Listed Companies in 2021 will be 100 million yuan to 170 million yuan, a year-on-year decrease of 77.69% to 62.07%. Greattown Holdings Ltd(600094) said that since 2017, the company has implemented prudent investment in destocking, debt reduction and deleveraging to cope with the uncertainty of the industry, resulting in the phased reduction of new investment projects after the second half of 2017 and affecting the income of new carry over projects in the current period. The profit of new carry over projects in 2021 is lower than that in 2020, mainly due to the high cost of land acquisition and low gross profit of new carry over projects in 2021.
actively expand diversified business
Due to more restrictions on real estate business, many companies have actively expanded diversified business and achieved rapid growth in performance.
Zhejiang China Commodities City Group Co.Ltd(600415) it is estimated that the net profit attributable to shareholders of listed companies will reach 1.205 billion yuan to 1.391 billion yuan in 2021, with a year-on-year increase of 30% to 50%. The main reason for the change of performance is that in 2021, the company made great efforts to strengthen the market management ability, and the main business profit maintained a significant increase. The company has made great efforts to improve its digital trade service capability. With chinagoods platform as the core, the company has opened up the market networking platform and formed a digital trade service system with “trade data as the core, credit rating as the basis and one-stop performance as the characteristics”. During the reporting period, the Gmv of chinagoods platform reached 16.8 billion yuan, and the revenue and profit increased. The business model of some new business lines of the company has gradually matured and promoted the improvement of performance.
In addition, many real estate companies disposed of large real estate and property assets during the reporting period, which thickened the performance in 2021.
Vantone Neo Development Group Co.Ltd(600246) the performance forecast for 2021 shows that the net profit attributable to shareholders of listed companies is expected to increase by 120 million yuan to 180 million yuan in 2021 compared with the same period of last year, with a year-on-year increase of 236% to 354%. During the reporting period, according to the strategic transformation arrangement, the company transferred 60% of the income from the real estate business of its subsidiary Beijing Wanzhi Real Estate Development Co., Ltd.
