Yesterday, Poly Developments And Holdings Group Co.Ltd(600048) ( Poly Developments And Holdings Group Co.Ltd(600048) . SH) released the 2021 annual report that during the period, the company achieved a total operating revenue of 285024 billion yuan, a year-on-year increase of 17.19%; The net profit was 37.189 billion yuan, a year-on-year decrease of 7.14%; The net profit attributable to the parent company was 27.388 billion yuan, a year-on-year decrease of 5.39%; The gross profit margin and net profit margin were 26.80% and 13.05% respectively, with a year-on-year decrease of 5.79 percentage points and 3.42 percentage points.
By the end of 2021, Poly Developments And Holdings Group Co.Ltd(600048) distributable profit was 141052 billion yuan, and a cash dividend of 5.80 yuan (tax included) was distributed to all shareholders for every 10 shares, a year-on-year decrease of 0.15 yuan; The proposed cash dividend is RMB 6.943 billion (including tax), accounting for 25.35% of the net profit attributable to shareholders of the parent company in 2021, a year-on-year decrease of 4.82 percentage points.
With regard to the reduction of dividend rate, Poly Developments And Holdings Group Co.Ltd(600048) once said in the shareholder return plan for 20212023 that the proportion of annual cash dividend in the net profit attributable to shareholders of Listed Companies in the next three years shall not be less than 25%, while the dividend rate in 20182020 shall not be less than 30%.
"The decline of dividend rate may be related to its accelerated expansion. Since falling out of the top three in the industry in 2012, Poly Developments And Holdings Group Co.Ltd(600048) has been hovering in the fifth position. The 2022 annual work conference at the beginning of the year put forward the new goal of 'entering three for one', which also reflects Liu Ping's new requirements for sales model ranking after taking over Song Guangju. At present, the real estate industry is at a low ebb, Poly Developments And Holdings Group Co.Ltd(600048) or taking the opportunity to overtake in corners", industry analysts believe. In 2021, Poly Developments And Holdings Group Co.Ltd(600048) the net cash flow generated from operating activities was 10.551 billion yuan, a year-on-year decrease of 30.38% Poly Developments And Holdings Group Co.Ltd(600048) said that it was mainly due to the increase of project investment expenditure.
It is worth noting that due to the expansion of carry over scale and the corresponding increase of carry over cost, Poly Developments And Holdings Group Co.Ltd(600048) the increase of operating cost far exceeds the operating income. In 2021, its operating cost increased by 27.25% year-on-year to 208631 billion yuan. Among them, the sales expenses increased by 7.38% year-on-year to 7.384 billion yuan; Administrative expenses increased by 25.71% year-on-year to 5.434 billion yuan; Financial expenses increased by 7.20% year-on-year to RMB 3.386 billion; R & D expenses increased by 13.91% year-on-year to 1.436 billion yuan.
In the past three years, Poly Developments And Holdings Group Co.Ltd(600048) 's profit margin has been gradually squeezed, with gross profit margin of 34.96%, 32.56% and 26.78% respectively, and net profit margin of 15.92%, 16.47% and 13.05%. "The lower profit margin is related to the overall trend of the real estate industry on the one hand and the previously obtained high land price projects on the other hand. In the future, as the high land price projects are successively carried forward to the operating revenue, Poly Developments And Holdings Group Co.Ltd(600048) the profit margin will still be under pressure," said the above industry insiders.
Affected by the real estate market regulation in 2021, the investment scale of Poly Developments And Holdings Group Co.Ltd(600048) has decreased. During the year, there were 145 Poly Developments And Holdings Group Co.Ltd(600048) expansion projects, with a new floor area ratio of 27.22 million square meters and an expansion amount of 185.7 billion yuan, a year-on-year decrease of 15% and 21% respectively. It should be noted that during the period, the volume of new residential goods accounted for 85% and the expanded equity ratio was 72%.
In terms of finance, during the period, Poly Developments And Holdings Group Co.Ltd(600048) issued 8.69 billion yuan of corporate bonds, 10 billion yuan of medium-term notes, and 338.2 billion yuan of interest bearing liabilities; The net debt ratio is about 55%; The withholding asset liability ratio is about 68%; The cash short debt ratio is 2.65 times.
