On April 1, the real estate development sector continued to strengthen. As of press time, Cccg Real Estate Corporation Limited(000736) 6 connecting board, Cinda Real Estate Co.Ltd(600657) , Nanjing Chixia Development Co.Ltd(600533) , Shahe Industrial Co.Ltd(000014) , China Fortune Land Development Co.Ltd(600340) , Beih-Property Co.Ltd(600791) , etc. rose one after another.
On March 30, according to the central bank’s official website, the central bank’s monetary policy committee pointed out at its regular meeting in the first quarter of 2022 that it would safeguard the legitimate rights and interests of housing consumers, better meet the reasonable housing needs of home buyers, and promote the healthy development and virtuous cycle of the real estate market. Promote high-level two-way opening-up of finance, and improve the ability of economic and financial management and risk prevention and control under the conditions of opening-up.
The report released by the China Index Research Institute yesterday showed that the operating revenue and net profit of the top 100 enterprises maintained a growth trend in 2021. Among them, in 2021, the top 100 enterprises achieved a total sales volume of 9080.2 billion yuan, a year-on-year increase of 3.9%; The average operating revenue reached 49.86 billion yuan, a year-on-year increase of 19.3%, an increase of 1.6 percentage points over the previous year. The sales area was 569.43 million square meters, a year-on-year increase of 1.6%.
On the other hand, the debt level of the top 100 enterprises decreased steadily. The average asset liability ratio and net debt ratio of the top 100 enterprises excluding advance receipts were 69.5% and 77.1% respectively, down 0.6% and 3.6% respectively compared with the previous year; The cash short debt ratio was 1.6, an increase of 0.1 over the previous year, which was stable and good as a whole.
Sealand Securities Co.Ltd(000750) pointed out that at present, it is in the transmission process from “policy bottom” to “sales bottom”. It is suggested to pay attention to the investment opportunities of real estate stocks in the short term; Participate in the game and the overall rebound of the market in the medium term; As for the performance opportunities of cyclical sectors in the upper reaches of real estate, this round may still need to wait for a long time.
Soochow Securities Co.Ltd(601555) pointed out that in the short term, in the process of promoting the structural reform of housing supply side, increasing the supply of affordable rental housing is the main theme of China in 2022. In the medium and long term, with the contraction of some risk real estate enterprises, the industry pattern will be optimized, and the market share of leading real estate enterprises with financing, operation advantages and abundant liquidity is expected to increase. It is suggested to pay attention to the head enterprises with high credit in the field of rental housing.
Ping An Securities pointed out that there is still room for improvement on the policy side, and the sector valuation is expected to continue to repair. In the medium and long term, the overall pattern of the industry is expected to be optimized, and the market share and profitability of brand real estate enterprises with financing and control advantages are expected to be improved. The development sector mainly focuses on: one is the strong operating and high credit enterprises that relax the short-term benefit policy and improve the gross profit margin at the land acquisition end, and are expected to seize the market share in the medium and long term; One is the subject of policy game elasticity with certain support for fundamentals. The valuation of the property management sector has reached an all-time low, and the downward pressure of the quarterly and mid-term guidelines of the annual report has been gradually released. With the continuous deregulation of policies and the improvement of the capital side of development enterprises, it is expected to bring the valuation repair of high-quality property management enterprises.
